It would seem the majority here are from the US and thus drive reasonably different engined cars to the Euro ones but I'm not sure where else to ask. So I'm talking only about OBDII 321hp cars here. If you can point me towards more Euro oriented forums please do.
For reference I'm in Australia so prices might seem pretty steep to people in the US but that's how it is. A new E46 M3 runs about A$150k (~US$100k) and an E36 M3 was about $130k (~US$90k) when new.
I have about A$60k to spend.
If I look hard I can probably get a 50-70000km (30-45000mi) 97-98 car for about that kind of money. But they are very rare. Only about 500-1000 total in Australia I believe.
There is one near me that started at about $55k for a 96 with 115000km (70000mi) on it. He's getting pretty desperate to sell and has since dropped his price in increments to $46k. Full BMW history very good condition etc. Should be able to get a dealer checkover first.
So what I'm trying to ask is what should I be concerned about on a higher mileage car?
Could I be up for more than the $10-15k I save now in repairs/maintenance later on?
Thanks for any help you guys can give me.