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TXE39 said:
Thanks for the replies so far fellas!

I'm not incredibly particular about color combos (although I have a few I'm not interested in and others I'd be very excited about). This one however is one that I'm indifferent about. I'm much more interested in it's condition. This will be only the second M5 that I've looked at. First was a higher mileage '00. I wasn't really impressed with it at all.
Unless it really impresses me in all areas I doubt I'll make an offer on it. I've fully expected to look for at least 6 months (and accept that I may end up traveling in the end).

I've been thinking about what will happen to the market when the E60 finally starts being delivered here. Do you all think that prices will fall a little/a lot? compared to what they are now? I hate to buy a car just to find that in 1 years time I bought just a little too early.

Thanks again for the replies. I'll post a report here after I see it Monday.
Like others who have posted, I believe that (within a certain range), a car's worth is based on its condition and personal preference. There is NO question, the longer you wait, the lower prices will fall. When the E60 M5 is released, they will fall further, but probably only slightly more than due to time alone. This is because the E60 M5 buyer is, by and large, not the used E39 M5 buyer. The best approach is to know the the perfect (or near) M5 is out there for you and take your time. You WILL eventually find it and the longer you can wait, the lower the price will be. There is no need to settle for color combinations that do not excite you or cars in less than excellent condition.

Personally, I would try to get a CPO. Although there are problems (as documented), having an official BMW warranty around if things go sour provides me with some peace of mind.

Good luck!
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