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I returned home yesterday from Germany after taking delivery of my 2000 Silverstone M5. I thought the E31 group would be interestead in my comparisions. Unfortunately, I did not get to drive the M5 at it's fullest potential because of break-in periods for the engine, but on the final day and after 1100 miles, I was advised by the dealer that I could take it up to 137mph, so I did.
First, let me say that an M5 is not an 850CSI. Given the choice of a new M5 or a new 850CSI, I would take the CSI EVERY time. The front cockpit of the E31 is roomier and more ergonomic. Obviously, the E39 has real backseats. There is pretty serious wind noise in the M5 above 110 MPH. I never had wind noise issues in my E31. I guess it is important to remember that the E31 was pretty much a 100K car or 120K car for the CSI and that the M5 is only a 75K car.
Now on the perfomance end. The M5 is pretty awesome. There is always power on tap and the 0-60 times are VERY believable. The sport setting provides quicker throttle response and heavier steering, and is the way I will always drive the car.
So, in the final analysis, the new M5 is pretty much what it was promised to be although it lacks the flair and refinement of the E31. So, if you own a CSi count your blessings and don't run off to buy an M5. Because in the long run, you will probably be dissapointed.
I will write another report after I have had a chance to really open the M5 up.
Stephen