As an owner of an 89 535i manual, I really love this car. I have a very good friend with an M5 and it is beautiful but he makes about 3x the money I do so he can afford it. A decent M5 will cost about what a decent 95 up M3 will cost, the mid to high teens. A decent 535 can be had for about 1/2 that in great shape. My car is no beauty queen and I have about $7500 in the car including the purchase price of $3k. That includes a lot of upgrades. Most of the stuff on my car is comparable to M5 except for the motor. The difference may not be that much since either car is way over the head of most of the owners. Get a good 535 and never look back.
Just my .02
Mike Holbrook
Meridian, Idaho
1992 535im, 17", Euro M5 Throwing Stars 8's & 9's, FK-451 235/45s & 255/40s, M5 Sway Bars 25/20, Conforti chip, Lowes Ram Air, glass sunroof