Cheap is a relative term these days, especially with how oil/gas fluctuates. But there has been a recent trend of E28 M5 prices increasing, and having the snowball effect of the E30 M3. Some say it's all fake, and those cars never actually sell but I would be hard pressed to find a cheap E28 M5 these for under 4k!
Here is one for $6k.
BMW M5 1988http://miami.craigslist.org/brw/cto/4896882433.html
All original Great collector car
Call for infoJaySerious buyers only
It would be nice if there were more pictures, but seems like there is a lot of place for leverage. Just look at that paint. No mention of mileage either.
On the contrary, in the same state
http://miami.craigslist.org/mdc/cto/4880735780.html
It has been for sale for a while though.
I will let you be the judge of this market. All I know, I bought mine just on time!
For good measures:
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