The original M5 — M1-derived 3.5-litre straight-six hand-built into a discreet executive saloon.
Launched in 1985, the E28 M5 was the first car to wear the M5 badge. It used the M88/3 inline-six derived from the M1 supercar (the S38 in North America), a hand-assembled 3.5-litre unit producing 286 PS in European specification and approximately 256 PS in federalised US trim, paired exclusively with a 5-speed Getrag manual. Each car was finished at BMW Motorsport's Garching facility.
Production totalled approximately 2,191 cars (around 1,340 European-specification, with the balance in North American, Japanese, South African and other markets). The deliberately understated body and badging concealed the most powerful production saloon of its era.
The original Q-car saloon, the founding M5 and a hand-built Motorsport product — now a defined collector model.
| Variant | Years | Production | Notes |
|---|---|---|---|
| M5 (Euro) | 1985–1988 | — | M88/3 286 PS. |
| M5 (North America / Japan) | 1987–1988 | — | S38 256 PS; catalysed. |
| M5 (South Africa) | 1986–1987 | 96 | Local CKD assembly; small production. |
Start with identity, paperwork and originality. For the BMW M5 (E28), the strongest cars have continuous ownership history, matching numbers where applicable, original books and tools, factory build documentation and evidence of work by manufacturer-approved specialists. Original colour, full books and tools, BMW Classic certificate of authenticity and continuous main-dealer / Motorsport-specialist service.
S38 / M88/3 is robust but expensive to rebuild; check timing-chain noise, oil pressure, top-end wear and head-gasket integrity. A proper pre-purchase inspection includes cold-start behaviour, ECU diagnostics and fault-code history (where applicable), leak-down or compression testing, underbody photography, suspension and chassis inspection, brake condition and a long enough road test to expose heat-related faults. Deferred maintenance on a car of this class is almost always more expensive than buying a better-sorted example.
Use a paint-depth gauge, lift access and a specialist familiar with the model's factory panel gaps and finish standards. Collector value is dramatically affected by structural repairs, refinished panels, poor paintwork and missing factory trim or option content. Documented cosmetic refresh is acceptable; concealed accident or fire damage must be priced severely.
European-specification cars are the most desirable; matching-numbers, original-paint and continuous BMW Motorsport documentation are decisive. Specification, colour, options and limited-build variants move values significantly. Buy the best-documented example in the most desirable specification you can justify, rather than a tired example of a rarer derivative that will need years of corrective work.
Regional ranges authored independently — each reflects its local market, not an FX conversion
Budget annually even if the car is used sparingly. Fluids age, tyres and date-coded rubber components must be replaced regardless of mileage, and stored cars need exercise. A documented maintenance rhythm protects both reliability and resale value.
BMW Classic and a strong network of E28 / S38 specialists; engine work is significant. Before purchase, confirm parts availability for model-specific bodywork, electronics, gearbox and engine components. A discounted car waiting on unobtainable parts or a factory service slot is rarely a saving in collector ownership.
Each region quoted in its local currency — independent market readings, not FX conversions
The E28 M5 has consolidated as a recognised collector model. Concours Euro cars with BMW Classic certificates lead, NA cars are catching up, and projects are no longer cheap given the cost of full mechanical and cosmetic restoration.
| Date | Auction | Car | Mileage | Result |
|---|---|---|---|---|
| 2025-05-10 | RM Sotheby's Cernobbio | 1987 M5 (Euro) | 63,000 km | €152,500 Sold |
| 2024-10-19 | Bonhams Zoute | 1988 M5 (Euro) | 84,000 km | €118,500 Sold |
Original M5; hand-built Motorsport saloon with M1-derived engine. Concours Euro cars are blue-chip; restored projects are likely to firm.
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