In this paper we analyze the Ricean K-factor for vehicle-to-vehicle (V2V) communications in a typical open sub-urban street crossing. The channel conditions vary from non line-of sight (NLOS) to line-of-sight (LOS). The antenna arrays used for recording the radio channels consist of 4 elements with directional radiation patterns. We measured 16 individual single-input single-output channels, with a bandwidth of 240MHz for a duration of 20 s. We performed two kind of evaluations. For the first analysis we partitioned the 240MHz bandwidth into 24 sub-bands with 10MHz each, according to 802.11p. The small-scale fading of the first delay bin is Ricean distributed with a time-varying K-factor. The later delay bins are mostly Rayleigh distributed. We observe that the large/small K-factor values are not necessarily correlated with the received power. We show that the K-factor can not be assumed to be constant in time, frequency, and space. The antenna radiation patterns, and the illuminated objects by them at different time instances are the cause of these variations. The second evaluation considers the 240MHz bandwidth, and the narrow-band K-factor is calculated for each frequency bin, with Δf = 312 kHz. We corroborate the need to consider the frequency variation of the K-factor. We conclude that a multi-dimensional varying K-factor models the large-scale statistical behaviour more accurately than a constant K-factor.