Joe, not to throw water on you but a BMW is not a good 1st time buyer's car. While sexy and in, they come with high overhead. Maintenance, not even repairs, is not inexpensive and repairs can be out of sight. With most European cars the key to reliability and long life is the maintenance schedule and keeping to it religiously. If not, they seem to start with nitpicking little problems that continue to grow and when you finally go to tackle them, your teeth can drop out.
Pacific rim cars can be more reliable with less maintenance but, I find parts costs for many of the core items are really no more or less than the costs for the European cars. However, I also notice that more of the Pacific rim cars on the used market are in need of more work to bring them up, a product of not having the maintenance done as recommended.
US car company cars are a mixed bag. Some models are reliable and even if not well maintained ling lived. Think of the Lincolns used as fleet cars with 500,000 and more miles on them. Also, the Impala has been good in this regard. Repair costs also are more managable or at least generally less shocking.
In the past I've found that many cars seem to have 60,000 mile cycles where every multiple it goes through a period of needing quite a bit of work and then is reliable for the next period until the multiple is hit. With 180,000 on the clock it is in that multiple so I'd suggest if getting it, have a good reserve budget to bring the car up to snuff and to be an enjoyable driver.
As to the comment about getting one that has been maintained - a definite confirmation to that recommendation. I can tell you from experience that bringing one back may be fun for a DIY'er but for a primary driver or for someone who is not a mechanic you can have a sinkhole.
When I buy a car, I always assume I need struts, belts, hoses, all new flluids and filters, usually brakes, alignment, front end bushings and A/C work at a minimum. I budget about $3k for any car I buy to make sure it is in decent condition and safe to drive. I may be a bit conservative but, I want to make sure my family is safe.
As an alternative, may I suggest right now, there are some great deals on new cars, and buying used vs new is more of an economic issue. The 3 US compnaies have some deals that are too good not to consider. Going new has the benefit of the warranty, and if you can afford a decent downpayment, the financing costs can be less than the average annula maintenance costs of a used car. Yes, you may not be driving as "much" of a vehicle in the eyes of others but a Chevy Malibu will ultimately do the same as a BMW, get you from point A to point B. Also, you can lease to bring the pricing down but, I'm not a leasing fan because of the issues that can hit on turnin and the darned charges they love to try to hit you with. Lastly, and important today, financing can help establish or improve a credit rating and that can be golden in the future.
