The third-generation BMW M5 (1998-2003) was already poised to be an icon from the very day it appeared at the Geneva Auto Show. Touted as the “Fastest Production Sedan On The Planet,” and number seven on our list of Bavarian barn burners.
It was the first M5 to offer a V8, use aluminum front suspension components and have a multi-link rear suspension. It had all the makings of the businessman’s getaway car, which is exactly why Guy Ritchie–yes the director of Snatch, Sherlock Holmes, and Lock, Stock and Two Smoking Barrels–was tapped by BMW to direct a series of short films called "The Hire" starring the E39 M5 and the then relatively unknown, Clive Owen.
These short films, arguably the beginning of branded content, cemented this understated missile into automotive history. Maybe it’s the clean design, lack of (ahem) gargantuan kidney grills, or simply being associated with Madonna getting tossed around in the back seat as Clive drifted around corners and downtown traffic in the BMW films, but whatever the reason, enthusiasts agree the BMW M5 is one of the greats.
We were thrilled to find a great example of this svelte powerhouse at Motorcar Studios in Atlanta, GA, however, when we showed up, the 2001 was getting some last minute work done so the owner let us drive his own daily driver 2003 E39 M5. We were excited to get some miles under our belt to go back in time to 2003 when Outkast, Nelly, and J.Lo ruled the airwaves and most of what we regularly do these days (check Instagram, stream movies, and pair our AirPods) would sound like made-up words to our younger selves.
2003 BMW M5
- 6-Speed Manual
- 18" M-Sport Wheels
- 0-60 mph 4.8 seconds
- Engine/Motor: 5.0L V8
- Horsepower: 394 hp
- Torque: 368 lb-ft
- Drivetrain: RWD
- Transmission: 6-Speed Manual
- A living legend
- 6-speed manual and V8 are an insanely fun combination
- Understated classic design
- Hard to find without alot of wear and tear
- Prices are going up every year
The Understated Exterior Smartly Hides This Rocket Ship Sleeper
When it comes to exterior design, the M5 is quiet and understated. In today’s design terms, it’s a sleeper. Sure, there are some “M” badges placed around the car on the trunk lid, near the A-pillar and the 18-inch 10-spoke wheels have a small “M” on the center cap, but there isn’t even anything in the kidney grills to say “watch out.”
A modest belt line runs from the characteristic “Angel Eye” (starting in 2001) headlights around to the blocky German taillights where there is a small integrated trunk spoiler and four exhaust pipes, nothing showy. It would be like if Chris Hemsworth—who has an impressive car collection himself—was walking around wearing a giant blousey mumu. You’d have no idea that under that cover was Thor.
Beautiful Seats But Useless Cup Holders Make Up The Interior
One comment many fans of the late '90s and early 2000s BMW lineup will make, and what makes this car a gem, is how wonderful the door feels to open and close and, indeed, it’s true. Once passing through this experience, one is greeted with a continuation of the subtle exterior. In the case of this M5 we drove, Alcantara headliner, beautiful black leather seats, brushed titanium accents, and the wonderful orange glow of back-lit instrument clusters and radio buttons surrounded us and brought a peacefulness in a way that large bright digital dashboards, CarPlay, and wireless charging pads of modern cars seem to disrupt.
That’s not a knock on modern cars because noticeably absent are storage cubbies for our daily carries like a wallet and cell phone or even useable cup holders. Sure, in the center console at the base of the radio and climate controls are two tiny flimsy pieces of plastic that act as drink holders, but they are more likely to spill hot coffee all over your radio/CD player than keep your beverage upright.
This Daily Driver Trackcar Shines
When searching for a car like this, it can be hard to find one in such great condition that it transports you back to what it would have been like to roll up to a dealer, drop $70K and take the long, twisty way home. A few clicks on the internet, some luck, and boom, we found Chris Baucom who owns Motorcar Studio. A passionate auto enthusiast himself, he was more than gracious to let us come put some miles on this beauty.
The streets of midtown Atlanta are twisty (yeah) with lots of cars (boo) so we headed out a little further from the shop to find some quieter backroads. As it was a cold start, the BMW utilizes a backlight rev limiter on the tach to let you know when the engine is finally warmed up and ready to play descending from 4,000 to a much happier 6,500. Finally, we had the green light to pick up the pace and start playing.
The 394-hp naturally aspirated 4.9-liter V8 paired with the 6-speed manual is a star couple like Jay and Bey—just so powerful. Sure, it might not hang with a Tesla Model Plaid on a track, but this car is still a thrill. The engine/transmission combo has magic dust because that killer pairing made the 4,000-lb car feel like a carbon fiber go-kart. First gear brought in kick-in-the-back torque around a measly 2,000 rpm and with the tires being all too happy to oblige our right-footed acceleration request, we quickly wound out second and on to third in no time. We approached corners like I hadn’t done in a road car in way too long and the BMW simply said, “yeah, no worries.”
The brakes wowed with a quick reassuring halt as we approached a stop sign. Look left. Look right. Then blasted off on our way to the next intersection. Thankfully, the seats were firm and forgiving as we encountered some potholes much to the chagrin of the low pro Michelins and made our way back to the shop.
BMW E39 M5: The Verdict
The E39 holds a special place in my heart. I had a 525 Wagon for a few years and absolutely loved that car so having the chance to test its much more athletic sibling had me giddy and it didn't disappoint. About an hour after I met this car, in fact, I was already scheming how to get one of my own—that has only happened two other times in my 15 years of auto journalism: the 2011 Mercedes-Benz E63 AMG wagon and the 2002 Acura NSX. Sadly, all are currently out of my budget, but for the enthusiast who may be looking for something to either add to their collection or trade up to, expect price points around mid $20,000 to $40,000 and all the way up to $125,000. But hey, good enough for Clive, good enough for you!