being ur car is 130,xxx miles old, blowing a hose or the expansion tank is bound to happen.
since this is gonna be a DIY job, fill the car with water and trace down the leak. when u find it, if u'r new to the BMW E46 club, look for a DIY vid on youtube (or here) on how to change that specific part, and u should b good to go
however, i advise to do an overhaul of the entire cooling system once u start getting ur pay check to prevent cooling related breakdowns...

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