Well I have been eyeballing an '02 for years now. Every chance I had to buy one fell through. Last year a friend mentioned a free BMW that he found online and without knowing what it was I told him to set it up. Well after a couple headaches, the people backing out, and some persistance he got the deal worked out. We drove up into the mountains of NC and loaded a 1974 BMW onto my trailer with the intentions of a frame off rebuild. Since I have a 1953 willys wagon on my rotisery in the garage and an audi on jack stands in the other bay I decided we should try to get it running and see what it needed.
We started by testing the electronics while some marvel's mystery oil soaked in the cylinders. Everything except the ignition seemed to be in working order. Did I mention that she hadn't been started in over 18 years!! The following morning I couldn't wait to get started. The engine turned free. With some bleeding the clutch worked but the pedal box was locked up so it had to be rebuilt. But that would come later. Well after lunch it was time to jumper the starter and see what happened. The motor spun up without any problems. It didn't fire but that turned out to be a bad coil and I just happened to have an Acel super coil in the garage. So with a crappy clutch, no brakes, and a strong desire for a cold beer I took a leap and drove around the block. My roommate and my dog came along for the ride. Neither knew about the lack of brakes.
Here I am very happy with that cold one I was looking for. Notice that I already lost the front bumper. I am not sure it will stay that way but I couldn't help myself. So she drove around the block but the brakes were done. With some pricing and research I found that the big brake upgrade was much cheaper than rebuilding the stock system. So we took a trip to the local pull a part and got the brake parts. Finally today I found a set of wheels that I could borrow to try the new system. I also finished all the paperwork with the DMV and got her legal.
Well if you stuck with me this far, I commend you.
Total spent so far. -- $430 Not bad for a working, driving, '02
1974 BMW 2002 ---$40 of diesel
Big Brake Upgrade -- $200
Pedal Box Rebuild -- Free
Driveshaft Rebuild -- $40
Rebuilt the entire rear subframe -- $10
New Coil -- Free
Racing wheels and Tires -- free for now.
Misc crap from the parts store -- $40
DMV Paperwork -- $100