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That price is crazy high for a car of that age, no matter what the condition.
I have no idea what the price range is on these cars, but it is easy enough to find out on Kelley Blue Book or other sites. Regardless, if you do buy the car, put aside $5K in a savings account as self-insurance. So, if you can afford $27K, offer $20K and put aside the rest.
BTW, BMWs, like all cars, have become progressively more reliable. The problem is that, when something does happen, the repairs are more costly.
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