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E28 (1982 - 1988)

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  #1  
Old 09-16-2010, 09:04 PM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

Hello All,

Sorry new here, and thought you might be able to help me with few questions. I looked at a 1988 BMW M5 at the local car lot. It has 248,000 miles but started right up, it was sitting for 3 months. I could smell the fuel, I guess she needs a tune up, and also the yellow check light was flashing in the center of the instrument cluster. No check engine light was on the top, I guess where the sun roof button is, just the coolant light and rear and front lights were on. So she was running, I took the engine oil cap off, and right away the engine started running funny like it wants to shut off, and the same when I took the dipstick out. I could also smell gasoline in the oil I think, I might be wrong. I saw some oil marks under the car, seems fresh. The body is straight, I guess just the cosmetics with the front bumper spoiler. The interior was rough, but nothing scary needs work, also the rear self leveling is gone, so I guess need to replace them with regular struts. I heard some metal buzzing sounded like the exhaust, maybe a hole somewhere. They want $4,500 for it, I would love to have her, but afraid of the engine being bad, with the cap and dip stick affecting engine running when they are removed. Could you guys help me out, and give me some advice. Thank you so much.
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  #2  
Old 09-17-2010, 04:25 AM
south26 south26 is online now
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You are loosing vacuum when you remove the cap and stick, so it should not run as well.

Andy
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  #3  
Old 09-17-2010, 07:09 AM
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Quote:
Originally Posted by noleafofclover View Post
Hello All,

Sorry new here, and thought you might be able to help me with few questions. I looked at a 1988 BMW M5 at the local car lot. It has 248,000 miles but started right up, it was sitting for 3 months. I could smell the fuel, I guess she needs a tune up, and also the yellow check light was flashing in the center of the instrument cluster. No check engine light was on the top, I guess where the sun roof button is, just the coolant light and rear and front lights were on. So she was running, I took the engine oil cap off, and right away the engine started running funny like it wants to shut off, and the same when I took the dipstick out. I could also smell gasoline in the oil I think, I might be wrong. I saw some oil marks under the car, seems fresh. The body is straight, I guess just the cosmetics with the front bumper spoiler. The interior was rough, but nothing scary needs work, also the rear self leveling is gone, so I guess need to replace them with regular struts. I heard some metal buzzing sounded like the exhaust, maybe a hole somewhere. They want $4,500 for it, I would love to have her, but afraid of the engine being bad, with the cap and dip stick affecting engine running when they are removed. Could you guys help me out, and give me some advice. Thank you so much.
Sounds like you're gonna have a project. Make a list of the things you going to have to replace. Looks like you'll need to put in at least a few ($3-5?) thousand to make it nice. It still has alot of miles. Most M5's are driven harder than regular cars. Like south26 said, the cap and dipstick will cause vacuum leaks which could have set off the check engine light. I'd have a compression test done and take a close look at the bottom for significant rust before making an offer. They're not hard to work on, but you'll need to do alot to make it nice.
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  #4  
Old 09-18-2010, 10:27 AM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

Thank you very much for your input. So with the engine having 248.000 miles on it how much more life should I expect. I guess no one should no that without looking inside of the engine. Its been a while since I looked at gasoline engines, I mainly work and drive diesel. I also forgot to mention I scented a gasoline in the oil, is that mean the piston rings or the valve seals are bad. And also is it good sign that she started right up, after sitting for few months. They are asking $4,500 and wont go any lower, I cant get her to mechanic, sadly they have her pinned in the back of the lot, and the tires are flat. How could I know if the engine is somewhat healthy, maybe its better to wait, but the damn thing is the body is strait, just the interior and some love.
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  #5  
Old 09-18-2010, 10:49 AM
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If you're going to have to pay someone to work on this car, I would say don't buy it. This type of project can be fun if you enjoy working on cars, but could easily turn into a bottomless money pit. For that kind of money you could find alot of other lower mileage newer BMW's.
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  #6  
Old 09-18-2010, 11:04 AM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

Hello Again,

I will probably due the work, at least 90% of it, otherwise I agree they will kill once they see the M5 logo. Do you think its worth it, I guess I like the older M5, and don't know any other model that has have the same power or appeal. As far as money pits, does that mean they are not reliable? Don't just wanted to have a piece of history, I guess in this age of plastic and computers she seems special.

