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Endless money pit....

9K views 29 replies 23 participants last post by  Kevin The Clean 1 
#1 ·
Does anyone else keep accurate records like I do ? :1zhelp:

Just realized today that I've spent more money on mods/service than the car's original purchase price! ouich



Still trying to rectify my issue with the endless EFP AKA limp mode...we have come to conclusion that the pedal sensor (which I've already replaced) is defective...going to warranty the part with my local BMW dealer soon. This means I spent all that money replacing the throttle actuator for no reason!! :mad:

Anyone else feeling my pain ? :crying2:
 
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#3 ·
Thanks for sharing and I do wonder sometimes on my own projects. You should try and separate cost to own somewhat from total cost. Modifications weren't usually necessary. This may be me just trying to justify the bill... :3:
 
#4 ·
Not really, TCO for a used car takes into consideration the purchase price. You bought a $80,000 car with 100k on it and you paid less than $15k. Realistically your'e into the car at about where I would think you would be. If you had purchased one for more money you'd have had less to do on it and probably ended up with the same OOP expenses. Besides you spent $10k modifying it... :) I'm just sayin' It pays you back in spades every time you jump on the gas.. :)

Take your car to Ramon LeFrancois at Bavarian Motorsport in Milpitas if you want it fixed quickly and properly. Tell him Walter at Valley Motorwerks sent you.
 
#7 ·
This is correct. Ramon is a personal friend and a absolute genius when it comes to BMWs.


Take your car to Ramon LeFrancois at Bavarian Motorsport in Milpitas if you want it fixed quickly and properly. Tell him Walter at Valley Motorwerks sent you.
 
#8 · (Edited)
+1 to the above comments. Mods don't count:). In 2004 I purchased my car for less than the going rate for a low-milage, one-owner car - but it was still quite a sum, esp. seeing what these are going for these days. Since then standard maintenance and a few repairs have been the norm; overall I'm VERY happy with the car's reliability. Anyone purchasing this type of car (manufacturer does not matter) needs to expect high maintenance and repair costs. Worth every penny...

Since you have spent more than half of the outlay on mods, seems like you are doing well!
 
#10 ·
I keep my service/mods also in excel.
I add everything up what has been done to Beast, and when (+mileage), and whom.

And of course I save all the invoices of spare parts/etc.



I think it is nice for yourself also see what you are buying/doing your car... Very easy to check when some fix/mod was done.
Also if you sell your car, some sheet of the maintenances/mods would be really nice to next owner, imo.
 
#11 ·
Definitely, good records show you care for the car and don't just treat it as another possession. Really good records like that are a big tick in my opinion.
 
#13 ·
I bought my car for ~23000$ and in two years of ownership i've spent ~14000$ on it. And mind you - no mods whatsoever, just repairs :) I keep all of the bills in a file, and now looking at it, it is as thick as your average book, kinda scary :) Oh and i haven't touched the powertrain at all! All of the repairs where regarding suspension, brakes and misc stuff like sensors, water pump, fuel lining etc.
 
