I went out and drove my first BMW ever today, a 1994 530i with a 5 speed. I immediately fell in love with the car, but I had some concerns. First of all, there was a burning oil smell that was fairly noticeable after driving for a short while. Are these cars known for leaking seals or anything like that? Secondly, the power steering was groaning pretty badly and when I was turning at highway speeds, the steering wheel wanted to snap back to center pretty badly. Is this probably just low fluid or is it something more serious I should look into? (I would've checked the fluid but it was dark out). Finally, the power to the car had been disconnected, so the radio needed a code. How would I go about getting this code for the car, and can the radio be replaced with an aftermarket unit without affecting any of the other electronics?
The car was in beautiful shape, and had 123K on it. How many miles do these cars usually get on them before the usual stuff like alternators, starters, etc... have to be replaced?
Finally, the car was priced at $6695, which I think is an incredible price considering it had ASC, ABS, CD changer, heated leather, and so on. Is it as good of a price as I think it is?
Okay, one more thing. Is there anything in particular I should look at on this car before I consider buying it?