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Given its your first BM can I recommend an 2003 E39 530i. They're arguably one of the best cars of all time. Will not cost you anywhere near as much to run as the newer cars and it's looks and safety are comparable to anything in the showroom today.
You can get a top notch example for about $15k or so....
I've had one and it's hands down the best (but not necessarily performance wise) car I've ever owned for reliability, ride etc
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