Just bought a 96 BMW 318ti today with about 177k miles. It needs a little work on the exterior and some minor mechanical issues but I'm still super excited to have it. I would appreciate any input you guys can contribute into making the most of my new project car.
The usual suggestion right of the bat is usually to replace the cooling system. Critical for these cars. From the miles and the sound of it I would suggest putting it near the top of your to-do list.
Just bought mine today. 
Linear Mode
