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I'd suggest putting it up for sale at a big discount as a "mechanic's special" and see if someone bites. If not, wait till your buddy is willing to work on it for you, buy the parts and have him fix it, then sell it.
I bought mine fully expecting and prepared for occasional large repair bills. When I first started driving my Dad was paying a ton to keep his older 5-series on the road so I knew not to get into older BMW's unless I was willing to pay. Bought my 135i with 145k on the clock... thankfully it hasn't been too bad but then again it's a bonus car for me and I'm literally only driving it like 3K a year. I'm fine with it just sitting around for a little while as I either work on it or muster up the courage to pay for a shop to do it.
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