I'm not yet and owner, but I am considering an E34 525i as a project car. A friend at work is selling a rolling shell (no engine or gearbox) for £200. I've seen photos of the car, it's red, with pretty poor paint condition (rear quarter and spoiler are heavily faded), however I'm told the rest is in good condition, and drove well before the engine was pulled out due to excessive smoke. It has a cream cloth interior by the looks of it. Anything I should look out for when I see the car?
I just wanted a bit of advice as to whether this would be a good project car? I have a small garage and minimal tools atm, but I plan on spending a couple of years fiddling and gathering tools I need. With the ultimate goal of sticking something like a manual coupled with a straight six out of an E46 328i, or an M62, and possibly going supercharged.
Am I likely to bite off more than I can chew here, or is this something that is doable over a few years with a meagre budget?