http://www.m5board.com/vbulletin/e3...34-e39-m5-frequently-asked-questions-faq.html
My views on a couple of things, based on a mixture of what I've read/learnt and from my own M5:
1. The Bearing Issue
Yes, there are a few horror stories about S62's having spun a rod-bearing / big-end bearing.
One or two have been so bad that they've thrown a rod out of the block.
The thing is.. we didn't see many of those sorts of threads crop-up until the last recent 12 months or so..
And remember, these cars are between 7 and 12 years old.
A couple of guys on M5Board worked-out the failure rate of the rod bearings to be less than 1%.
Honestly, nobody is 100% sure of the cause. Some guys ran a bearing at 50 000 miles, others at 80 000 miles.. Some guys have hit the magic 150 000 mile mark and are running the original bearings.
I wouldn't worry about it when buying an E39 M5.
The only way to be sure, is to either get an oil analysis or drop the sump and physically remove the bearings to have a look.
(There's even a DIY Thread about this on M5Board)
If it happens to you.. you'll hear a horrible knocking sound before it lets go.
You just need to be vigilant about it and listen for the warning sign. You could even get it done as preventative maintenance.
The parts alone, provided that the crank isn't damaged (or you're doing it as preventative maintenance), aren't expensive.
It's not common.
There was no recall, nor were there any design changes or different bearings used in later model S62s.
2. VANOS Issues
VANOS isn't an expensive problem area on the S62.
It is quirky though, in that there was a slightly high manufacturing tolerance which was only revised in 2002 IIRC. All this means, is that the VANOS teeth can "chatter" where they meet with the camshaft.
Most S62's almost sound like a diesel when idling with the bonnet open.
This is normal and acceptable. There is a fix available, however, if it annoys you - but it's generally not worth the cost.
There is only one small issue to look for...
The VANOS Solenoid O-rings tend to wear, and this causes a loud
tack tack tack sound on startup.
On an engine with worn O-rings, The sound should only lasts a few seconds, then get much softer.
There is an easy remedy for this, provided either by the replacement of the O-Rings with the OEM part, or by Dr VANOS. The Dr VANOS option is called the "O-Ring Upgrade Kit".
Read-up about the VANOS niggles here:
http://www.drvanos.com/index.php?option=com_content&view=category&layout=blog&id=4&Itemid=5
But in general.. there is no serious problem with the S62's VANOS.
Up until about 2002, it remained one of the most reliable implementations of VANOS. The E36's were prone to more VANOS issues than the E39 M5.
3. Brakes
They're actually very good, in my opinion.
Braking performance was rated better than that of similar year Porsche Carrera's.
The problem is, it's a very fast,
heavy car.
They work well and don't wear too excessively, considering the nature of the car.
The pads are relatively affordable. (My last change cost me R1700 for a new set of pads all-round)
Front discs are ridiculously expensive, though. You're looking at about R3000 each, for front discs.
4. Clutch
It's a little weak for the torque figure of the car.
Don't abuse it. If you enjoy hard launches, learn to be gentle but quick.
If you slip the clutch and you're overly eager on the throttle, you'll easily burn the clutch.
Make sure the clutch-pedal is fully released before you hammer the loud-pedal.
They last between 75 000 and 90 000km with typical use.
You're looking at about R7500 to replace.
5. Propshaft Coupling / Guibo / Flex Disc
500NM + hard driving.. Well, something's gotta give.
It's a rubber disc, that mounts fastens the propshaft to the outlet shaft of the gearbox.
Mine lasted 130 000KM, but it's now starting to show signs of wear.
Wear of this item, largely depends on how you drive the car.
Replacement, from a BMW dealer, including the part and labour you're looking at about R3000.
6. Little stupid things to look for...
CPS (Camshaft Position Sensor)
There are 4 of them. 2 per bank. One for each exhaust camshaft and one for each inlet camshaft.
They're prone to failure at about 90 000km. It's usually one or both of the exhaust CPSes that go.
They're about R900 each and if one of them gives-up, VANOS won't work since the ECU won't know the position of the camshaft.
The car will be painfully slow if one of these things dies.
It's easy to diagnose if the sensor is completely shot.
In this case, it'll log a fault code in the DME (ECU) and you can simply get it read by somebody with the relevant tool.
MAF (Mass Airflow Sensor)
As with any Opel, VW etc with a hot-fim air mass meter, it can get dirty and break.
Rear Swaybar / Anti-Roll Bar Mounting Brackets
If you do a lot of spirited tail-out driving, they tend to bend or break.
They're aluminium, and shyte.
It's a very cheap part, I think about R100.
If they go, this will render the anti-roll bar useless and the rear-end will feel sloppy.
I only realized mine were broken, like a few weeks ago

