318is Slicktop Salvage Title/Body Work Question

[Clematis]

So I looked at a '91 318is today, and the guy had purchased at a salvage auction and it has a salvage title. I've never dealt with salvage titles before, and I'm not sure I'm valuing the car right - I don't feel comfortable paying more than $1500 for it. Here's why:

Good:

Engine runs well
Transmission is in good shape
Clutch OK - didn't pull much at all when I let the clutch out in 3rd gear
Car accelerates and brakes straight
Headliner perfect
Driver seat only minor wear, no tears
4 good 14" basketweaves on car, with decent tread tires
1 14" basketweave in trunk looks like never mounted
Slicktop
No Rust

Bad:

Terrible respray (swirls, orange peel, etc.)
Front passenger fender/bumper was hit (hence salvage) and the fender was not replaced - it looks like it was just filled with some kind of plaster, not even bondo.
Bumper shock not replaced, so bumper not even across front
Fender needs replacing
A/C not working
OBC shot (I know, cheap fix, but kind of a PITA)
Slight vibration in steering wheel at 45+ MPH (could just need balancing, could be bent wheel)

So, am I crazy thinking this is only worth about $1500? The guy is asking $2500, and doesn't seem to want to move on the price. I'm nervous about the salvage title and the body work I might need to do beyond replacing the fender.

[Brezzi]

I wouldn't touch it for anything more* than 1,000 but I'm cheap and hate body work, also its a salvage title and that can be a major PITA.

[jlevie]

By the time a car reaches this age a salvage title, per se, doesn't mean a lot. What caused the car to acquire a salvage title is more important. In this case I'd want to know what the front wheel camber and caster is as that might indicate damage deeper than the bumper and fender.

It sounds like the interior is pretty good, which is going to raise the value of the car. But the body damage and paint job pull it back down. I'd guess $2000.

[kts]

I think you're on the money with not wanting to spend more than $1500.

[nrubenstein]

Honestly, the only way that I would buy a car with a salvage title is for parts. I'd pay $500 for that car only because I'd like to cut the roof off.

[Bimmerguy91]

Salvage title on an older vehicle like this isnt necessarily a big deal. I totalled my old 944 turbo it was issued a salvage title and then I completely rebuilt the car and the state of Alabama issued it a rebuilt title. Couldnt ever tell it was hit. It was actually a much nicer car after the fact lol. I think youre spot on with 1500. I wouldnt go more than that

[Shangsta]

I would not pay 1500 for what you described, I would not paying anything over 1k and even that is pushing it

[Galacolfield]

too much for that car, i think. my brother bought the same model last month for half of this price. i'm not sure about how much he wasted on repairs and what repairs it needed exactly so i can't tell you. but i don't think that the amount of replacments this car needs is worth it. maybe you should look here http://www.easyexport.us/salvage/BMW/318I/for-sale cause that's the place my brother usually uses to buy cars and this bmw is ot the first one to buy there. probably, you'll find something less wrecked and with a more attractive price.

[M-technik-3]

Walk away, use the metro a little longer and save some extra cash.