Black BMW M5 E34, three-quarter front view

BMW M5 (E34)

1988–1995 · 3.6–3.8L NA S38 I6 · manual · hand-assembled
7.0 / 10
Involvement 8.0 / 10
Miles actually driven5.5
Bought to drive, not to flip6.5
Track-day sightingscontext · not scored3.5

Reference — shown, never scored

Handling · S38 3.6 I6 base8.0
Power-to-weight · sweet spot183 hp/t
315 hp · 1,720 kg

Why 7.0: The last hand-built M5 with the motorsport straight-six. E28 money pulled this generation upward, but the owner base still leans drivers-with-toolboxes over collectors-with-covers.

DougScore 52 / 100Weekend 26/50 · Daily 26/501991 M5 (E34) · dougdemuro.com

Market value

Median asking price, good condition · $20k (2000) → $60k (2026), trending up · illustrative data

$18k$60k200020182026$60k

The long version

The S38 straight-six is hand-assembled and maintained accordingly — timing chains, cooling systems, and electronics that reward an owner willing to learn the car rather than outsource it, which has kept this generation in the hands of people who would rather turn a wrench than write a check for storage. Values climbing in the E28's wake have started drawing speculative interest, but the base of committed drivers has not thinned out much yet. It is the last M5 built before BMW started building M5s at volume, and the ownership base still treats it like a project worth finishing.

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