Help me buy a Bimmer!

[NoNameToday]

Okay, background story... I currenty have a 2000 Ford Zx2. I have invested a total of about $30,000 into it. $11,000 into the engine and drivetrain alone. 6 days after the new engine went in, the #4 rod punched 3 holes in the block. long story short, i have the car stripped to nothing right now, and i'm prepping it to put in the 12pt roll cage, tubular front, and four link rear, this car is now destined to be a 1/4mile monster and run 9s (built v8 and RWD). SO. now i'm looking to buy another car. I've always had my eyes set on a M3, and finally have a reason to. I'm NOT looking for 1/4 speed, that just is pointless with my zx2. I'm looking for something with style and class. I work at a bank, and i'm tired of being the Ford amongst Benz's and Bimmers... I've decided to persue a used M3. I know these are quality built cars and such, but i've never bought a used car. what should i look for? i don't want to go in the dealership like a fool and spend too much or get ripped off and buy a gimp car. basicly, let me know what i'm getting into, and convince me its a good idea. Meanwhile, i'll be looking around the boards.
Thanks for any help!
Tim

PS. to clarify on more of what i'm looking for. around $20,000, 2dr, stick. if M3 isn't possible, whats a compairable 3 series (performance aside)?

[KillFox]

You can probably get into a 97-98 M3 or a 99-00 318,323,325 with a bit of work and hunting. If you are really lucky, you may be able to hop in a 01 325ci, but you will probably need to know someone.

[Silver4evr]

Here's an autotrader.com link with 397 M3's for sale $20k and less.

You may be able to get some guidance on market value from checking some of them out and doing some additional searches with different values.

Edmunds.com can give you bluebook values.

ConsumerReports.org or their Annual Auto Buying guide book can give you reliability data. They don't test M3's but if you want another 3 series, it's good info.

From what I've seen, you can get a really nice '97-'98 M3 for $20k.

As you probably already know, ask for maint. records, get a carfax report, get a Dealer/AAA inspection report and if the car is maintained by a dealer, the dealer can look up the car by the VIN and print out all the maint. records.

Good luck.