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This is key - as an owner of an ancient BMW, I can happily conclude that ownership is glorious but potentially costly.
I'd be inclined to own this era of M5 as opposed to anything later, largely because of the significant levels of complexity that the younger E60 can produce. It's a BMW, it will cost you a pretty penny initially and if I know how particular you can notoriously be, you'll own the best example regardless of the mileage.
If you do buy one please go for a manual in Estoril Blue...
handtightenonly
Nope. I think it might be better to go for one with intergalactic mileage that looks like it’s been maintained well, then fix stuff as required.