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Hello guys. So I just picked a 1996 328ic for only $230. Nope, that's not a typo. I actually paid $230, and yes it runs and drives.

Some info about the car:
It's a 5-speed manual 328ic with 108k miles on the clock. It does run and drive, but obviously for $230 it needs plenty of work.


So here's the problems I've discovered so far:
Cracked windshield
AC Removed, and the climate control unit is missing.
Car lacks power in the low-mid range. Before roughly 3500-4000 there is barely any power.
Car is hideous. Mismatched wheels, it looks like it was LITERALLY painted with watercolors, and the interior is worn as hell.
Power-steering makes a horrible noise
The exhaust sounds like complete ass. It's some aftermarket muffler into what looks like a stock cat. However it just drones for days.
Neither windows work. Driver side does nothing, makes no sound. Passenger side the motor works but the window is off track.
There's this heat that comes from the bottom where your feet rest. Idk what it is, but it feels like the heater is turned on max only to your feet.
It reeks of gas, it doesn't seem to be leaking it, but I'm guessing it's running rich.

Besides that, it does run and drive quite nicely. After 4000RPM it pulls pretty well and it drives smoothly. It shifts fine, it runs nice and cool, and it doesn't seem to leak anything.

So my questions right now are...
1. Any idea why it lacks power? I'm 95% sure the problem is the VANOS, but do I replace it or fix it somehow?

2. Any ideas for exhaust? I'm fine with it being loud, I just hate that horrible drone.

3. Any ideas for why it's so hot around the pedals? I'm thinking that having no climate control unit may be causing it, but idk.

4. Any thoughts on why it seems to run rich?


One more thing, is it normal that when I put the key in the ON position, none of the check lights come on? Or maybe the PO unhooked it or something so i don't see the check engine light.

Also I'll post some pictures in the morning, but beware... it's ugly as hell
 
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