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The best M5s will be those listed in the for sale section here. Typically those sold elsewhere are ragged.
 

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I'm close to the NYC area and have looked at a few cars in the city. Let me just say that these people's cars tend to be more beat. Sometimes it's because they have no choice because they live in the city, other times they just gave up on giving a crap. Also NY winters are not exactly friendly to these cars either.

My point is if you're looking for a nice M5 you'll probably have to go out of state, at least to PA or maybe NJ. I know I learned my lesson the hard way after going to test drive so many cars which were pieces of crap and not worth my time. Right now I'm in talks with a seller from Cali to buy his super super clean e46 M3 and it seems much more promising than any of the M3's I've seen locally.
 
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