Biggest pitfall is paying for the mod bug , when it strikes...

 

Just look for one that has been maintained well i.e more frequent oil changes 5-7k not 15k . BMW says lifetime no changes required B.S diff oil ,tranny oil, fuel filter need to be changed.If the car was run hard during the break-in period oil consumption will be there for life, otherwise seems to stop around 10-12k. check the M5board.com for more info. I personally think it is one of the best last BMW ever built.

 

Personally I still prefer the E39 M5 to the new ones, e60 is faster and more refined but IMO the E39 is just more fun to drive, more raw feeling.

 

Even though when chipped my 335 is quicker than my dad's E39 M5 I still love driving it. You're right, the V8 is very raw and you feel every increased RPM [in a good way]

I'd miss the, in comparison, generous low-end torque if I went from an E39 M5 to an E60 M5/E63/4 M6

Soundeffects-
Havent had the leather issue, but we got ours CPO'd at 11k in 2006 and right before the warranty ended I took it in for a few dead pixels in the dash and had the creaky seat motors fixed.
Since then all we've had go wrong is a power steering pump and a new battery. This is our 3rd E39 and all 3 have had the same issues. As Alex Roy said, "The E39 is built like a brick ****house"

My godfather has over 100k on his 02 and by no means takes care of it and hasn't had any problems worth talking about. He's worth $100M and won't get rid of it, he loves it too much. And although, my dad is certainly not as wealthy as him we've been close to buying a 997 TT, M6, Quattroporte, and Audi S6 and at the end of the day my dad always looks at me and says I just don't see how its worth it, I love my car too much

 

i heard they're really expensive to maintain. be careful

 

If you are still looking I am selling my 41k mile 2001 E39.
Just reduced price to $25k

http://orangecounty.craigslist.org/cto/1502299613.html

 

There's a 2003 (I forget the mileage) for $23k obo asking at Bristol Automall in PA if anybody's interested. It's a pretty nice fairly solid car, I've bought a Porsche from that dealer before, and checked out the M5.

 

OKay, I will speak from experience as I had an E39 M5.

As this is high mileage car... Apart from the issues discussed earlier on this thread, I highly advise you to check the follwing minor parts that could lead to very expensive repairs:

1. CV Joint
2. Differential Mount bushings
3. Differential Housing
4. Drive Shaft
5. Engine Mounts

Last but definitely not least.. please, and I mean please... check and double check the ignition coils and if possible.. cylinder heads.