Autotrader tend to be quite high priced. If you are going to use it for drifting and a daily at first, I’d worry less about mileage and more about general condition. Facebook Marketplace will probably be your place for a competitively priced car.
Now E46’s – few key things to bear in mind.
- Radiator – replace it – they banana.
- Expansion tank – Replace it – they go boom.
- Rad hoses – replace them – they’re probably 20 years old and shite.
Use best quality bits you can (Meyle HD) are notoriously good in BMW circles.
Body wise – rear arches like to rust, you will also have to plan to drop the subframe at some point, for bushes - factor in re-doing the rear brake lines boot floor supports while you are in there.
Usual suspects too – Track rods, Track rod ends, lollipop bushes, lower front control arms.
Engine wise – well I like a 2.5 petrol or above – I have seen Diesel variations drift with success – up to you really, anything RWD can drift if you want it too.
I’d personally look for a 325/328 with either the M54 or earlier M52TU (2.8 only) and using that – shape doesn’t matter – coupe/saloon/touring – they all party.