Faults:
The biggest issue I have had with the car was with the crank position sensor and the applicable wiring. Cost $370 to fix.
Other than that, I have had to replace the plastic rear window; $142 installed myself (royal pain in the butt).
Replaced O2 sensor last week, $102.
Also had to replace a plastic intake pipe due to it splitting - Cost $65 from a dealer.
Basic maintenance is relatively easy; I bought a Haynes manual as a guide. I have changed the spark plugs, and ignition coils ($200) for all parts. Also did serpentine belt, tensioner, and two pulleys (about $200). The O2 sensor was easy too. I am a novice DIY'er, and I have found that compared to my 2001 Saab 9-3 I owned previously, the BMW is a real breeze. I was afraid to even touch a thing on the SAAB, because it was so expensive to repair.
I have found that this model has a great ownership base full of people willing to offer advice on forums, which has been very helpful diagnosing faults.
Local BMW dealer very helpful and friendly, even though my car is older.
Found a great indy that does great work only for BMW, SAAB, Mercedes etc.
Biggest "routine" maintenance item is an oil change, as the car requires almost 7 quarts of oil. Not a huge issue, but it is a little more $$$ to have the oil changed or to do it yourself. Don't take the long response I have written in the wrong context; most repair work has been routine, or mileage related.
General Comments:
This car, despite the mileage, is a joy to drive and own. Compared to my Saab, which was newer and had 83,000 miles on the clock when I dumped it, the BMW is tighter, feels more planted to the road, and is much better made. The black leather interior is in amazing condition with no rips, tears, wrinkles, or fading.
Performance is not bad with the 2.5L, as long as you are not afraid to rev it up a bit from a stop. Once you are cruising, or on the highway, the engine provides plenty of get up and go, requiring few downshifts to overtake slower traffic.
Recently drove a 6000 mile round trip with the car, and I had no issues. Fuel economy was an alright 30MPG, combined with majority highway @75MPH.
My car has the 5 speed manual, and the manual top, and seat. I would recommend the manual top and transmission, as these seem to be the major trouble spots, costing a lot of money to repair, with a high likelihood of breaking down.