#14 · (Edited)
YES, these cars are expensive to maintain, however, so far I've found no other car I enjoy driving as much as the E39 M5. Parts are expensive even if you don't go through BMW. High priced cars are expensive to maintain. The newer the car the harder it is to work on yourself. To me it's worth it to get into a car I enjoy driving every day. I think a big factor in the expense is the fact that most of us on this site are automotive enthusiasts and maintain the car to almost aircraft standards. Also, a lot of us do extensive preventative maintenance - hoses, belts, engine mounts, guibos, rod bearings, fan clutches, fuel pumps, plugs etc. (I have M5 London's list on my favorites and can't believe all he has done to make his Beast like new).
I look at the money I put into my M5 as something that gives me lots of pleasure in life and happiness, and happiness can prevent some diseases and save you health $$. These are $78,000 cars and if the exact same car was manufactured today it would probably be close to 100K. Too many people buy them cheap and then can't afford to maintain them and skimp on things - we on this board LOVE to maintain them. The biggest problem is that as I age I can't get under the car and do the things I used to do and have to take it in for some things I would have rather done myself. I've gone almost a year after sinking A LOT of money into a low mileage car that came with excellent maintenance record and was previously driven by a 55 year old professional. 15,000 miles (62,000 total miles on the Beast) now with no more than routine oil changes and tires in the last 12 months. Of course, tires aren't exactly cheap either for the M5. I personally think these cars need to be driven on a regular basis and not sit in the garage as garage queens. I know that my clutch will need replacing eventually as well as the battery and probably the O2 sensors,but that's the price you pay for being in this exclusive club of E39 M5 owners.
I was at an auto show and a good friend of mine said he'd been looking at a 2002 M5 and figured he could make new car payments or lease a 335 with the //M package for what it cost to maintain the E39. I've driven a 335 with the sport package and it's a wonderful car but no M5.
 
#15 ·
I bought my CPO M5 for $42k and have put easily 2x, maybe 3x into it over the years. I don't have to tell you all why I have a smile on my face every time I take my beast out of the garage. There is no comparison IMHO. I will never get tired of or bored with the E39 M5. Can anyone make that statement about any other car? :checkeredflag:
 
#19 ·
Bought my car new in December of 1999 - now has 257,000 miles - only mods were a Dinan lightweight flywheel and stainless brake lines....I think:dunno:

The maintenance on this car has been very expensive to say the very least but you know what, I agree with most who say that when they get in the car and it's fun to drive, there's no substitute.

Sometimes I want to drive the thing off a cliff (without me in it of course)grrrrrrr - most of the time, it's great to get behind of the wheel of one of - if not the greatest sedan in history.:applause:
 
#20 ·
I vote that it is the greatest sedan in history. They took the E39 chassis, which in it's class was voted the #1 choice ever since it began production, and created a beast out of it. As hard as I can think, there isn't a sedan even now that is as well rounded as the E39 M5.
 
#21 ·
i actually just took delivery of my car, but just to have some clarification of what im getting into -

many say the maintenance is expensive. expensive compared to what? civic? e46 m3? porsche?

but i think the understanding that the car is still an $80000 car, just the value has dropped obscenely over the years. so i think it doesnt matter if one acquired the vehicle at original sticker price or $15000, the maintenance will always be how much an $80000 car should cost.
 
#22 ·
They are VERY expensive to maintain, but as has been said here many times, worth every penny. I sold my NSX for this car and before that I had a 1989 Porsche 911. They were also expensive to keep up and taking the kids along or the parents somewhere in them was close to impossible. What I find unique about the M5 is the combination of a well thought out cockpit with wonderful instrumentation, extremely comfortable seats for long trips, incredible handling without jarring your kidneys like the NSX and 911, and gobs of low end torque. Both the NSX and 911 would handle turns as well, but they bounced you to death on anything but a smooth surface. They were tiring on long trips.
I looked hard for oxford green and had to go 770 miles to pick it up and it passed a PPI and had lots of BMW dealer records. I bought it from the original owner who still keeps in touch and asks for pictures and Email updates on his old baby often. He bought a new M3 and has told me, he misses the torque, the leather dash, the seats, and lights on the tach:) He does like the fact his M3 is under warranty! So far I've replaced the battery, one of the battery cables, the spark plugs, the thermostat, the clutch, the cluster pixel repair, the fuel filter, a new guibo, the VANOS O rings, and new Michelin PS2s. Total expenditure in the last 12 months has been $8,458 and I love this car like no other I have ever owned. My wife was neutral on the 911, and hated the NSX (because she said it rode like a tank and went through tires every 7000 miles), but she loves the M5. Nothing eats tires like an NSX! I'm planning on keeping this M5 for a long long time and hope to become a member of the 200,000 mile club someday!
 
