The last hand-built, straight-six M5 — and the source of BMW M's first estate.
The second-generation M5 refined the original's Q-car formula into one of the great analogue super-saloons. Hand-built by BMW M at Garching from standard E34 bodyshells, it used an evolution of the four-valve straight-six descended from the M1's engine, wrapped in a subtly aggressive body and finished to an almost obsessive standard.
In 1992 it also gave BMW M its first-ever estate — the M5 Touring — a nearly hand-finished long-roof that has since become one of the most coveted M cars of all.
The E34 is the last hand-assembled straight-six M5 and the source of BMW M's first estate — a recognised inflection point in the M5 story.
| Variant | Years | Production | Notes |
|---|---|---|---|
| M5 3.6 saloon | 1988–1992 | 8,344 | S38B36 3,535 cc straight-six; 315 PS (232 kW) / 311 bhp at 6,900 rpm, 360 Nm; US/Switzerland 307 bhp; 5-speed manual; hand-built at Garching. |
| M5 3.8 saloon | 1992–1995 | 3,019 | S38B38 3,795 cc; 340 PS (250 kW) at 6,900 rpm, 400 Nm; 6-speed manual late in run; not sold in North America or South Africa (retained 3.6). |
| M5 3.8 Touring | 1992–1995 | 891 | First-ever BMW M estate; S38B38; all left-hand drive. |
| M5 UK Limited Edition | 1995 | 50 | End-of-RHD-production run; two colour/trim combinations, numbered plaque. |
Authenticate stamped chassis and engine numbers against factory or club records. For the E34 M5 specifically, verify S38 engine specification (3.6 vs 3.8), gearbox (5-speed vs late-3.8 6-speed) and bodystyle. Touring examples are all LHD; UK Limited Edition cars carry a numbered plaque.
Confirm body originality, panel identity and restoration standard against a marque specialist.
Confirm continuous service history and any rebuild history for the engine, transmission and driveline against a marque specialist.
Restoration standard, originality of body and driveline, and any documented ownership record are the main value drivers.
| Date | Auction | Car | Mileage | Result |
|---|---|---|---|---|
| 2025-05-17 | Iconic Auctioneers The Iconic Sale at Supercar Fest, Lot 806 | 1991 M5 | — | £43,875 Sold |
| 2023-12-05 | Bonhams The European Winter Sale | 1994 M5 | — | €56,000 Sold |
As the final hand-assembled straight-six M5 and the source of BMW M's first estate, the E34 sits at a recognised inflection point in the M5 story. The rarer bodystyle and larger-engined cars anchor the top of the market, while clean, original manual saloons offer a more accessible entry to a car whose standing continues 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.
Get new buyer's guides and collector market intelligence delivered to your inbox. No spam. We respect your inbox.
The valuation figures in this guide are for research purposes only and do not constitute financial or investment advice. See our full disclaimer.
