They still are beautiful cars.

Were your problems electrical? Or mechanical?

They are great looking cars.

I am not sure how much there is to gain with the 750il over the 740il? If there is typically more maintenance associated with V-12, I would go for the V8 for sure. The reason these cars are so cheap is because they are over 8 years old, all out of warranty and repairs are commonly known to be very costly. You can pick them up for cheap, but keeping them running is where the cost of ownership will go up drastically unless you can do some work yourself. These cars are getting cheaper, but hte repairs are not. A lot of people just trade or sell these when the get a huge repair estimate from the dealer.

I know reason & logic say you go with the V8, but there is just something special about those V12 engines...

They have their pros and cons for sure. My dad has a 1991 850i and an 1989 750il. Both have pretty much the same V12. Those engines are as smooth as silk, but the exhaust note is not as exciting as a V8. You can never get that V8 burble. Even on the 850i, which has a Remus exhaust. I am not sure about the engine in the 2001 750il, but on the older V12's in my dad's cars, there are two of everything. They do get surprisingly decent MPG on the highway if driven very conservatively, for a V12 anyway. I don't think going with the V8 in a 2001 model is a big step down performance wise, is it?

Mostly mechanical. The radiators/expansion tanks die approximately every 70k miles like clockwork. I replaced both at 71k and both again at 147k. The MAF sensor went just out of warranty. Valley pan gasket. Small vacuum hose in the valley pan area (several thousand miles later), heat regulator for the center vents, usual suspension bits, brakes all around cost a ton, sunroof seal, 3 windhshields (~$700 a pop, all covered by insurance), left front turn signal just fell out, tires every 18k miles if you take care of them.

All that said, I drive an average of 3500 miles a month, so the mileage piles up quickly on my cars. For someone who drives a normal 10k miles per year, these problems wouldn't come along so quickly one after the other. But you can count on a major bill for service or repair every 3k miles or so. Even worse on high mileage cars. If you can do most of the work yourself, you'll come out way ahead. I'm useless with a wrench, so I was stuck with the dealer.

Still, my E38 made me smile every time I walked up to it, especially when it was freshly detailed. I got compliments all the time and often overheard people talking about the "gorgeous BMW out front" when I was in a restaurant or bar. If you can handle the upkeep, the car is a joy to own.

i love the car and it cant be much more to keep up with than my x5... tires lasted 6 months, cd changer just went out, and the front airbags leak... the 2000-2001 7-series has to be the best looking car out there.. IMO

Just make sure you know when/if the radiator/expansion tank was last changed and if it hasn't been changed and it's near a multiple of 70k miles, change it again because they go with no warning at all. Check out the E38 forums here. Lots of good info. I still visit and support this forum even though I no longer own an E38. Good folks there.