Faults:

Things that broke:

Reclining gear in driver's seat

Various exterior bulbs.

Things I replaced under maintenance:

Valve Cover Gasket

Spark Plugs

Shocks

Bushings (Suspension-related)

Clutch

Brake Rotors

Brake Pads

Serpentine Belt

Transmission Mounts

Center Support bearing

Guibo (Flex-Disc)

Other than the seats which were worn when I received the car, everything runs great.

General Comments:

1.5 years and 50000 miles after I bought it, this car still runs strong and there's no reason for it to break down. Maintenance costs aren't that bad either, but I'd only recommend a BMW if you're willing to work on the car yourself, which is pretty easy to do compared to some other cars. My car never has nor ever will go to a shop, unless it's body-related.

Performance-wise, my car out-performs most of my friends while comfortably and quietly commuting me through LA traffic and getting 27 mpg in return (35 city/65 hwy). Plus, with clear-cased indicators, silver paint, and Contour (E36 M3) rims, some people still think it's brand-new!

I'll move on to an E39 530i for my next daily, but as a car-crazed college student who can only afford one car and loves to drive hard, this was the best car for me to buy under $10k (got it for $6K).

Faults:

Radiator neck failed at 89,000 miles (plastic- and designed to fail, as are the plastic impellers on the water-pump). Replaced radiator, all hoses, (all-metal) water pump, thermostat and all drive-belts for under $250 in parts (NOT purchased from Stealer.)

My time to do the replacements -as a novice at this- was about 3 hours start to finish.

Car appears to be designed for easy maintenance & repair.

Convertible roof has usual faults, due to 11 year old elastic straps in roof mechanism loosing elasticity. Paralleled original straps with rubber bicycle inner-tube and all is well for under $5 & 20 minutes time.

A/C cooling poorly in 2nd summer of ownership. Added 1/2 can of refrigerant; no need to evacuate system. Cost with hose I needed - $22.

Replaced all of the larger (5.25") speakers - 2 out of 4 were blown. Sounds good now.

General Comments:

This convertible is still a Head-turner.

It's a 2nd summer-only car, well... shall we say, over 65 degrees F car? It lives in the garage all winter.

Nice acceleration, wonderfully precise steering, excellent -if dusty- brakes.

Car came Standard with both ABS & Stability Control, a pair of features you won't find even today (2008) on many cars.

Feels as solid at 110 MPH as an average car at 50 MPH.

Happy with purchase, but watch out for the late 1990's versions, which have many teething problems.

Faults:

The stock 11-button onboard computer didn't work when I bought it, turns out they all fail. I had a guy install a much more reliable 18-button OBC with a rewiring kit, and it works great.

In-windshield radio antenna made for lousy AM-band reception. Had an audio guy install a conventional power antenna. Radio reception is now perfect.

Climate control worked intermittently, had the dealer replace it.

Brake light was out. Turned out it was a loose bulb. Works fine now.

General Comments:

I love this car! Outstanding handling and acceleration, great braking. Very quiet in the cabin with all the windows rolled up. This may be an 11-year-old car but it's near perfect in every way.

I tested the highway mileage on a 10-mile-long flat stretch of California freeway at 65-70 mph without any undue acceleration or braking and no gear shifting. Air conditioning was off, windows were rolled up, no passengers. 34 mpg. Around town 22 minimum, 28 maximum. That is pretty excellent by any measure.

One thing I really like: No cam drive belt. This one has a chain drive which should last well beyond 200,000 miles, according to things I have read.

Bought it for $7,000. Wonderfully solid, responsive and well-built. I am beyond impressed. What a great car!