The 1998 BMW 740iL is certainly a sexy head-turning car, it handles amazingly well for a 2.5 ton car and is plush and very comfortable on long trips. VERY SAFE, got rear ended on the highway and it only left a small dent on the bumper while the other car was almost totalled! Incredible rear leg room. Gas mileage for highway is decent, 25mpg on a recent 200 mile trip. City mileage is not so great at 11mpg.
If you're thinking of buying it used, Don't! I've learned not to buy German cars used, if you don't have too much money, lease new! Overall, the repair costs for 2 years is over $12600 and the depreciation is about $5000. Overall running costs: $17600, should have leased a new 5 series or A6 and save the headaches.
However, if you are determined to buy a used 7 series, do your due diligence before buying. Also know that the after-market "extended warranties" are useless because everything is "wear and tear."
If the 7 series had ls400 like reliability, I would recommend it without hesitation. However, it's far from the case, consumer reports rates the 7 series one of the worst used car buys due to reliability. The ls400 or acura RL may not be as sexy, but it sure saves you time/money/and headaches. If you REALLY want sexy, go lease a new Bentley Continental GT for $2500 a month.
Oh, and I still have the car, anybody want it for $7000? NO? Well I don't blame ya.