This Restored High-Mileage BMW E34 M5 Touring Is Somehow Priced At $130,000

Exceptionally clean and rare though it is, we’re having trouble computing the price for this 1995 BMW M5 Touring.

Originally sold in Germany towards the end of the E34 production run, as one of the most expensive E34 M5 Tourings ever built, it was used hard and then eventually exported to the USA, where after more than a decade as part of Enthusiast Auto Group’s collection they’ve now put it up for sale for a surely-it’s-a-typo $129,990.

You only need to flick through the pictures to see how clean it is. It looks to be in remarkable condition, but it seems like no expense has been spared to maintain it during its long lay-off in Cincinnati. It’s also an incredibly rare spec for an E34, being one of just two Tourings ever built in Santorin Blue, out of the 891 to leave the factory.

It has the 1995 upgrades like bigger brakes, a six-speed Getrag manual gearbox, fatter anti-roll bars, better suspension and 18-inch M-spec wheels. The interior is a gorgeous cream leather with Santorin Blue leather piping, dashboard, gear knob, handbrake handle and door trim accents. To be honest, it looks a bit like you’re in a soft play centre.

The thing is, this is no zero-mile garage queen with 100 per cent originality on its side. It has a hefty 96,206 miles to speak of, and while it has been restored and looks great, loads of original parts have been swapped out or upgraded to stronger, more modern or just better alternatives, but that doesn’t usually add to the price of a classic – it takes away.

This one has upgraded camshafts, a new ECU, an aftermarket exhaust, a limited-slip differential and more. Clearly it was built up to be driven, but why would you spend $130,000 on a 22-year-old M5 Touring that you’re going to hammer around your favourite routes? E34 M5 Tourings that have been completely restored will only set you back around £45,000, and original cars that are getting a bit tired used to be found for less than £10,000 – although prices have shot up in the last year or two.

So we’ll wish this seller good luck, but we think they’ve got it all wrong. Either it’s low-mileage and original or it’s a well-used one with the warm, fuzzy glow of real-world heritage. It can’t be the latter, plus non-original changes, for the market price of the former.