I was shocked to see what you have spent on your 740i. BUT I think you gave it away when you stated that you picked it up cheap - this means that you bought a supercar (the 740i is a supercar) with problems. I drive a '98 750iL, I've had it for three years now and what an absolutely fantastic vehicle! A far better supercar than any 740i. I bought it with 128 500km on the clock, and its now done 145 000km. Here's what I have spent on it (I'm not including normal W&T items like oil changes, spark plugs, etc.):
Replaced leaking heater pipe 480-00
Replaced small suspension parts at back 749-00
That's it!
I need to replace a hydrolic pipe now and give the starter an overhaul, which I estimate will cost me around R3 500. Not bad for three years of travelling in the greatest luxury, not to mention the performance of this car!
The problem with most owners of the E38's is that they simply fail to maintain them. Any car has to be maintained, and if you cut corners, in the end it will get to you! I always let the AA check out any car that I want to buy beforehand, it costs about R1 000 but its worth it. If you had it done before you bought this dud of a 740i, it would have saved you thousands. I change the oil filter, engine oil and spark plugs on my car every 5 000km (air filters, gearbox and diff oil every 10 000km) and although it costs me a bit extra, in the long term I score a lot. My Beemer is one of the cheapest cars to maintain that I've ever had; in fact its costing me basically the same as a 525i I had a couple of years ago. Unfortunately I have to sell my 750 now, but I'll state it without reservation: its the greatest car I ever drove!