While it did supplant the original 6 Series in 1991, a common misconception is that the 8 Series was developed as a successor. However, it was actually an entirely new class aimed at a different market, with a substantially higher price point and better performance than the 6 series. The 8 Series was designed as a direct competitor to the upcoming Mercedes-Benz SL-Class and S-Class coupes. While it has less rear passenger volume than the CL which is considered a two-door sedan, the 8 Series could accommodate two passengers in the rear, while the Mercedes SL roadster is a two-seater.

The BMW 8 Series was BMW's flagship car while in production. A new vehicle cost around US$100,000 and had an electronically limited top speed of 155 mph (250 km/h), although with the limiters removed top speed was estimated at 186 mph (299 km/h). Worldwide production ceased May 12, 1999, with 30,621 built.