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The 1992 cars don't have VANOS. Some enthusiasts prefer not to have variable valve timing because I suppose it's one less thing to "break."
The E36 is a decent chassis (it can be pretty refined), but the quality of the materials (particularly the interior) leaves a lot to be desired. It was the first 3-series chassis designed by computers and was engineered to be just "good enough" (and not over-engineered like the E30.) Unless your 92 has been well-cared for, you're probably better off opting for a later model (96+) if you can afford the extra couple of grand. Besides, the 92s have those awful grey bumpers.
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