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 | Not separately recorded | M88/3 286 PS. |
| M5 (North America / Japan) | 1987–1988 | Not separately recorded | S38 256 PS; catalysed. |
| M5 (South Africa) | 1986–1987 | 96 | Local CKD assembly; small production. |
The models below represent the most significant limited and special edition variants — factory-produced cars that command meaningful premiums over standard examples and warrant specific attention from serious collectors.
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.
| Date | Auction | Car | Mileage | Result |
|---|---|---|---|---|
| 2025-08-14 | Mecum Monterey 2025, Lot S51 | 1988 M5 | — | $46,200 Sold |
| 2023-11-25 | RM Sotheby's Munich, Lot 106 | 1985 M5 | — | €71,300 Sold |
| 2023-03-04 | Broad Arrow The Amelia Auction, Lot 210 | 1988 M5 (US) | — | $47,600 Sold |
Original M5; hand-built Motorsport saloon with M1-derived engine. Concours Euro cars are blue-chip; restored projects are likely to firm.
Our view, not advice. This section is Car Collector International's editorial judgement on where this model sits in the collector market, based on the production, specification and market data set out in this guide. It is not a recommendation to buy or sell and it is not investment advice. Values can fall as well as rise.
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The valuation figures in this guide are for research purposes only and do not constitute financial or investment advice. See our full disclaimer.
