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Favorite saying on the E46 boards is that every car will cost your $25K+.
Either get a clean car for $25k+ or buy something for $10-15K and drop another $10-15k into it. These cars (46 and 9x) are expensive to clean up and sort out. If you want a beater with worn bushings and cracking rubber and whatever, go for it. But nice examples bottom out around $20K, and even then you probably need rotors, tires, alignment, fluids and filters, plugs, belts ... $5K, bam! Ends up being cheaper or less downside just starting off with a clean car.
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