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Originally Posted by widebody911
Had the PPI today. This is an '03 with 64k - prior damage to RR as evidenced by replaced suspension pieces & axle shaft, and paint overspray on the wheel well liners
- fan belts are in bad shape
- seepage from power steering pump
- motor mounts badly worn
- brake rotors and pads almost worn out
- weird extra wiring around the headlights; looks like they added 'angel eyes'?
- rear tires shot
- a few small dings and scratches here and there
- cabin filter and air filter were pretty dirty
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Seepage from the power steering pump is pretty common... it is the hoses 99% of the time that need to be replaced.
Angel eyes were standard on the e46 m3s the entire time. They might have gotten higher powered ones.
The brake pads and rotors would bother me the most because they are $$$ to replace.
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They're asking $24k; they offered to either fix the belts and replace the rear tires, or knock $1k off the price. I offered $20k, and they told me (politely) to pound sand. On top of that, he tried to convince me that used M3 prices are trending upwards, and that this was an exceptional deal right now. And, of course, he had someone else coming to look at the car if I didn't buy it. I should have stuffed a copy of the PPI in the glove compartment 
Am I being too picky at this price point?
Oh, and there was an envelope in the glove compartment with the (I'm assuming) PO's AIDS test results.
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$24K is too high, I think you could find a great example for $22k and a decent to very good one for $20 - $21k. But at this price point you could probably also find a very clean E39 M5 as well.