Years ago my brother visited us in Wyoming and I privately snickered at his "cheapish" 1991 318is, which of course he loved. I was raving on about my '90 735i--certainly great on the open road. Two years ago we moved from wide-open Wyoming to urban Utah and my wife and I decided to downsize. We first tried a 91 535i beater but it didn't get any better gas mileage than the 7, and it was only a tad more nimble. During a trip to the Pacific Northwest we saw my BMW-mechanic brother-in-law's three e30s, one of which is a track 318is, and another a nice 318is he found abandoned in a vacant lot. Then I found this website. I got the bug. Bad.
I started looking on ebay and autotrader, and after a few weeks I saw an Autotrader ad for a charcoal 318is about 15 miles from home. I called and arranged to meet that evening. It was dark by the time we arrived, and another shopper was still there, trying to decide if he could get it past his wife. We test drove the car; it seemed to run OK if a bit rough, and with a broken exhaust pipe it was hard to know. I tried to look it over objectively--the windshield was cracked and the driver's seat was roached but the rest of the interior and exterior was otherwise good: i.e., no rust. The other buyer was still lurking around, talking on his cell phone. My wife loved it so I just told the seller we'd take it. $2500, full price.
The seller was a high school kid who bought it from an acquaintance who was fixing it up until he was disabled in an industrial accident. The kid decide to stick with his VW Golf instead. I left a down payment, wrote up a bill of sale with signatures, we made a photocopy, and I brought cash and got the car and title the next day.
In the daylight it turned out the underside was massively coated with oil and gunk, but the leakage was mainly from the cam position sensor and p/s lines. Since then it's been exhaust, windshield, license plates, radiator/fan clutch, bad idle/air control valve, coil pack, control arms, and junkyard seat--and then the speedo croaked. I'm currently into it for about $2000 in parts, but that might include tires and 15-inch wheels and more tires.
Meanwhile I noticed a post here at M42 club from a member in Washington state regarding a friend's red 318is on Craigslist in the SF Bay Area. The photos looked great so I emailed for more photos. After a couple of days I realized the seller lived 25 miles from my brother. I phoned and had a nice chat. Once again, there was another interested buyer, this time in San Diego. So I said I'd buy it, full price ($2600), assuming it was as advertised. My brother test drove it, phoned me to say the car was great and so was the seller, who was with his wife and two kids. We figured they wouldn't cheat me so I wired the money, my brother picked up the car a few days later, and I flew out, got the car, and drove if back to Utah. So far almost no problems except new radiator and goofy speedo.
We love both cars and they should be ready for autocrossing by spring. Meanwhile the red car sees 500 miles per week with my wife's job.