In the late 1970s, the BMW 2002 reached the low-value point. They were just used cars and starting to rust at that. If you had $1,000 to spend, you could have gotten a pretty good one. I had five or six of ‘em. Values have been increasing steadily since, as is evidenced by this 1975 2002 here on Craigslist in Greenville, South Carolina with a $2,500 firm price.

These days, a 2002 under $3k is going to get a lot of looks. It’s a ’75, the second year of the square taillights and the last year for the model. These two-liter cars produced only about 100 horsepower, but in such a light vehicle (2,282 pounds, unladen) it was enough for some very spirited driving. If you wanted more oomph, there was the 2002 Turbo and the 2002 Tii, both of which are now very collectible.

While the basic body of this 2002 doesn’t look too bad and no accident damage is visible, the driver’s side floor pan is completely rusted away. Once rust gets its never-sleep hands on a 2002, it’s not likely to be pretty. This is a major project for somebody.

The owner maintains the frame and trunk are solid, but underside photos are limited. And the car’s engine and transmission are “mechanically sound,” but it won’t start because of a “minor wiring problem.”

The ad says it’s a five-speed, which if true means a conversion—they were four-speed cars. I see some new parts installed in the engine bay (including a coil) and the air cleaner is in the trunk.

Other challenges: The gear shifter linkage “is wobbly and will need to be tightened.” The interior is jumble of miscellaneous parts, but there are some non-original red seats in place. The car comes with another set of seats, the missing bumpers, ATS rims, an Ansa exhaust and “many miscellaneous new and used parts.” Maybe the door cards are around somewhere. This is clearly an ambitious restoration that got stalled.

Yes, Mr. Seller, it’s a “pretty cool project” for 2002 lovers, but only those with the full range of restoration skills—or a deep pocket book. The finished product would, of course, be very nice.