Cars Like This E34 M5 Touring are Worth the Expense to Import

By Patrick Morgan - February 14, 2020

An imported E34 M5 Touring in California got us wondering if grey market imports are worthwhile in the strictest US state.

California is two polar opposites all at once. It’s a car enthusiast’s paradise, and it’s also the most restrictive state in the US when it comes to emissions and regulations. In some cases, it might seem almost impossible to find joy in such circumstances, but where there’s a will, there’s a way. Those well versed in CA laws can import beauties like this E34 M5 Touring. But it sure does come at a hefty cost.

According to this Orange Count Craigslist post by current owner “Sal,” the E34 M5 Touring was imported and SMOG certified at a cost of $15,000 back in 2005. We aren’t totally sure where the costs were accumulated, but we did find the relevant CA laws.

Firstly, if you think you can register it as an antique or a classic, you can’t. The California Bureau of Automotive Repair puts a stop to that fairly quickly. While that seems like a firewall, California does have special rules for grey market rides. According to the California Air Resources Board, a grey import that is more than two years old (but less than 25) can get a “Certificate of Conformance.” That might be the most likely place where a car would accrue costs to become legal.

Hopping into California law further, you’ll find Vehicle Code 5051. Of historic and special interest vehicles, this law states “Special interest vehicle” is a vehicle of an age that is unaltered from the manufacturer’s original specifications and, because of its significance, including, but not limited to, an out-of-production vehicle or a model of less than 2,000 sold in California in a model-year, is collected, preserved, restored, or maintained by a hobbyist as a leisure pursuit.” With the M5 being a low-volume car, there’s your “in.” Of course, state and federal laws are two separate things.

But if you are diligent and jump through the hoops you can justify a real gem like this M5. It’s an E34 Touring with the Champagne Individual optional leather. Not only that, but it was the 1993 Italy Motor Show demonstration vehicle. Being from Italy, its engine is a Euro-spec S38 B38 inline 6 rated at 347 horsepower. That’s stout even today, let alone in a hot station wagon from the early ’90s. That said, this car’s price tag is surprisingly similar to other E34 M5 prices, even for sedans. So ultimately, is it worth it? Well, that’s your call and how much you value the car.