Easy and cheap fix. The new part looks like it's a bit stronger than the older one.
Also take into consideration the items that the other guys mentioned.
I think that pretty-much sums it up. if I think of anything major that I left out, I'll add it.
So yes, there are things to look for.
Most of them will be replace-once items, barring brakes and maybe clutch and flex disc if you're keeping the car for a long time.
Other than that, general maintenance itself is pretty darn awesome.
I've always serviced my cars myself. It works-out cheaper too.
The only thing I didn't do on my M5, was the clutch.
I'll sum-up all the costs I've incurred with my M5, in the last 14 months of ownership:
Non-Service Items: (These are typically not something you'd replace often. Maybe one every 100 000 km)
- Clutch - R 6 000
- Camshaft Sensor (CPS) I replaced both exhaust CPSes. - R 1 200
- Fan Belts / V-Belts / Serpentine Belts (Different names for the same thing
) - R 600
There are two of these. They drive the water pump, alternator, aircon and powersteering.
Replacement is typically only every 7 or 8 years or so.
- Fuel Filter: R700 (Preventative maintenance kind-of thing.. BMW states it's a lifetime part, but it's not)
Total: R 8 500
Service Items: (Inspection I / II Items, generally)
- Oil: R 1 100 (One change, + top-ups.. It uses around 7.8L of oil with a filter change)
- Air Filters: R 300
- Oil Filter with new O-Ring (included in with the genuine BMW part): R 200
- Brake Pads all-round: R 1 700
Total: R3 300
Add brake discs and spark plugs to this as well..
I haven't done mine yet, but they will need to be replaced within the next 6 or 7 months.
Of course.. This excludes tyres and petrol

The M5 has a healthy appetite for rear tyres and drinks fuel like it's free.
But it's one of the most compelling and rewarding cars to drive.
It's special. It's a hell of a performer and it's very driveable on our shyte roads, even when doing speeds you shouldn't be doing.
I had the pleasure of taking my M5 up to God's Window from Hazyview, along some twisty mountain-pass roads.
It was absolutely amazing. The turn-in and grip for such a large car is astounding.
The front-end never slipped or slid anywhere, the rear was controllable and predictable.
Above all else, it's the feedback you get from the car that makes it great.
It wasn't until that spirited drive, that I truly appreciated Sports mode.
The stock suspension makes the car pretty tail-happy and it did take me some time to learn how to drive it.
(Note to self.. replace anti-roll bar brackets

)
I got back into the seat of a Phase 3 Astra Coupe Turbo recently.
As manic as they are, the M5 is a monster of its own.
It's an animal.
I've been very scared of my M5 - it took me 10 months of ownership to be able to drive it properly.
Mostly because I'm cautious with "new" cars and I take time to find their limits..
It's never taken me 10 months to be comfortable with hooning a car though.
It's fantastic, and it's worth every penny.
Oh yes.. As for the options list..
Typical SA Optional, factory-fitted extras:
M-Audio Package with DSP (Digital audio system with 2x 10" sub-woofers and a couple of extra mid-range drivers and tweeters, coupled with a digital amplifier)
Glass Sunroof
Rear Cupholders
SatNav
Luxury Leather (as opposed to the standard Sports Leather)
PDC
Auto Headlights (only on 2003 models)
Communications Package (car-phone)
The pre-facelift M5's were available with rear airbags as standard.
These were optional on facelift ( 2001+) M5s.
Check the rear door card for the word 'AIRBAG' imprinted on it.
Cosmetic changes in 2001 with the facelift:
Angel-eye headlights
"Crystal"/"Jeweled" LED rear light cluster
PDC sensors in the front bumper (previously in rear only)
Steering Wheel ( same as the E46 M3 )
Larger 6.5" Widescreen Nav / TV / Radio Display
Grey Instrument Cluster Dials
The only mechanical change which the facelift brought about, was that the piston ring design was amended due to oil consumption.
That's about it.