Why I bought an old ’91 BMW M5 (and why you may want one)

Mind blowing. That’s what I thought of the second-generation BMW M5 in a time when the Ferrari Testarossa still captivated teens watching "Miami Vice." Even though it looked almost indistinguishable from a run-of-the-mill 535i, it had a straight-line acceleration nearing a Ferrari, and only came in a manual. Plus, they were rarer than the Prancing Horses roaming West L.A. But with a starting price of $55,000 (over $90,000 in today’s dollars), owning the sleeper was out of the realm of possibility for decades —t hat is, until a couple months ago, when I drove home a 1991, E34 Alpine White M5.

Why now? Here are six reasons:

1. Because racecar (engine). The E34 is the neglected middle child of the M5 family, ignored for the appreciating E28, and overshadowed by the burlier, heavier E39. Although the successor’s rumbly V-8 is pleasing in its own right, it’s costlier to keep in top-running shape, thanks to long-term liabilities like its VANOS. Not to mention, BMW’s motorsports heritage lies with inline sixes — the E34’s S38 powerplant is based on the M88 engine in the M1 supercar, which is based on the motor used in the shark-nosed 3.0CSL in the ‘70s. The first-generation M5 used a similar engine, but compared to other markets the U.S. version came neutered, making 256 horsepower.

Part of the early S38’s charm is its rawness, thanks to the single-mass flywheel and individual throttle bodies — the lumpy idle and neutral rollover chatter tells you the engine would rather be roaring above 3,000 rpm than resting at a stop light. It’s got one of the best sounds for a straight-six, and doesn’t need to pump fake noises into the cabin.

2. Blast to rev. At 3,788 lbs., the M5 fattened up compared to the E28, but is 500 pounds lighter than the current-gen M5. While understeer-biased, it's got a rawness lacking in more buttoned up sports sedans today. Stability control? Your right foot.

3. The last hand-assembled M car. Another distinction from the more popular E39: it was the last model hand-assembled at the M facilities in Garching. Legend has it test drivers could tell who assembled the car from how it went around the bends.

4. Style that blends the classic and modern. There are largely two camps for Bimmer design — those that love the angry-looking BMWs from Bangle era and beyond, and those that like the boxy, understated aesthetic of the Claus Luthe era in the ‘80s. But I think you can get too classic in aesthetics — the preceding E28 M5 has a greenhouse that’s tall enough to double as a pope-mobile. The E34 was sleeker, yet one of the last models to retain the shark-nose schnoz.

So what’s better, classic versus modern? Take a look below and decide for yourself —note the size difference with the new BMW 550d: