1992 850i

Question for the board. I have been made an offer to purchase a 1992 BMW 850i V12, 159,000 miles, 2 owners, for $5000. The guy has all the receipts of all work done on the car. Just put a new transmission in the car last year. Brand new brakes & rotors, new tires, changed all gaskets within the last year, no dents, very clean. All work performed by the dealership! The guy has every receipt to show for it. Is this a good deal? I have owned two BMWs. My first was a 325, and now I drive a 500 series. I have never purchased a car with that many miles on it, but it seems like a great deal to me. Any comments or warnings of possible problems with that make and year would be helpful.
The V12's can be very costly when repairs are needed. Are you sure he had "all the gaskets" changed, the lower pan gasket alone is a $1200.00+ job as you have to remove the engine to get to it. I owned a 91 750iL with 100k on her and she was just begining to nickel and dime me, or should I say hundred and five hundred dollar me. The car has two water pumps, two rotors, two caps, two fuel filters, etc. It is like to six cylinders joined in the middle. Great motors, but very costly when repairs are needed. That said, if the car is in good condition they are collectible and worth every penny.
Best to assume $10K in repairs for the next few years.

If that's not a problem (this IS an $80,000 supercar afterall), then give it a shot.

I almost bought one for $20K in 2003, but it was maroon in color (not that great for me) and had been in a minor accident. I was also afraid of the maintenance, and the interior looked very "80s."

But at $5K, you're looking at a bargain, it seems. Best to also have it as a "weekend car" and not something you need for long range or business travel, since you may get stuck somewhere.

As a "fun" second or third car, it should be a blast.
I say go for it! Sure it will cost you, but how much will you drive it. I went with my grandfather in 1992 to purchase his 92 850i, it's now my car and love it more than life itself almost. [8)] Even at 58,000 miles, the car still leaks a bit of oil, needs new exhaust, etc. But everywhere I go in it, people are always noticing or asking what it is. My 850 is on its seconds set of intake manifold gaskets, that was about 1200.00 repair. Honestly i probably drive it less than 200 miles a year, which is probably why it has all the problems it has. Good luck, hope you get it. What color is yours?