If all goes well, and I expect it will, I'll be the owner of a rather swizzy 318i tomorrow morning and I'm looking forward to it!
It is aesthetically amazing, both inside and out; in most respects it looks like a well cared for 3-5 year old car. It has low mileage (115K), an LSD, fogs, nice 15x8 wheels & Yokos (new), fresh head and profile gaskets (Nov '07), a 93 octane Mark D chip, and all service records since new. The engine is surprisingly strong for its size. It won't win any drag races with my soon to be for sale E34 535i/5 spd, but it's zippy. It drives quite well - nice and tight with no rattles or bangs - but there are a few things to be addressed.
The car needs a clutch soon; engagement is a bit soft, but all else appears to work fine. It also needs brakes and there's a whine from some anciliary. I think the PS pump may be the culprit - possibly just low fluid, possibly not. The fog light lenses are shot and a headlight or two might do well to be replaced. They all work, they're just cracked. There's a small bullseye in the windshield which will be easily repaired as well.
All in all, I think it's a car worth investing in. I expect to be a bit upside down for a while, but I think the car should hold up well and be an economical and fun commuter-mobile.
I know there are a few Long Islanders here - does anyone know a good indy BMW shop on eastern - central LI for the clutch work? I've not really found anyone I'm thrilled with yet. The wrench I usually use for my wife's Sube is excellent and honest, but decidedly not into Euro cars. He's offered assistance but I don't want anyone working on a car they don't like.