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$4,000 BMW? There isn't one!
Expect to pay at least $10,000 to have a BMW that is more or less reliable. I bought a '95 M3 Coupe for $7,000 and so far have easily doubled that in repairs/ updates. One track day and the clutch master cylinder failed and the fan went into the radiator shroud. I am doing most of the work and it still is going to be $280 in additional parts. So far, here is the list of needed repairs- entire cooling system, plugs, coils, MAF, all new engine mounts, tranny mounts, rear trailing arm bushings, tie-rods, lower control arms, power steering hose, oil pump nut repair, new headliner, all fluids and filters....................
You need to remember that at this point these are twenty plus year-old cars, with lots of old parts. That is true even if you are lucky enough to find a low mileage car that was cared for.
The smartest thing you could do is buy a car for more money from a guy like me who spent the money to make the car reliable and driveable and then finally moved on. I still love my old M3 but I am lucky enough to have a newer M235i to drive day to day.
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