Long before the Z4, and when the Mercedes-Benz 300SL was emerging to a hungry public, BMW was convinced to build a roadster that could outperform MG yet was more affordable than the 300SL.
The Result was the BMW 507. The 507 is often considered the most beautiful vehicle the German manufacturer ever made. As a result, the car is now worth millions at auction. Albrecht von Goertz was brought on as the designer to style the vehicle for American drivers.
BMW intended the 507 to be an affordable alternative to Mercedes; it ended up being anything but cheap. The 507 started at $9,000 in 1956 (nearly double the target price of $5,000) which translates to a cost of $96,500 in 2022.
How does the most beautiful BMW slip into such obscurity? Unfortunately, the demise begins and ends with the cost. Envisioned initially to cost around $5,000, Max Hoffman’s view of an affordable roadster came crashing down in 1959 when BMW canceled the project.
Designing The 507 To Rule The World
In the mid-1950s, New York Importer, Max Hoffman, urged BMW to design a new roadster model based on the 501. Once BMW accepted the challenge, they enlisted the help of designer Albrecht Von Goertz to craft a unique and elegant design. Von Goertz wasn't the first designer, and both Fritz Fiedler and Ernst Loof had plans that lacked inspiration.
With plans to fill the perceived hole between Triumph, MG, and the Mercedes-Benz 300SL, BMW had high hopes for the 507, expecting to eventually sell upwards of 5,000 units per year, primarily in the United States. The lofty expectations came to a halting crash only three years later when the project ended.
BMW's 507 is beautiful, and the interior included a radio, considered to be high-luxury in the mid-1950s. Aside from the styling, the 507 came with a naturally aspirated V8 engine producing 152 horsepower. RWD was standard, as was the four-speed manual transmission.
Torsion bars in the front and rear aided the 507 to decent handling. It could hit 60 MPH in 10.5 seconds and had a top speed of 122 MPH. American or Japanese auto manufacturers couldn't match elegance of the 507.
The BMW 507: Too Expensive For Its Own Good
BMW's goal was to produce the roadster for around $5,000 base. This $5,000 would translate to roughly $48,000 today, putting the 507 right in line with other performance-minded German cars. Unfortunately, the price tag was much higher, with a starting price of $9,000 or almost $96,000 today.
Even the $9,000 was low. Many examples exceeded the $10,000 mark, which was far more expensive than the Corvette or Thunderbird. As a result, sales numbers hit a grand total of 252 units over the three years of production. The rarity and beauty of these 252 examples have inflated the price drastically, with the most expensive selling for almost $3 million.
The fact that the 507 didn't sell wasn't just personally devastating to those who worked on the project, but to BMW as a whole. It came down to the considerable investment in production and the lack of sales. The entire 507 project, including manufacturing, cost the company big, almost resulting in bankruptcy.
Fortunately, the 507 didn't kill BMW, and many future projects take inspiration from the roadster. In fact, design elements in both the Z8 and Z4 show glimpses of what the 507 brought to the brand. Good thing these models are much more affordable than the legacy vehicle was.
Famous Owners Of The BMW 507
While the 507 was expensive, the BMW roadster had a string of notable owners. Most famously was Elvis Presley, who originally had one while he was in Germany. The one he had was white, but due to many lipstick marks from adoring fans, he decided to paint it red, hopefully, to avoid drawing attention.
After Presley owned his 507, he sold it to Disk Jockey Tommy Charles. BMW then purchased the car. They restored the vehicle to its original white and displayed it at their classics museum in Germany. It currently resides in the BMW museum in Munich, for fans of Bimmers or Presley.
Elvis didn't keep the BMW 507, but after working with actress Ursula Andress, he gifted her one. It just so happened that her husband also owned a 507 at one point and would modify Andress' model heavily. Additionally, entertainers Fred Astaire and George Barris also owned 507s.
The BMW 507 was famous among celebrities, but ultimately failed to compete with the 300SL. Further, its high cost kept it from seducing MG or Triumph owners. Thanks to a significant cash influx, BMW staved off bankruptcy and recovered with a couple of more realistic models. It's a good thing, too, as BMW is one of Germany's premier luxury car manufacturers, and without their contribution, the car world would be worse for wear.
