Originally Posted by L.R.
I'm getting conflicting points in this entire thread... but too sum up: If you love your car, and are willing to put in the effort, it's worth owning a classic BMW? I have no experience in car repair, but I still have my sights set upon owning a BMW 2002. It has that mix of looking cool, classic, and affordable (as compared to other options). Am I mad in wanting this as my main car?
Easy as pie to work on/learn to work on, and bulletproof.... but with old Bimmers, Mercs, I guess this might apply to many common old cars - if you find one that runs okay, you don't need to expect to spend tons of money to keep it running - they last forever. You'll probably have to deal with pretty uncomfortable seats that are spewing their horsehair filling, cracked dashes, moldy carpet, a nice mossy earthen smell in the interior all the time, crunchy gear synchros, a little bit or a lot of rust, little trim bits missing, etc.
If you expect a classic car that is spotless, with everything working, then you could spend a fortune. You could easily spend $20-30K on a 2002, either getting one with the work done to it already, or doing that work yourself over time. Obviously a lot more if you start with a basketcase. (not recommended unless you really need to do it for some reason) You missed the boat on cheap '02's by about 15 years.
I'd trust a well-kept 2002 for daily driving just as much as many modern cars, though. It's less likely to leave by your roadside than many modern German cars, IMO.