The E34 M5 Touring (1992–1995) is the first M5 station wagon and one of the rarest M cars: 891 were hand-assembled by BMW M GmbH with the 3.8-liter S38 straight six and 340 PS. The US received only the E34 M5 sedan with the 3.6 engine through 1993. Every M5 Touring is now over 25 years old and legal to import.
Why Americans want it
It is the M5 the US never got, in the body the US never got, with the engine the US never got. The 3.8 S38 is the last hand-built M straight six, and the Touring is the first fast BMW wagon. Prices at US auctions run $80,000–$130,000 for the few imported.
What was never sold in the US
- Body: Touring (station wagon). The US had the sedan only.
- Engine: S38B38, 3.8 liters, 340 PS. The US sedan used the 3.6 S38B36 (310 hp) and was sold through model year 1993.
- Transmission: 5-speed Getrag manual (1992–1994); 6-speed Getrag on the final 1994–1995 cars.
- Years: 1992 to 1995, 891 cars total, most in Europe, with a number of UK right-hand-drive cars.
- Also never US: the 3.8 E34 M5 sedan (1992–1995) and the Nürburgring / Nordic editions.
Eligible years (25-year rule)
Every E34 M5 Touring is eligible now. Nothing switches over in 2027 or 2028.
What to look for
- Engine: S38 valve adjustment history (every 15,000 miles), timing chain tensioner, the oil pump bolts (a known issue on some S38s), and head-gasket seepage. Service invoices matter more than mileage.
- Rust: rear arches, the tailgate, rear subframe mounts, and the trunk floor on Tourings. Southern cars are better.
- Suspension: the self-leveling rear suspension (Nivomat) on Tourings is expensive to replace; check it holds height.
- Originality: Throwing Star or M-System II wheels, correct M seats and the Touring-specific rear interior. We verify the VIN with BMW Group Classic and request the build record.
- Documents: BMW Classic certificate, service book, two keys.
Typical landed price
Europe: roughly €60,000–€110,000, 6-speed cars and low-mileage examples at the top. Landed at Newark or Baltimore with duty at the rate in effect on entry: roughly $82,000–$147,000. Container freight recommended.
Registration notes
- California: post-1975, gasoline; CARB lab certification applies, not guaranteed.
- Fuel: gasoline.
- Title: 17-character VIN. US title from Salvage Motors LLC.
Our take
Buy the 6-speed if you can find one and the BMW Classic certificate is in order; otherwise a 5-speed with full S38 service history is the right car. Do not buy on price; a neglected S38 can cost $15,000 to put right.
FAQ
How rare is the M5 Touring?
891 cars. Roughly 200 of them were right-hand drive for the UK and other RHD markets.
Is the 3.8 better than the 3.6?
More torque, more power, and the final evolution of the S38. It is also the only engine the Touring came with.
Can I get parts?
BMW Group Classic supports most mechanical parts; Touring-specific trim is sourced used.