Perfect is in the eye of the beholder. My 535iM is perfect....for me. I bought it for $3k and it need complete suspension redone (fine I would do that anyway). The paint is only fair with plenty of battle scars in the form of chips and some scratches with one rusty ding in the rear quarter that I can repair (fine, no garage queen for me anyway). My interior was pretty good except for the door panels which were delaminated. I repaired these by making new patterns for the door panel inserts and covering them with ultrasuede black material which is a nice contrast for the tan (natur) leather seats. Added BMW Business CD. Replaced blobed computer. Interior now is pretty good, a nice place to be.
I was fortunate to have an ice cold AC and a new clutch and brakes. I ultimately replaced the front brakes anyway with M5 units which I picked up cheap through another list.
I replaced the entire front suspension, upper and lower control arms, steering, tie rods, springs, shocks. Rear springs, shocks, pitman arms. Replaced diff with 3:64LSD. New tires, 17" wheels. Short shifter. Strut brace. New exhaust.
There's more, a lot of replacing fluids, bushings, bulbs, filters, spark plugs, wires, etc.
In the end, I have about $7,500 - $8,000 in the car and it is a running SOB. It looks good and gets a lot of compliments. It's not perfect for the sort that frets over a little chip or two but if you want to be a street sweeper and an autocross/track contender, then my car is the place to be.
You want a perfect 535iM, make it yourself.
Mike Holbrook
Meridian, Idaho
1992 535im, 17", Euro M5 Throwing Stars 8's & 9's, FK-451 235/45s & 255/40s, M5 Sway Bars 25/20, Conforti chip, Lowes Ram Air, glass sunroof