Just got an '07 530 (non-Nav) with ~46K on the clock. Normally, I would do this research before purchasing a car, but I got an incredible deal on this one...

What are some common issues I should look out for?
What maintenance should I be looking to do? I'm considering changing all fluids so I can start fresh. What else?

Some issues I've noticed:
1. Controls on the right side of the steering wheel seem to work intermittently. The upper programmable button doesn't work at all. The lower one works consistently. The toggle switch for the radio stations works sometimes.

2. Intermittently getting a right rear backup light failure. Yesterday, when the warning light appeared, I had my wife confirm that the light was not working. Today, the warning light disappeared and it's working. Is this a known common issue? Ideas on the cause of the problem?

3. I hear a very faint grinding type of noise when turning the steering wheel.

So far, it is a great car to drive. Hope there aren't too many gremlins lurking that will force me to sell it early.

Thanks in advance.

 

Read this: So You Just Bought an E60 (V1.6).... - Bimmerfest - BMW Forums Will give you a good background on the car.

1. Could be a normal wear item, The switches are replaceable, or if you're DIY, perhaps can be cleaned with contact cleaner.
2. Depends on the type of taillight. Some have a problem with a grounding wire, and are subject to a recall. Others have a simpler problem: the bulbs are old and near failure (or failed). On this model/year it's likely you use bulbs, not LEDs. Easy fix. Open the cover over the taillight from inside, unclip the power plug, pull the light bracket and replace the three 21W Osram Longlife bulbs on each side. About $5 each. When you replace them, use a clean cloth to wipe off the bulb contacts (or contact cleaner, if you want). Note: The power plug subject to recall has two rows of connectors. The one not subject is one long line of connectors.
3. First check is the PS reservoir for full fluid. Possible it's never been checked and is low.

Check back and maybe there're more ideas.