A completely new luxury flagship was launched by BMW last year. But while arch rival Mercedes-Benz had succeeded in making its previously overweight and overbearing S-class look smaller, sleeker and much more elegant, the latest 7-series appeared bigger, heavier and uglier.

And it wasn’t only the looks that took some flak: customers also criticised the complex new iDrive computerised control for the myriad electronic systems. The upshot was that, not for the first time, BMW’s range-topper fell short of the best-car-in-the-world accolade.

So if the new Seven doesn’t appeal, what about saving yourself some money and buying one of the old models? A 7-series represents great value as a used car. Two years ago a new 740i cost £51,000. Today, you can pick up one with 30,000 miles on the clock for just over £20,000.

There is a broad range of petrol engines to choose from, starting with a six-cylinder 2.8 and climbing to a 5.4 litre V12, with 3.5 and 4.4 litre V8s in between.

Economy from the 2.8 is good and owners report 28mpg, but the car is desperately slow and will embarrass you in a sprint away from the lights. Inevitably, higher performance comes at a price: the larger engines are more “juicy”, the V12 struggling to get over 15mpg. So the best blend of excitement and economy will come from a V8. The 3.5 sounds the part but is still a little feeble — better to hunt down a 4.4 with 286bhp on tap.

As you would expect in a luxury saloon, equipment was generous, with leather upholstery, automatic air-conditioning and a trip computer standard across the range. Post-1998 cars also have park-distance control and dynamic stability control. Further enhancements came in June 2000, including electric adjustment for the steering column.

Used 7-series come in standard or Sport trim. The Sport models are easily distinguished by their attractive parallel-spoke alloy wheels. They also sit on stiffer suspension and the sports seats offer additional support and adjustment. While the ride on Sport variants is by no means harsh it is noticeably firmer, making the car feel less like a limo.

The availability of a longer wheelbase version, with an extra 6in of rear legroom, will be attractive to some sybaritic buyers, although the stretch wasn’t offered on 728i or Sport derivatives.

Build quality and reliability are typically excellent: the engines and gearboxes will last for ever and trim standards and panel fit are impeccable. Interiors wear very well so it’s important to authenticate a car’s mileage and service history: Sevens will happily cover 200,000 miles and an example with a scruffy interior should be avoided.

Buying from an approved BMW dealer means that you will pay top dollar but the car should be immaculately prepared and have at least 12 months’ warranty. It is, however, also worth checking out the classifieds: private owners tend to look after their Sevens and some may well be happy to sell their car for thousands less than a main dealer would demand.


CHECK IT OUT

• Options Few cars have standard specification, so look at original sales invoice to confirm factory options
• Damage Check bonnet and headlamp covers for stone chips
• Upholstery Leather on driver's seat prone to wear and can look tired on high-mileage cars
• Private sales Always have an HPI check done if buying privately
• Indicators Clear glass lenses standard from June 2000
• History Service records must be completed by a BMW main dealer with no gaps
• Gearbox Five-speed automatic transmission standard since 1996
• Wheels Kerbed alloys can cost megabucks to replace, but you can get them refurbished by a specialist for about £70 a wheel
• Headlining Sport models have anthracite-coloured roof trim
• Security Deadlocks fitted to all doors
• Paintwork Colour affects value dramatically; avoid non-metallics even if they appear to be really cheap
• Keys Check you have all the originals, replacements are expensive and time-consuming to obtain
• The one to buy BMW 740i (standard wheelbase), 2001 Y with 30,000 miles. Pay £27,250 at a BMW main dealer or £24,000 privately
  
  
  
  VITAL STATISTICS
  Model BMW 740i
  Engine 4400cc, V8
  Power 286bhp @ 5,400rpm
  Transmission Five-speed automatic
  Fuel 22.6mpg (combined)
  Acceleration 0 to 60mph: 7sec
  Top speed 155mph<!-- Beginfunction Start(page) {OpenWin = this.open(page, "CtrlWindow", "toolbar=yes,menubar=yes,location=yes,scrollbars=yes,resizable=yes");}// End -->
  
  VALUES BMW 740i V8 auto
  Mileage 20,000
  1999 V Trade £20,000. Retail £24,000
  2000 X Trade £22,850. Retail £27,000
  2001 Y Trade £24,350. Retail £28,750
  Mileage 30,000
  1999 V Trade £18,750. Retail £22,750
  2000 X Trade £21,250. Retail £25,250
  2001 Y Trade £22,650. Retail £27,250
  Mileage 50,000
  1999 V Trade £16,200. Retail £20,250
  2000 X Trade £18,750. Retail £22,750
  2001 Y Trade £20,400. Retail £25,000
  
  Add £1,300 for Sport specification. Long-wheelbase version worth about £500 more than standard car
  Source: estimates based on confidential CAP black book prices. 'Trade' is what a dealer would pay to buy your car; 'retail' is what you would pay a dealer