Did you know that BMW once built a convertible version of the E34 M5? Perhaps you did, and if so, you likely assumed that it was never meant to be anything more than the secret one-off prototype it became, but according to a new report by BMW Blog, it was just days from being introduced to the world at the Geneva Motor Show when executives decided to pull the plug.
This was reportedly just one week before the event, and BMW had already booked a space at the show for the grand touring convertible's debut. The one-off looked production-ready in Daytona Violet paint, and longer doors for the two-door were created to make the four-seater's proportions work and improve access to the rear. A price was even reportedly decided on: roughly $90,000 in the early 1990s, or over $200,000 in today's money. So why did BMW back away?
BMW M5 Convertible Cancelled Because of 3 Series
According to the publication, BMW worried that an M5 cabriolet would eat into sales of the profitable E30 3 Series convertible. Remember, the E34 M5 was hand-built (the last to boast the characteristic) and therefore expensive to make, but as Road & Track points out, the M5 was a very low-volume product anyway, with 11,989 examples sold between 1989 and 1995. The M5 Touring (station wagon) was also a low-production vehicle, with just 891 sold, so it stands to reason that an expensive M5 convertible would be similarly slow to sell, and the 3 Series convertible would have remained popular. It's a pity, because this would have been a relatively practical drop-top. According to BMW, the road-ready 315-horsepower prototype has a longer trunk than the sedan to accommodate the hydraulically-powered convertible soft-top roof, indicating that there would still be significant space for the four occupants' luggage. Interestingly, the 3 Series nearly killed the following M5 altogether.
E36 M3 Almost Ended the M5 Line
BMW
The E34 M5 was only the second Bimmer to carry the name after the inaugural E28, and its low volume meant it almost didn't get a follow-up. As I wrote for CarBuzz many moons ago, thanks to information on the MyE28 forum, BMW had just launched the E36 M3 in the early 1990s and simultaneously offered a V8-powered 540i, and the company thought these were enough. Executives believed that those wanting a sports sedan would buy an M3, and anyone who wanted something larger would be satisfied by the E39 540i. Fortunately, customers pushed back, feeling that neither the M3 nor the 540i was exclusive enough after stepping out of the old M5, and BMW caved. The E39 M5 was not hand-built, sharing a production line with the regular 5er, but for many, it remains the peak of the nameplate. Thanks to an excellent chassis and a 400-hp S62 V8, it outsold the E34 in half the time. Perhaps BMW's fears over cannibalizing 3 Series convertible sales would have made more sense with the E39, but BMW ultimately produced an M5 convertible of sorts many years later anyway. They just called it the M6.
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