Crushing old cars in California has been going on for years. $700 for your polluting old car. Gearheads have been known to hang around the drop off points and scoop up some decent old cars due to the mild climate.
I see people here in Chicago driving vehicles absolutely without any merit or redeeming value. It completely baffles me, even while gas was twice what it costs now someone would be spending ~$100 to fill the tank of some giant, decrepit, rusty, unsafe, gas sucking old heap of crap to drive another 200 miles or so. It would please me to personally press the button to crush those and turn 'em into soup cans.
Are E34s viewed this way in Europe? It would certainly explain why they are a dime a dozen there.