Need advice on buying my first.

[mlewis]

So I've been looking at M42's for the past couple months now here in the bay.  I don't know much about cars but I've learned a lot already in this process and want to do as much as I can as far as repairs go on my own if I can find access to tools and maybe some help.

I'm looking at an M42 318iS right now.  140k.

+older guy is 2nd owner since 94 w/records
+well taken care of
+mostly highway miles
+very clean inside and out
+good compression (225,225,215,225)
+all original, unmodified
+recent brakes
+new control arms, bushings, shock mounts
+new ps boots
+straight body
+california car
+clean title
+premium sound

Took it to my mechanic and here's what he found, some of which I was already aware of.

-needs tires all around
-ps pressure hose leaking (pump to block)
-drive belts cracked
-valve cover gasket leaking oil onto plugs
-crankcase breather hose cracked, leaking
-driveshaft flex disc shows some cracks
-shocks weak
-rusty muffler but no leaks
-small leakage from steering rack pinion
-front sway bar link rod has some play
-cracked dash
-repainted, only okay, original color but some overspray etc

He wants 4k.  Mechanic said it was worth about 2.5.  I might be able to get him down another hundred or something.  Is it worthwhile considering what needs to be taken care of?  I appreciate any help I can get.

[wodcutr]

Why would anybody go through the expense of all new front end parts and not do the shocks too.  Any E30 that you look at will have some issues.  If you want a perfect car expect to pay 6 to 8 grand for the thing.  All those things listed can be dealt with for not too much money if you do the work yourself.  I have swapped four dashes now and it really isn't that hard.  I really could not tell you to buy something unless I drove it myself.  With all the new suspension stuff it should drive pretty good...new tires even better!  I have a similar car FS too priced @ $3900.  It is not perfect but what E30 is?  If you are willing to wait you might find a car that is less but needs work.  Most people price their car at what it is worth considering work that needs done or work thats been done.  I can pick up an E30 any day of the week for $1000, but it will need at least $3500 to make it right.  With these cars you either pay now or pay later...it will always be a work in progress.  The key is being able to not have to pay a mechanic - that is how these cars become affordable.  If I had to pay a mechanic everytime I had an issue with any one of my five E30s I would be hating life.  You do not want an E30 if you are mechanically challenged!