BMW introduced a station wagon version for the second generation of the M5 in 1992, three years after its sedan sibling.
The German carmaker looked like it didn’t exactly know what to do with the most potent version of its 5-Series, but was learning. Soon it discovered that its customers were eager for a high-performance station wagon, and the 340 hp powerplant developed by M was the right choice. But it didn’t want to rush it into production. The car shouldn’t disappoint its owners nor its makers. Apart from the engine and transmission, there were several other parts to improve.

When the carmaker decided to make the station wagon M5, the only way to do it was to hand-built it. The empty shell came at the BMW M Division, and there, the company’s technicians and engineers assembled it. At the front, the front fascia was similar to its sedan sibling. It featured a unique front apron under the bumper when compared to other 5-Series touring. Also, a set of gray side sills lowered the car’s profile. An additional lower lip spoiler completed the rear bumper. On top of the tailgate, the carmaker added a discreet roof spoiler.

While the exterior was very subtle, the cabin rewarded its owner with high-bolstered bucket seats at the front and a 60/40 split-folding seatback in the rear. A speedometer marked to 300 kph (186.4 mph) was very optimistic, but the standard, 250 kph (155 mph) dial was not enough for the car’s abilities. BMW sold it with a speed limiter, but many owners already knew how to override it. A specific M steering wheel with the three-color badge on the lower spoke confirmed the car’s performance version.

Starting with the 1992 model, the M5 received the new S38B38 engine, which provided 340 hp, and it was paired with a six-speed manual. Since the car was hand-built, the carmaker couldn’t build too many, and in the end, it managed to make only 891 units.