Im buying ANOTHER E36, Do you think it is a GOOD deal?

[Blackedout325i]

I'm looking into buying somewhat of a project car. It is a black 1992 318is(200,000 miles), the interior is kinda bad and the exterior has some issues but its ok.
The guy wanted $2000 for it but I got him down to $1600.
It didn't pass smog and thats why it is being sold.
I think it is just a O2 sensor, nothing major.
I did a compression check and got: 210psi,210psi,197psi,210psi.
The car runs pretty good for its condition, it has about 200,000 miles on it.
How much life(miles) do you think is left in this car?
Also what else should I look for before making a purchase that could cause me big problems later?

:help Any help/advice would be a major help because I cant decide.:help
Thanks in advance for the help.
P.S. its for my girlfriend, not me.

[dieseldriver99]

I'd think it's a bit of a stretch, however, you might be able to part it out and make some money if the body is original and in relatively good shape.

How much life it's in it you ask? This is very subjective, and get ready for a Posting storm.

Personally, if it was not driven hard, ie the engine, tranny does not need major overhaul, then you're probably looking another 25-75 Kmiles, but this is being optimistic.

You might as well buy it, drive it until it dies, and then part it out rather than trying to fix it. On the long run, if you decide on fixing, you might as well look for one that has been babied and in nicer condition to keep it for another 3-5 years.

[neverman]

Should last a lot longer than that IMO, you think it's gonna die based on what exactly? His compression is fine. It needs a tune-up or maybe just the O2 sensor replaced?

I'd check the suspension, if it's not newish, you're looking at a lot of worn out items, most a fairly simple but time consuming project... that isn't cheap.

If it drives fine, it's probably better than most other $1500 cars out there. I sold an old 323i (e21 grey market) after 300k miles only because someone begged it from me. If it's maintained and not rusting out, it can go forever... literally.