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We bought a 2001 530i as a CPO (returned 3-year lease car) from a BMW dealer. It had 32k miles on it and was quite reasonably priced compared to a new one.
We've been driving it as my wife's primary vehicle for over a year and it still has not asked for service (the computer tells you when to go in for oil changes based on how the car's being used). Additionally, she gets a consistent 18 mpg (75% city/25% freeway) day-to-day. When it goes on trips (all freeway speeds), the car gets 24-26 mpg. It's an automatic.
We love the car. It's got a huge trunk, decent backseat, and it goes pretty good for a six. I'd get another one.
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