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Ive seen my fair share of E46s, 2 of my pretty close friends have one, as far as the transmission (manual) or the engine goes, if its maintained, I would say they are if not more reliable than japanese cars.
But one thing you do need to keep in mind is that even stupid stuff from BMW costs a stupid amount. like any sort of sensor on that car is gonna cost you probably about twice as much compared to JDM stuff. But almost all regular maintenance are pretty straight forward and can be done with a regular tool set. If you are doing any major things, then YES, BMW does have alot of BMW specific special tools (which I have never encounter with my 240SX, done think my 240 has any model specific tool) Good luck, things do cost a bit more (insurance/parts), but nothing really outrageous in my opinion. Off course I could be wrong because well, ya I have never personally owned one =P
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