I have been a loyal BMW owner for many years and am in the market for a new car. I'm trying to decide between a second hand M5 or E63...leaning more towards the E63 (have always wanted an AMG since I was a kid!).
I obviously have experience with maintenance cost/requirements for German cars with my past BMW's, but never worried too much because of BMW's no cost maintenance plans. Given the high performance engines/parts etc. of these M/AMG cars I'd like to get feedback from current owners on what the maintenance requirements are for their E63, approximate costs, reliability, is it a daily driver, etc...
I'm looking at getting a 2007 E63 with 30K - 40K miles on it.
AMGs depreciate pretty fast and so the used prices always look good. But they were expensive to maintain when new and are still expensive to maintain, that hasn't changed. If you're really concerned about the expense of a performance car that cost close to $100k when new, you might want to re-think.
Depending on when the car went into service it's going to be coming out of warranty soon. You should seriously consider a CPO'd car from the dealer with an extended warranty unless you feel you have enough rainy day money for repairs. But an extended warranty is worth the extra premium on a retail CPO car versus a private sale car without one.
Aside from the warranty, maintenance is not cheap. But you can DIY on many items. Also an Indy mechanic with SDS is worth a lot. If you can wrench things yourself, you can at least use a dealer or Indy with SDS for your diagnostics. These cars have a lot of sensors and electronics that can be tricky (or impossible) to diagnose without the right (and expensive) diagnostic tools.
Since the car you're looking at will have 30-40k on it, you'll be due for brakes soon. The rotors are two piece and you have to buy both the hats and the rotors. A brake job on the E63 is not cheap. That will be your biggest maintenance item expense out of your pocket. Look for one that's already had a complete (and properly done) brake job. But they have exceptionally excellent brakes, better then the M5 (brakes seem to be a weakness with the Ms; they fade pretty quickly from my experience with them.)
The other expense is tires. The car eats tires. Of course it does depend on how you drive, but the right rear (drive) tire will go fast. The car doesn't have a limited slip diff unless you find one that has the P030 performance option (a $9k option when new.) Also if you drive a lot in lowered suspension mode, it introduces more negative camber which wears the insides of the treads faster.
No reason not to daily drive these cars. They depreciate so much that by not driving them you're just throwing money out the window. They aren't collector cars. The value is only the fun and the use of driving one. You'll never get any money back. So just buy one, use it, and move on when it gets worn out (or is out of warranty.)
Shop right and you can find one that's been maintained well. Check the VMI for the service record and do a ppi even if it's CPO'd. The right car should be relatively trouble free, and an extended warranty can give you some peace of mind. Just keep a few grand in the bank for maintenance including tires.