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A friend just purchased a pristine one owner '95 with many desireable upgrades (perfect leather interior, strut bar, new bilsteins, cold air intake, two sets of 18" wheels, etc) with 189,000 miles for $6900. Runs/drives perfect, no leaks/smoke/etc. Be aware that motor mounts can sometimes make you think the motror/drivetrain is shot.
Given what it will cost to rebuild an M3 motor ($5K?) or just redo a head ($2K) makes me think you're looking at max $2500-3500, but thats a WAG.
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