Generally speaking, if you tell the owner of any BMW that wears the “M” badge that their classic requires an engine rebuild, the reaction will be to hyperventilate and then apply for a mortgage on the family home. That shouldn’t be an issue with this 1988 M5 because the owner treated it to a rebuild less than a year ago. It has a few cosmetic issues that will need to be addressed over time, but it seems to be ready for some seriously fast motoring. Located in Aliso Viejo, California, you will find the BMW listed for sale here on eBay. While bidding has reached $18,600, the reserve hasn’t been met.

With very few exceptions, vehicles that wear the BMW “M” badge tend to be something extraordinary. That is the case with the 1st Generation of the M5, where subtle styling gave little indication of the potential hidden beneath. If you sit the M5 next to a standard production 5-Series from the same year, all you will note is a slightly lower ride height, some subtle stripes, subdued spoilers, and BBS wheels. Otherwise, they don’t look that special. This car retains all of those features, and they generally appear to be in excellent condition. The original Black paint is starting to show its age, and while a cosmetic refresh would make a difference, it is not something that needs urgent attention. The body panels look straight, and the gaps are as tight as we might expect from a BMW. The vehicle has spent most of its life in sunny California, so there are no rust issues to tackle. As well as those elegant BBS wheels, the M5 also features a sunroof. The interior shows no evidence of water damage, which suggests that the seals are in good condition.

The secret behind what makes the M5 so special is hidden away under the skin. The M5 sits lower than a regular 5-Series thanks to different springs, while there are Bilstein shocks on all corners. However, this is merely the entree. We find the glorious 3.5-liter DOHC 6-cylinder engine under the hood, which pumps out a healthy 256hp. This power is fed to the rear end via a Getrag 5-speed manual transmission. Stopping power is supplied by huge 4-wheel disc brakes featuring 4-piston calipers on the front, along with ABS. This combination made for some rapid motoring, with the M5 capable of storming the ¼ mile in 14.6 seconds. Wind it right up, and the speedometer needle will be bouncing around 149mph. There is a world of good news with this M5. Engine rebuilds on these classics can reach stratospheric levels, but that isn’t an issue here. The engine received a full rebuild in 2020, and it is good to go. On top of that, the owner sank a further $13,000 into mechanical work during 2019, which means that there should be nothing for the driver to do but to slip behind the wheel and hit the open road.

If this M5 is let down anywhere, it is by the condition of the interior. The American M5 of 1988 was only available with Tan leather trim, which is what we see here. While the back seat looks quite good, the fronts, especially the driver’s seat, are looking tired. I wouldn’t rule out being able to revive them with a high-quality conditioner, but I also wouldn’t bet the house on it. The dash has a cover over it, so we can’t get a clear picture of its condition. A CD player has been slotted in place of the original radio/cassette player, while the gauges mounted in front of the shifter look pretty rough. It’s worth remembering that we’re talking about a 33-year-old car here, so there will always be some wear-and-tear. This is just more than I expected to see. From a comfort and convenience standpoint, the M5 comes equipped with climate-control air conditioning, power windows, power locks, power seats, and a leather-wrapped wheel.

There is no shortage of new cars today that will provide higher performance levels than this 1988 BMW M5, but few of those will have the cachet that an M-Car does. These older examples can be a money pit if there are any mechanical maladies, but that doesn’t appear to be the case here. Whipping the paint into shape will not be any more expensive than for any other classic of this vintage, but the interior could potentially pose a problem or two. One of the factors that is worth considering is the relative rarity of the 1988 M5. Only 1,238 cars found their way onto American roads, and it isn’t clear how many survive today. When you look at the figures overall, that make the 1988 M5 one of the lowest-production models to come from that division. Are the recent mechanical work and the rarity enough to make you consider buying this classic?