[freakshow]

The e39 M5 is a great car.

I'll start with the reasons you might NOT want to get it:
- It drinks gas quickly. Be prepared to spend about $9X.XX for 400KMs.
- If you can't DIY at all, maintenance will be extra expensive (like any BMW)
- Even if you can DIY, consumables will still be expensive. Most people will put TWS in their M5, and just the oil alone will run you over $100. The rotors are huge, so brake jobs are never cheap. You don't want to cheap out on the tires for your 400hp car, so those can get pricey too.
- If you're young, you might not want a sedan, it's a great car, but it's still a sedan.
- Insurance is up there, remember, you're still insuring what used to be a $100K car

If you're ok with all of the above, go for it. It's an awesome car, and I'll list just a few of the positives:
- It's a major sleeper
- It's the perfect blend of power and class. It can be brutally fast, and perfectly quiet.
- Aside from consumables, it's fairly low maintenance. Register on m5board.com and start reading. Get to know the things that usually fail, and change them out early. Since I've had the car, I've only had to replace a fog light cover, low beam, brake light and the FSU. On the other hand, I've also done a lot preventative maintenance. I've replaced most fluids, and changed thermostat.
- It's, IMO, on it's way to being a classic BMW. It's praised by most enthusiasts, and is still used to judge many modern day cars (check the latest edition of EVO).

Some tips:
- 2001+ had a number of cosmetic upgrades. I would go with an 01+ unless you find a steal on a 2000. If you do get a 2000 at a good deal, no worries. 400hp is 400hp.
- If you want aux input, find an 03. The head unit on the 03 allows you to buy a $30 cable to get aux input. The 00-02s require much more work. I spent about $350 on my ipod integration, although it works through the OEM nav screen now.
- The nav is a piece of crap. Don't even the think about buying this car because of the navigation feature.
- The cup holders are worse than that nav unit.
- The car only came with a few options (rear sun screens, PDC, interior trim, interior colour) so don't worry too much about them

Update:
Tips:
- Spend more money on a car that has been well maintained. This is true for most used cars, but especially true for 10 year old M cars. A few maintenance items will run you a few thousand dollars, so don't try to save $1K on a car that will need $4k in maintenance over the next year.
- Don't worry if the car has missing pixels in the dash, it happens to everyone eventually.

Track Days:
- Taking the M5 to the track is insanely fun, but insanely expensive. The car has to be in tip top shape, with brake fluid always fresh, and brakes with >50% left at the minimum. This becomes very expensive, very quickly.
- For a cheaper alternative, taking the M5 to auto-x is also fun, but you have to be honest, this car was just not made for auto-x. You'll get your 4000lb butt spanked by miatas all day.