94gsr said:
My main concern is really performance. I need a stick & I need a curb weight of under 3000lbs, at the very most, once I've trim some fat. Dependability is also an issue, as I DO need something reliable, but I work in a shop, so as long as parts aren't failing left & right, I can take care of any problems. The car only needs to hold up for three years, but they will be three very hard years - I am a driver in every sense.
I picked up an Autotrader today & an '88 M5 listed for $6500, with only 85k miles on it, caught my eye. But unless there's a lot of room for weight reduction, it's entirely too heavy for my tastes. There were quite a few 93ish 325i's in there also, so I guess I've got some phone calls to make.
An E28 M5 is not a car for the budget enthusiast. $6500 is well below market value for a correct M5 with 85k. I would expect that car to have problems. Mechanical condition is key, as the S38 engine is very expensive to replace. The SLS system is also an issue. M5-specific cosmetic parts are ridiculous. New seats are like $4k.
Market is more like $13k, despite what guides like KBB or NADA might say. They use a standard depreciation formula that has no basis in reality for such cars.
The E36 325i is probably your best choice, although the older E30s are probably put together a little better than the newer ones.
The 325i 5spd has a curb weight of around 3100 pounds, so with a little diet you should meet your target. Just make sure the car has been well taken care of and have someone familiar with all of the known E36 problems go over the car. I am talking about a several hour comprehensive inspection that may cost a few dollars. In the long run, it will save you a ton of money.
Known problems include failure of the plastic water pump impeller. Any car you are looking at should have had this replaced. The radiators are weak, particularly the plastic neck. The rear shock mounts can fail and make a lot of noise. There is an issue known as the "rear subframe failure" that actually does not involve the subframe. I forget the specifics, but that is something you want to have checked. The M50 timing chains last a long time. When I sold mine with 148k it was still going strong.
Expect some issues with suspension leaks and an eventual steering rack failure between 150-250k miles, which will cost $2k to fully replace.
I spent around $100 a month on maintenance and repairs for my E36, which I bought with 97k and sold with 148k about 2 1/2 years later.