How bad idea is purchasing an used M5?

I have been offered a late '05 M5 with 44k miles, directly from the leasing company.
Case it does any difference, it's european spec as I'm in Spain. Two years of
warranty are included. Price is middleground for similar cars in Spain.
The quid is that the service records, provided by the seller, show a complete replacement of SMG transmission under warranty at 27k miles and a engine replacement just before being offered for sale.
I'm not sure if that should be interpreted as good because the problems from early series are now fixed and I get a brand new engine or bad because all those failures are an omen of the future and this car will keep eating gearboxes and engines.
What's the collective wisdom on this?
Thanks
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EB wrote:

I'd pass. It seems like it has been abused.
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If the rest of the car is in good shape, i.e., body, interior, etc., at a minimum I would have a good independent check it out thoroughly to see if there are any other problem.
Since you're in Spain, I recommend you contact your local BMW club to find a good shop. Good Luck!
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I'd have the car inspected by a very good independent bmw shop (or a good dealer if you close to one). If I were you I'd pass on these cars. It was probably abused - sounds like it. Even with new tranny and engine, what else got damaged? Or it may be serious electrical problems!! This is even worse!!
Unfortunately, German cars (once considered the best in the world) are now prone to many electrical problems. BMW has the least, but it's still got plenty. Mercedes and Audi are far worse. German cars aren't what they used to be....very sad.
Good luck,
Oskar
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EB wrote:

Well, many people don't like that SMG tranny. In any case, you'll pay a lot for that M5 performance (and prestige). Do you have roads where you can use the performance in reasonable safety?
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