#24 ·
For a new owner that realized the cost of entry (maintenance) on this car this thread is still scary. I've resolved to spend very little on mods if possible and try to simply maintain the beast in great condition, simply to avoid a situation where 3-4 years down the line i've doubled or tripled the cost of entry. Though it was a bargain price for me on an $80k car, i still have my limits on what im willing to put into it and hope that my 48k mile engine chugs strong for many more years to come. Also im hoping to start doing maintenance myself to lessen the pain but that hasn't happened yet.
 
#25 · (Edited)
I keep records,this is why it is called "The Matte Black Money Pit"...:haha:


I have two different records,one for repairs/maintenance and one for mods.Basically first 3 years of ownership were only regular maintenance/repairs.Real modifications and the restoration of the car started last year..


Fortunately I do not pay anything for labor.


The only thing I did not replace yet is the brake booster(that of course acts up now) and master cylinder,otherwise EVERYTHING regarding engine,suspension,brakes,fuel system,engine electrics and electronics,drivetrain is refurbed,rebuilt or replaced.
Also body had an extensive restoration.

Still some stuff left to do like interior,windshield,door and body trims...


But I might be a bit extreme...
 
#26 ·
Firstly, I apologize if opining on this thread is out of place for me. I do not have an E39 M5 but the closest cars I do have experience with is an E60 545i Sport and an E38 740i Sport. My E60 got totaled a while back when a 77 year old drunk driver ran into me. However, I have owned my E38 since it had under 30,000 miles and now it has 180,000 miles. I drive a total of 40,000 to 45,000 miles a year due to the nature of my business and for the past couple years the majority of them have been on the E38. I was just getting some pro-active maintenance taken care of at my indy mechanic here in the Seattle area- a preventative cooling system overhaul and I thought I would ask him how much I have spent there since I started going to his shop beginning January of 2009. The total was $17,145.47. Add to that 3 sets of Michelin Pilot Sport A/S Plus tires purchased every 30,000 miles or so within that period elsewhere and the total is upwards of $22,000. That is atleast twice the value of the car. I should say that my car is in absolute perfect condition- there are no leaks, no noises, no rattles, no squeaks, no rough shifting, it pulls like a freight train and tracks like one too (it ain't no M5 though). I absolutely love this car and keeping in mind the amount of city/highway/traffic miles I drive, it is the steptronic in this car and the amazing comfort/contour seats that keep me from getting an E39 M5. Even though my maintenance total is grander than a lot of your guys' , on a per mile basis I am sure I am spending less.

On another forum, someone asked whether I was overspending vs the value of the car but theres hardly any wisdom to thinking of it that way I think. If I start tempering my maintenance to keep it in line with the continuously decreasing value of the car, I would never enjoy my car as much as I do. I have zero interest in replacing my car with an E65 and an F01 is too expensive for me. In fact the only cars I would ever replace my E38 with are an E39 M5 (not sure about the manual transmission), a X5 4.8is (already have a LR3 in my garage- too many SUVs) or a Porsche 928 GTS. But until I do, I am almost certain, and after reading this thread, completely certain, that if you love the car, it really is money well spent. I can't even imagine driving a leaky, shimmy-ing, rattling car just to keep maintenance costs in line with the value of the car. I believe you will never be happy with a car in that shape, whether its an M5 or an old Chevy and will most certainly spend more money buying a new car you may or may not enjoy as much!

BTW, I love E39s- I was reading a review of the F10 550i somewhere and the author said that the F10 is just two generations too far from perfection- priceless! Similar things were said about the E38 but I will keep them to myself as this is an E39 forum.
 
#29 ·
If you ever want to sell the E38 holler this way (and no, I won't get rid of my M5 :) )

Based on how you take care of your E38, I doubt cost wise this would be much different. But, I would not want to put that many miles on a M5 (personal preference, mine is a garage queen and will stay that way).

My Dad sold his anthracite 01 740i "short sport" a few years ago to a guy in Bonney Lake, WA and I totally agree with you, really amazing car.
 
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