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They are great cars, I have an '04 325i but am not familiar with the converts.
The cooling systems on these cars are a weak point. Check to see if the expansion tank, water pump and thermostat have been changed by now. If not, plan on doing them soon. If the cooling system fails they overheat very quickly and will warp the head.
Also, at around seven to eight years the fuel pumps start to fail. Do the fuel filter at the same time. Spark plugs should have been changed out by now as well.
They drive very nice, are easy to work on (probably the last BMWs with easy DIY) and I think the E46 convertible is a gorgeous car.
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Kurt
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