Great thread
I've considered the same. Guy next door has a 300 something series with a bad transmission and a leaking sunroof. I explained to him that even if he gave it to me, I would likely have $3500 in it just for that. I would take it on as a project only if I had the time for DIY.
On the other hand, you could mitigate the risk by purchasing from someone in a local club. Here in Chicago I saw a posting from a guy who has a 2003 BMW 3 Series 330i Sedan 4D, asking $3200.
Mileage? 175,000.
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