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As a 2001 530i owner, I say don't do it for a first car.
I've replaced the guides on my buddies 540i (m62), and just the parts are around $2K.
Even if you pick up the car for $5K, and nothing major goes wrong, there will still be broken window regulators, missing pixels, ABS problems, and the list goes on and on.
It will be death by $200 at a time, and gas mileage will suck.
BTW, have you ever worked on a car before? and if so, what type of car and what did you do?
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