What should I pay for this... e36 M3 content

I am meeting the owner of this car at his mechanic on monday morning to look at this car. It is currently sitting at a well respected independent BMW shop with a blown head gasket. The shop quoted him $1200 to fix the head gasket. I figured I can do it for $300 in parts plus what ever the machine shop charges to check / deck the head.

It has 154K on it and the current owner has had it for 4 years. He just spent $900 on suspension bushings tie rods, rear shock mounts etc..

It has coil overs, an after market exhaust, and a chip. He said the paint is in good shape as is the interior. The drivers seat has two ripped panels.

The fact that is is slammed scares me, but the fact that he has had it worked on by the shop it is at is a positive thing, they have a great reputation locally.

It has a salvage title from a theft recovery 5 years ago.

http://jacksonville.craigslist.org/cto/2744749256.html

He is asking $3000 as it sits. I was thinking $2500 or so. I figure it could be parted out for that much worse case. I am looking for an autocross/track day toy that I could drive on the weekend. I have a work car that I drive 90% of the time.

I'd jump on it for 2500 if the chassis is ok. Check the rear especially for any tearing and/or mangled upper shock towers. Coilovers could mean anything from great stuff to Ebay sleeves over 154000 mile stock dampers. I'd count on spending a bit to bring it up to snuff. It's unlikely the long block was hurt by the headgasket failure, you might need a head (not that hard to find or that expensive).

Chassis sounds like it might be good. Slammed? most likely bad, but could be ok/

Head gasket? points to cooliing system (water pump, t-stat and what els?)

Stock seats are expensive. "treated well" does NOT include blowing a head gasket - probably been beaten on.

Just my guess . . . .

oh, I thought this thread had "E36 M3" content, not e36 M3 content.....I was expecting much more funniness...

DavidinDurango wrote: Chassis sounds like it might be good. Slammed? most likely bad, but could be ok/ .

slammed depends on the coilovers.. and how low

For $2500 i'd definitely get it. You can always sell the aftermarket stuff and go back to stock for very little money. Depends on the rest of the interior. Worst case, you buy a new head, and then you're still getting a good deal on am M3

I figured for $2500 I couldn't go wrong. If I worse case have to spend $200 at the upholstry shop tp get the seat fixed plus 500 to fix the head gasket, I will be driving an M3 for $3200.00

I think at that price it is fair. That car at 4000 or so doen't make as much sense. There is a nice well maintained one with all the records, Koni's etc in Orlando for 5500 with a clean title.