The E28 M5 is arguably one of the most important cars from BMW history. Its low production numbers, coupled with the fact that it was the first car to ever receive true “M5” designation, makes it immediately attractive to collectors. Its M1-derived inline-six and 152-mph top speed makes drivers swoon, too. Last week over at Hagerty’s Marketplace, a very specific E28 M5 set a new sell price record: over $195,000 including buyers fees. Could it even possibly be worth it?
Meet the $200k BMW E28 M5
It probably goes without saying, but any rare BMW commanding an even larger premium than usual generally has some tie to EAG. EAG, or Enthusiast Auto Group, specializes in BMW M cars, usually finding low-mileage and exceptionally clean examples and making them as close to like-new condition as possible. This E28 is no different in that respect. The selling dealer “sourced” the car from EAG’s “private collection.” But this E28 has another famous name attached to it: Canepa. Perhaps less ubiquitous in the BMW world, Bruce Canepa formerly raced in IMSA and other race series — finished third in 1979 24 Hours of Le Mans, too — before opening up a restoration and speed shop in California. Refreshing and maintenance from Canepa totaled around $50,000 — complementing the $25,000 in receipts from EAG nicely.
Of course, to say the car is well-kept barely scratches the surface. The E28 M5 in question has just 9,800 miles on the odometer, which likely makes it one of the lowest-mile examples in existence. Like almost all North American cars, this E28 M5 dons black paint over Natur leather upholstery. The car comes complete with service records dating back to 1991. Saying the car checks all the boxes is an understatement. And it’s a reminder that vintage BMWs are only getting more and more expensive.
Why This Sale Matters
The E28 M5 is arguably the definitive BMW enthusiast piece; a hand-built engine, ties to the M1, and historic importance to the brand make it an immensely important car on its own. Of course, the usual analog charms apply too, like old-school BMW handling and a manual transmission. This specific car’s well-illustrated service history did a lot of the heavy lifting here; after all, the E28 M5 has no shortage of pain points when it comes to maintenance. And even before today, the E28 M5 commanded eye-watering prices; Hagerty says that in 2016 an excellent condition car went for $57,400 on average.
So, sure, maybe the E28 M5 — and this one specifically — is an outlier. The next highest-selling example was the King of Sweden’s car, which hit Bring a Trailer in 2023 and sold for the very royal sum of $140,000 before fees. However, that car had 15 times the mileage, with an odometer reading 252,000 kilometers (156,000 miles). Truly, low mileage E28 M5s are almost impossible to find these days. But it seems the demographic is more than willing to pony up for provenance. The mix of both makes this E28 M5’s astronomical value easier to digest.
But this E28 M5 sale also serves as a grim reminder. If you haven’t picked up your dream analog BMW yet, there has never been a better time than now. Prices are creeping up and there isn’t really any reason to suspect that trend will reverse any time soon. Especially if you’re looking at stuff from the 1980s and 1990s, like the E28 M5 or any of its contemporaries. This sale is — and will likely remain — a high water mark for the E28 M5. At least until one pops up with 9,700 miles on it.
Auction listing: 10k-mile E28 M5
