Originally posted by: Aimster
You do not buy a BMW without warranty unless you are Bill Gates.
I did...and mine is 8 years older than the one OP is looking at, and had ~82k on it when I bought it. The maintenance / upkeep has not been anywhere near what everyone is saying.
The only major repairs (not including basic maintenance and wear items) that I have needed in 15 months and 15k miles were a fuel pump (~$450) and an oil separator (~$55). If you can turn a wrench yourself and know where to get good used parts (especially big-ticket things), you can save a fortune on repairs, should they be necessary.
I made sure to find a car that was well cared for though...if you get a neglected / abused car, it could very well turn into a horrible money pit. If it is pushing your budget just to pay the purchase price, I would pass.