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Which one to choose? I do not know how many of us 505 enthusiasts have the opportunity to own both a 1st and a 2nd series model. If you have to deceide on which one to buy, or want to add one to your fleet, this page might be a little help...
  
Two generations of PEUGEOT 505. Both mine. Great!

As you can see, I'm lucky to have two of these fine cars: A 1981 STI, the absolutly first design without any changes, and one of the last 505s, a 1989 V6. To their time, both cars were top models of the 505 range, technological advanced, with strong engines and almost luxury equipment.

If you look at the design, both series are beautiful, timeless cars. The STI looks lighter and cleaner compared to the larger (it actually isn't) and heavyier V6...		  
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...and this is how both 505s drive. With their auto'boxes, the STI feels very quick and almost nervous, while the V6 seems a bit less responsive, but more eager to pull from low revs. Actually, the V6 is much faster, of course, but you won't notice it until you hit nearly 200 kph.
STI and V6 are timeless. Late V6 comes with big spoiler though

On the inside, the STI again looks lighter and cleaner, and maybe a bit wider. The 505 V6 is more modern in comparison, better equiped and more refined. It really feels like a big, fast touring car, which it (still) is. The STI is more fun for city driving (I'm always the first at the traffic lights, this car is a real sleeper), while the V6 is not only accelerating fast, but also good to burn down the left lane on the autobahn...
  
Still good to impress drivers of modern cars: 505 STI and V6

Both cars are great fun on country roads, with excellent roadholding. The V6 is a bit harder and handles a bit better, helped by its' bolder tyres.
So which one to choose? Well, it depends on what you want, but I'd take both. Actually that's what I did. A PEUGEOT 505 for every occasion. Fast, classic motoring at its best. So, go out and buy another 505 to keep your first one company...