Please help me. 88 BMW 325i check engine rebuilding cost?

[Izzie]

Hi, I've been looking for my first car. So I went straight to Craigslist and looked for a cheap old car. I saw this BMW and then I went with my dad to test drive it. When we came to the guy's house the BMW was turned on already and then the guy showed us the papers and everything was good: no check engine light of anything. Then I took it for a drive. It was really smooth, everything was working. So right after that, my dad turned of the engine and looked under its hood. Then he turned the lights on again and then the CHECK ENGINE light was suddenly there blinking. It has 230,000 miles, automatic transmission. The guy claims that it has recently been inspected by a mechanic and certified as in great working condition. And also that the vehicle also has a brand new battery, new fuel line, new ignition and on 10/12/2011 a lube job. The price is pretty damn good. Should I go for it? How much would it cost to rebuild its engine if it dies on me?

[BMPGBH]

Now when you say check engine light do you mean the light that says "CHECK" and flashes at the bottom of the gauge cluster? Because these cars don"t have check engine lights. That check light lets you know when the oil, coolant and washer fluid is low and if a bulb is burnt out. When you first start the car Check light will flash untill you hit the brakes or the small test button up by the led display that tells you if a bulb is out or fluids are low.

If you want prices on engine component parts check out bavauto.com

[Lord Vader]

An engine rebuild is pretty expensive. Usually $1,000+. However you could do an engine swap and drop in a better motor, but that will be more expensive. If its recentley been inspected then he should have the paperwork proving so. If your unsure about the car then take it to a mechanic that you trust to have it looked at. If he refuses then their is something up. You will be required to pay for the inspection to be done, but most people are willing to allow this.

[deafdog]

Is it the service light at the bottom of the cluster? Mine is constantly on, but I know the reason is because I need to change the rechargeable batteries inside the dash.