My dream car is a beater e39 M5? - s62 goodness

Hello GRM! Long time subscriber and lurker first time posting

I just made the best (worst!?!?!) decision ever. I have always wanted an e39 M5 and went to look at a 2001 M5 that was advertised on CL. 
I drove it and it ran really well however needed so much work that I thanked the owner and said that I would pass on it.
He said if he could take the huge speaker box and amp out of the trunk he would sell it for $7,000. I tried to walk away but my legs wouldn’t let me. 
The car is beat. 
180,000 miles
Front seats are trashed
suspension feels like a Tijuana taxi
Broken drivers mirror
cars smells like cotton candy vape and air fresheners
crusty vinyl wrap on the roof
brake pedal is soft until it is pumped
hood cable broken
bad carbon fiber kidneys fell out
Tires are toast!
headlights need refinishing, random LEDs, I am suspect about the the ballasts being legit, front plate mounted funny, 
has the p0412 and P0441 (carbon build up and fuel breather valve) - hopefully a shark tune will clear this up
many other little things that need fixing. It is going to be a big project!

Some positives!
It is fast, surprisingly fast 
Nice square set MVR Wheelset
short shifter with zhp knob
Neat Brushed interior trim - not vinyl
Fairly nice interior, fold down rear seats
carbon vis hood - would prefer not to have this but it will work for now
interesting front carbon splitter
Body is in good shape
has some suspension modifications - haven’t checked what brand yet
A/C works
basically all electrical works
Has 1/2 of a muffler delete  and resonator delete- there is one one each side. Never seen this 

The plan for the car - 
I would like to drive it and tack it - it is too far gone to try and make it original and I want to make my own creation
Make it safe
replace all fluids 
fix the codes / get smogged
rebuild all of the suspension
new tires

Weight loss
New seats - possible MOMO, Sparco or Corbeau
Tinker on all the little details 
Wish me luck!

Burn outs!

extras! a vape pen, that new car air freshener, horrible front plate mount, strange carbon kidneys, and thankfully the correct oil! 
Oh yeah, is this a vanity plate that says sexy973???? haha

Put some fresh rubber on 275/35 square set up. Continental Extreme contact DW - these  seem to get a pretty good review. They feel great.

No, that is a vanity plate that says intersexed!

Take it for a long drive, the miles and lots of fresh gas will be good for the motor.  Sounds like you have a solid plan, I would join the BMWCCA.  I get a great discount at the dealer with my membership number.  In the world of BMW's, your Vin number is the gate way to getting the parts that fit your car.

The more you track your car, the more you will love it!

David  

Vapelife! That is a nice looking beater.

The e39 M5 always looked... just right. 

Thanks guys, started to sort things out. 

Pulled out some audio stuff, about 40lbs worth! Should shed s'mores with a braille battery

Looks like the rear diff has solid mounts, nice

Very nice and congrats! Looking forward to more of this build.

You're doing good work, getting that back into fighting form.

I passed on a $7500 e39 m5. Faded ass paint and a scary metal to metal rearend noise ran me off. Should've bought it.  Lol

I have had it with these mother#%&@' snakes in this mother#%&@in' plenum!

Decided to tackle some maintenance before I go and order some shinny new fun parts. So much more enjoyable to spend money on racer boy stuff.

Valve cover gaskets and fuel tank breather valve oil change and air flters.  I keep telling myself to fix everything first and then buy cool stuff but I want fixed back racing seats so bad. I will have to stay away form the computer when I have been drinking. 

One of my all time favorites!

I'm sure you're already aware but m5board.com has a wealth of information. 

Try to find the stock OE seats. They were absolutely a joy to drive in and very comfortable. I cant imagine driving an M5 with fixed back seats. Just takes away from the bahnstormer approach of the E39 M5. Cruise the "autobahn" at 100+mph while relaxed.

On another note, those wheels just dont have the zazz as the factory staggered setup. The factory wheels are the epitomy of the BMW M range.

Killer deal on an absolute legend of a vehicle.

I was expecting much worse based on the description, but the pictures aren't half bad.  For 7k, it sounds like you got a pretty decent deal!

I'll definitely be following this one closely! I just picked up a 00' E39 M5, Titanium Silver with the fancy extended leather about a month ago, and it has a few things that need addressing.

As you had alluded to, the E39 M5 is one of my dream cars. Pretty much the perfect blend of performance and luxury for the street. It would be nice to have someone to bounce ideas off of here, and share in the inevitable pain that comes with these cars.

Don't want to thread jack. Maybe I need to start a write up on my own garage adventures. Too bad it's so cold here that nothing is getting touched for at least another month.

M5s are so choice.

If I had the means I would certainly pick one up.

MTechnically - I know you car from Bring a Trustfund -

Looks like you got a very nice one!

You are correct sir! Apparently, the buyer on BaT backed out and I was able to pick this car up off Craigslist. It's a nice car, but not without it's flaws. I've already got an order in for a new driveshaft. Might do a write up on the process.

Sweet car- looking forward to seeing where you go with it!

damen

A girl I worked with had one of these, she spent a lot of time making it perfect. It was a really nice car and if I had had the money I would have bought it from her when she moved and had to downsize her car collection. Well, pending wife's approval anyway. Not going to lie, I was reading through this and saw those tires and went "Cool, it came with slicks, I thought he said the tires were trash..."

Then I looked again. Oh damn. 
 

Big E39 M5 fan here, as a lot of people know. I love mine. It's not a car I'd want to pay someone else to maintain, but if you're up for some challenging wrenching it's the definitive ubersaloon. It's an absolutely fantastic cross country cruiser. I know the current internet story is that "the 540i Sport is almost as good" but having spent extended time in both - no. The M5 is one of those cars where the engineers were given free reign, and it shows.

I'd recommend you make sure all the bushings and ball joints in the suspension are in good shape. There's one bushing in the front that takes a beating. Get some decent shocks as well - I run Koni Sports. It's a heavy, powerful car (about as much weight and power as the previous Camaro SS convertible!) so this all makes a big difference to how it feels going down the road.

Nice find! I'll second the part about getting the bushings in order; my 540iT never felt right until I put monoball bushings in the front trailing arms. No matter what anybody says, even the OE parts start to feel like crap and shake after about 10k miles.  Didn't see it mentioned, but what's the history of VANOS and the cooling system like?

The bushing that takes all the abuse in the front can be replaced with an X5 part that's burlier if you don't want to go to spherical bearings.

It sure looks good in pics!

Bought a schwaben scan tool that can test and activate all kinds of stuff. I think it will be useful in the future. I am having trouble getting the brakes to bleed properly. I use a top pressure bleeder and activate the abs with the scan tool. didn't work. Getting pretty frustrated. I am wondering if I need to activate not only the ABS but also the return pump? There is an option for both.

Also, did some not permanent "mods" Plasti dip bumper opening inspired by the Aston Martin race cars and TAG decals.