For that cost, you could get the whole car checked out for problems, and even overhauled and still not have come close to what they usually go for and have a nice solid ride. You got it for a steal of a price. I got my 93 325i for $7510USD which wasn't too bad, it's got about 120,000miles or so on it, and is running great. I doubt you'd have any problems. Feel proud that you got the '93 too, it comes with VANOS which is a nice kick in the butt every time you accellerate.

I think I'm suffering from a little buyers remorse, so I have come to this board for some feedback. Hope you can help. I just purchased a 1993 325i for $5,995 (yep, you heard it right..)
I saw an ad in the paper as I was looking to buy something to replace my Honda Civic which my college-bound daughter received. I went to see the car at an "Auto Broker" and there it was 'my' little Black Beauty. Well, needless to say, after taking it for a spin , I fell in love. Here's the kicker...it has 180,000 miles and no available service record. In the process of considering my options I called my Bimmer buddy and he said to make sure to take it to his mechanic friend to check it out (especially the compression) before signing the deal. Earlier in the conversation with the salesman he told me that a young couple had taken it to their mechanic last week to "check for leaks" and were ready to buy the car, but they couldn't get the financing. My plan was to put down half and take it to my mechanic. Right about the time I came back from a second test drive, in comes this lady who had been there last week but didn't have the money together for the deal. She was ready now, and so was I. Now for the sticky part of the deal... The salesman couldn't sell me the car based on the "mechanic" contingency since a buyer had just walked in ready to sign. So, I laid down the $5,500 cash and signed on the dotted line (actually the line was solid, but I'm not feeling that way). So I have a BMW sitting in my driveway -- a car I have wanted to own for years. After "showing it off" to the kids, the driveway has two tiny drops of oil. Did I make a mistake?