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Bmw 507 Price
Bmw 507 Price
This Is How Much A BMW 507 Costs Today
Only 253 units had been constructed when production ended.
via BMW Blog
BMW began making the 507 after a suggestion from a car importer in 1956. While the concept and design were solid, the planned budget for the high-end materials used was so unrealistic that the planned production run was cut in half. As a result, these cars are very limited and very rare, making them very valuable. Only 253 units had been constructed when production ended and only the richest few individuals could afford them. These days, they resell for millions of dollars, even in fair condition, and they can even fetch more money at select auctions. BMW has since gone on to make much cheaper and more production-efficient cars, having learned their lesson from what happened with the 507.
Read on to find out more about the value of a BMW 507 in 2021.
The Condition Variation
via Bimmer Life
As with most cars, the value of the BMW 507 can vary by what condition it's in, from the exterior paint to the aesthetics of the interior. The internal workings of the engine, of course, are also critical. The "Concours" value, which is the value if the vehicle is in pristine condition, starts at roughly $2,500,000. For a vehicle to achieve this grade of condition, it must have no aesthetic or design flaws, nor must it show rust or any problems with the paint. Mirrors and metal surfaces must shine, and the engine and its workings must optimally function with no known issues. From there, the price drops to $2,200,000 for the next grade, "Excellent," which isn't a steep drop from Concours. A "Good" vehicle also does not feature a steep price drop, as a BMW 507 in "Good" condition will still be valued at around $2,000,000. Finally, a BMW 507 in "Fair" condition, the lowest grade, will still be valued at around $1,850,000. The value at each grade will increase by $75,000 if there is a factory hardtop included.
Price Starts At $87,000
via Uncrate
The starting price for the BMW 507 was $9,000 in 1957 money, which translates to $87,000 in 2021 money. Max Hoffman was an Austrian-born and US-based car importer who battled for the BMW 507's creation when he told BMW they should have their own counterpart to the Mercedes-Benz 300SL, so BMW agreed. Hoffman suspected the initial price for the BMW 507 to be $5,000 in 1957 money or $49,000 in today's money. The price increased by almost double after it was produced, given the high-quality materials involved in production.
Further, this made the BMW 507 double the price of the Chevrolet Corvette or Ford Thunderbird at the time. As a result, the BMW 507 became something of a status symbol, as only a wealthy few could afford to own one. Among the select few owners were Elvis Presley, Alain Delon, Ursula Andress, and Prince Rainer of Monaco. Only 253 cars had been produced when BMW shut down production in 1959, a mere two years after it started.
Auctions Add Price
via Bring A Trailer
Of note is there have been some recent auctions where the BMW 507 has sold for millions of dollars. Given their rarity, the price has increased somewhat over the last few years, making them all the more valuable. When one reaches an auction, such as Bonhams' Scottsdale Auction at the 2018 Goodwood Festival of Speed, the asking price and final price are both expected to hit seven figures. More specifically, people have paid between $1.9 million and $2.3 million at most auctions. At Goodwood, records were set when a BMW sold for $5 million, which is more than had ever been paid for a BMW previously. That particular BMW has a specific history of ownership that made it appealing, especially given how one prior owner was the late John Surtees, a British racing icon who won the Formula One World Championship back in 1964. Further, Surtees had his BMW modified to give more power to the V8 engine and include four-wheel disc brakes.
How It All Began
via Motor1
The BMW 507 began when Max Hoffman decided to design a car made to fit in between England's inexpensive Triumphs and MGs and the expensive Mercedes 300SL. While Hoffman initially believed this could work, the plan became more involved the further production continued. The 502 sedan chassis was used as a template, and its mechanical aspects were also the basis for the 507. The 3.2-L V8 engine was its power source, which put out 155 HP, and the 507 could hit a top speed of 120 MPH.
While all the BMW 507 models were considered roadsters, the company made sure to make a removable steel hardtop available, though the vehicle already weighed 2,900 pounds before the hardtop was added. A ZF four-speed manual transmission was also a key component in designing and building the 507. Of course, all these high-end, high-quality items ended up doubling the cost, which meant cutting the planned production run in half. That said, people who did get to own and drive a BMW 507 praised it for its solid straight-line speed and flexible handling.
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About The Author
Kenny Norman (228 Articles Published)
Kenny graduated with a Bachelor of Science in Communication from the University of Indianapolis. He has since gone on to be a reporter for and write for three newspapers following graduation. Kenny also has experience editing websites using WordPress, and he directed a newspaper team to produce two issues during Indianapolis' 2012 Super Bowl. Kenny was hired onto Valnet to write list articles in March 2020. In his free time, Kenny is often out socializing with friends, practicing karate, reading comics, discussing the Enneagram, or at a game night.
