I currently own a 1989 BMW 525 red 4-door sedan. 158,361 miles. This car drove wonderfully until I blew a head gasket. It still runs but will obviously overheat. Other problems it had prior to blowing the head gasket are:

-crack in windshield on passenger side
-fluctuating idle (http://www.bmwe34.net/e34main/trouble/hunting_idle.htm)

see this site for pictures:
http://newyork.craigslist.org/lgi/car/36707599.html

$1500 best offer
I'm located approximately 50 miles east of Manhattan on Long Island