Just picked up a 1992 318ic from a local guy for $1800 and am loving it. I've always had the 6cyls, including 2 325ic's and a 635CSi and wasn't sure I would like it, but after 2 days I am falling in love!
I love how nimble is it and how it revs willingly in the upper ranges with a cool little growl.
It runs really well but needs a few things to be up to snuff:
Windshield washer doesn't work.
Needs shocks, maybe CABs too.
Rear window switches are done.
Top is serviceable, but may wind up replacing it down the road a bit.
Needs a couple interior bits.
No tweeter sails.
I'll be staying mostly stock, but will probably do wheels and maybe a tiny drop.
I'll install a sound system but then really focus on mechanical perfection including the mess under the intake.
One thing that's interesting, though. My other Cabbys were highly optioned but this one is pretty spartan. No cruise or computer or full overhead check panel, just one with 4 lights.
It also has grey velour interior(sport seats)...I thought all US models had leather.
BTW...I've been lurking here a ton for the past couple days and really like the spirit of this forum compared to others. I like the global flavor!
Now some crappy cell pics:


