if youre going to repair stuff yourself, aside from the big chunks like engine/trans, theyre still more expensive than smaller bmws because the parts cost more generally but not super horribly so.
i'd replace any v8 bmw's cooling system immediately especially the radiator and closely inspect the motor/trans mounts as excessive movement tugs on the cooling hoses and breaks old ones.
water pump job should be a big job, as by the time it needs to be done (quite likely never done before on an 01) you should do all the other stuff in the area, so that means new coolant tube o-rings, tstat, intake manifold gaskets, valley pan gasket, i'd change the often faulty by then oil-seperator valve at the back of the intake, and replace any rubber hose on the front of the engine that has a plastic molded end.
the rear suspension is basically the same as a same year 5, so there's lower rear balljoints to go bad and wear the crap out of tires (not a hard or expensive fix with the right tools, but there is a special tool for it, rentable though)
if it has the water cooled alternator it's expensive to replace.
easy fix, but if you smell oil burning its often the valve cover gaskets dripping on the headers at the back corners
also the front suspension's thrust arm bushings can cause vibes and bad wear, not hard or expensive either, just somewhat common on old rubber.
my mom had a 96 740iL and i really really loved that thing, even went looking at late year e38 7s a while ago because they just drive oh so nicely.
Dave
