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if the cooling system has been overhauled you'll be ok, thats normally the biggest issue.
suspension bushings are a problem too.
for that money you can still get a nice non M e36 and a rather crappy M3.
they are very fun cars and have great driving dynamics.
fyi-I highly recommend not riding/driving a boosted e36, you will quickly become addicted and spend way too much money. Ask me how I know.
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