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Late 2013 saw the lci update on the M5. Seemed to sort a few known issues on the engine. So might be worth looking for. Also if you by an approved used at from a BMW dealership, you can ask them to add an extra year warranty. On an M5 it works out about £500 which is excellent value. If you go for an aftermarket warranty, read the small print carefully as many cap the value of a claim to maybe £7500 which wouldn't cover a replacement gearbox never mind an engine too.
Good luck with your search. The BMW warranty from memory covers the cost of the car. I just bought a 2014 car with 14k miles and a lovely spec. Hoping it might be ready to collect on Saturday.
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