Last edited by noleafofclover; 09-18-2010 at 11:05 AM.
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  #7  
Old 09-18-2010, 12:44 PM
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Quote:
Originally Posted by noleafofclover View Post
Hello Again,

I will probably due the work, at least 90% of it, otherwise I agree they will kill once they see the M5 logo. Do you think its worth it, I guess I like the older M5, and don't know any other model that has have the same power or appeal. As far as money pits, does that mean they are not reliable? Don't just wanted to have a piece of history, I guess in this age of plastic and computers she seems special.
Go for it! Keep us posted on your progress. Be sure to visit other forums like mye28.com, pelicanparts.com, bimmerforums, etc. for more help and ideas. And I'd also suggest you buy yourself a Bentley E28 manual. You should be able to find one on Ebay for $40-50.
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  #8  
Old 09-18-2010, 12:53 PM
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I just saw an Ebay listing of a black one for sale in Glendale with 141,000 miles. It looks pretty nice and he wants somewhere's around $10,000. if you're not too far, you might want to look at it for ideas.
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  #9  
Old 09-18-2010, 01:28 PM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

Thanks a lot I saw the add on ebay, I probably just wait and save some money then see it. I just think the $4,500 is a bit too much for a big project like that. I have a guy that might be able to locate one. Thanks a lot for the help, but I will let you know if I get it, and also what other model would you recommend besides the M5, I guess that has the same power, and reliability.
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  #10  
Old 09-18-2010, 01:59 PM
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Quote:
Originally Posted by noleafofclover View Post
Thanks a lot I saw the add on ebay, I probably just wait and save some money then see it. I just think the $4,500 is a bit too much for a big project like that. I have a guy that might be able to locate one. Thanks a lot for the help, but I will let you know if I get it, and also what other model would you recommend besides the M5, I guess that has the same power, and reliability.
The 535i has good power and would cost less. There's alot more of them around than the M5's too.
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  #11  
Old 09-18-2010, 02:24 PM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

Thanks again, and by the way I just sent an email to the dealer, and the guy responded right back asking me my offer. They want $4,500 I told him $2000 would be a fair price due to all the work. So if I work on cars I do a lot maintenance and repairs on my diesel truck, how hard is working on the M5? I wonder if the engine rebuild is expensive?
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  #12  
Old 09-18-2010, 02:44 PM
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Quote:
Originally Posted by noleafofclover View Post
Thanks again, and by the way I just sent an email to the dealer, and the guy responded right back asking me my offer. They want $4,500 I told him $2000 would be a fair price due to all the work. So if I work on cars I do a lot maintenance and repairs on my diesel truck, how hard is working on the M5? I wonder if the engine rebuild is expensive?
Engines in M5 cars are more powerful so most of their parts are heavy duty and cost more. What you really don't know at this point is what it needs. If it started fast you know at least that it runs. Assess the condition of every system then figure out your priorities. Maybe it was already rebuilt? It might be the trans and clutch are bad. You won't know until you try to drive it. At $2000 you could probably sell it for parts and do OK. Go to Pelicanparts.com and look up some common engine parts and you'll see what they cost.
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  #13  
Old 09-18-2010, 02:59 PM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

He told me he wants to wait and sell the car as parts, I guess $2,000 was too low. I really want to get it, but I cant drive it and they wont let it go for less. I think he probably tought I offer him $3500.
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  #14  
Old 09-18-2010, 03:02 PM
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Quote:
Originally Posted by noleafofclover View Post
He told me he wants to wait and sell the car as parts, I guess $2,000 was too low. I really want to get it, but I cant drive it and they wont let it go for less. I think he probably tought I offer him $3500.
Well, if you want the car, you're going to have to sharpen your pencil......
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  #15  
Old 09-18-2010, 03:08 PM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

so what do you think I should offer? Check out the car its on craigslist, Los Angeles
its 1988 BMW M5 in Sun Valley, CA.
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  #16  
Old 09-18-2010, 03:10 PM
noleafofclover noleafofclover is offline
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1988 BMW M5 Need Help

I forgot to mention the car on the image is not the M5, click on the link below the image
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  #17  
Old 09-18-2010, 04:39 PM
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Only you can decide how much you're willing to pay. If you really want it, boost up your offer. M5's are kinda rare so you'll probably have to pay a bit of a premium. That's also in your favor when you plan on selling it. If you do a nice job restoring it, the value won't go down. There's a lot worse things you could spend your money on.
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