It’s arguable that the E39 M5, exemplified by today’s Imola Red edition, is the last great M5 there is. Let’s see if this mileage-heavy example is priced to achieve even more greatness.

A common Hollywood trope features a taciturn hero-type detailing the third-act plan to the team and then, leveraging the power of the pregnant pause, announcing stoically, “Failure is not an option.”

When it comes to certain cars, not only is failure an option, it’s oftentimes actually predestined. Take the we looked at yesterday. These models have earned a reputation for both head gasket failures and turbo self-destruction. That being said, our Outback was a wagon with a stickshift. And, with 165K on the clock, it’s either passed the point of failure or is living on an unknowable amount of borrowed time. At an $8,000 asking, plenty of you were a-ok with that, earning the Subaru a solid 58 percent Nice Price win.

When you think about BMW and all the things that make the brand so iconic, it’s hard to imagine that much of the work of getting the automaker where it is today was at the hands of an American automotive executive. Of course, that image is less of a stretch when you learn the executive was .

Impressions of Bob Lutz usually begin and end with his work at General Motors, but over the course of his career, he also did time at Opel, Ford of Europe, Chrysler, and BMW among others. While at BMW, Lutz took on the role of Executive Vice President of Sales and Marketing. During his tenure there he: wrestled distribution rights in the U.S. from small, independent sellers; established the company’s tagline “The Ultimate Driving Machine;” stopped the company from abandoning its iconic twin-kidney grille; and, most importantly for our purposes today, was instrumental in setting up the company’s M-Sport division so BMW could go racing. Phew!

While racing was the M Division’s original purpose, its name was ultimately made by its road cars — performance-massaged versions of BMW’s already uber-competent saloons, wagons, and coupes. The first of those cars was, naturally, the M1, a Lamborghini-engineered and majoritively constructed mid-engine supercar. Following that, and establishing the M formula of road car performance enhancement, was the M5 which married the E28 5 Series saloon body with the M1’s M88 straight six. Successive generations of M5 followed, each featuring greater competence and power.

It’s arguable, however, that the M5 peaked with the S62 V8-powered E39 edition of 1998—2003. It is, after all, one of the best balances of beauty and beast in the entire lineup. It also has proven to be one of the last mostly analog editions of the model and hence is fairly reliable and useful in day-to-day driving.

I know that’s a lot of preamble to get to this , but it’s important to know a bit of the backstory to understand why these cars are so revered fully. According to the ad, this Imola Red over black leather M5 has been under the same owner since 2011. It has a hefty 174,600 miles on the clock so obviously it has been enjoyed. Despite the age and those miles, the seller promises that it to have been consistently and properly maintained and repaired.

Disappointingly, the seller says they have not kept records of each and every repair. They do list a large number of items that have been either updated or replaced in the past six months. Most of the things on the list are minor wear and tear replacements. The major issues plaguing the E39 M5 center on the S62 engine. If healthy, that 4.9-liter V8 manages a solid 394 horsepower. Age-related wear of the VANOS system (expensive) and the big ends on the rods (crazy expensive) can cripple that output.

This one doesn’t seem to suffer from either issue and the seller, in fact, claims it “sounds healthy and pulls strong.” The six-speed Getrag behind the hot mill is also said to be up to the task.

The rest of the car appears to be without major flaws as well. The bodywork looks terrific in the photos and Imola Red is a fairly unexpected color on the car. The interior is likewise not showing either age or excessive use. Per the seller and the photos, there aren’t any pixels missing from the cluster or HVAC. An aftermarket head unit sits in the dash, offering a more modern sound experience.

BMWs, and Ms in particular, have some of the best factory wheels out there. That’s why it’s disappointing to see this car riding on non-factory alloys. Fortunately, the seller claims the car with come with the factory Style 65 wheels, although those need refurbishment before being put back on the car. The same situation is present with the coilover suspension which should be given the heave-ho for the included original struts and shocks. Probably worth keeping is the DINAN stage 1 tune and axle-back exhaust. There are a few more personalizations with the car, but nothing too egregious.

The seller says the car comes with a clean title and claims not to really want to get rid of it, but that money is presently an issue so away we go. The asking price is $23,500, and that’s on the low end for an E39 M5. Admittedly, this one isn’t 100 percent factory and it comes with relatively high miles. It doesn’t seem to have suffered much for its age, though, so we’ve got some thinking to do.

What do you say, is this M5 worth that $23,500 asking as it sits? Or, does that price seem out of step in light of the car’s minor issues?

You decide!

Delaware , or go if the ad disappears.

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