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Sure, you could do it.
The real question is whether you'd really want to do it.
I'm as big of an 80s BMW fan as anyone (most of miles currently are put in an '83), but if I had $10K in my pocket for a 10 mile a day daily driver, a 30 year old E28, which just by age and the nature of the car is certainly going to be worn out in many areas (interior, suspension, steering, etc.) would be way down on the list.
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