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This is among the most asked questions..

Followings are few good read

http://www.bmwclubmalaysia.com/forums/showthread.php?48487-I-think-of-buying-a-BMW...what-is-your-opinion

http://www.bmwclubmalaysia.com/forums/showthread.php?47838-Smoke-underneath-car

http://www.bmwclubmalaysia.com/forums/showthread.php?49850-Mild-white-smoke-from-the-exhaust-pipe

http://www.bmwclubmalaysia.com/forums/showthread.php?46825-E46-318i-2002-auto-to-manual-conversion

http://www.bmwclubmalaysia.com/forums/showthread.php?49833-Low-Cost-Engine-Maintenance

http://www.bmwclubmalaysia.com/forums/showthread.php?49781-Cooling-system-problem..

http://www.bmwclubmalaysia.com/forums/showthread.php?48600-Lower-Control-Armec-Bush

http://www.bmwclubmalaysia.com/forums/showthread.php?48414-E46-318i-cannot-start-(batt-or-alternator)-and-leaking-problem

http://www.bmwclubmalaysia.com/forums/showthread.php?48404-Totally-No-brake-at-all-when-at-highway

http://www.bmwclubmalaysia.com/forums/showthread.php?48120-Why-it-leak-again

http://www.bmwclubmalaysia.com/forums/showthread.php?49801-HELP-Car-vibrates-while-stationary-and-cannot-accelarete

A lot more.. lots to learn from this forum.

Here if you are looking for nice E46 http://www.bmwclubmalaysia.com/forums/showthread.php?49080-Anyone-bought-a-e46-325-2003-2004-lately

Cheers