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As a youngster myself, I think it's best for you not to buy a BMW if you can't afford a newer model. You said that you wanted a BMW with less than 110k miles, so 100k would be okay with you right?
That's just crazy.. The car's maintenance will make you go bananas, unless you have a lot of $, which I don't think you have, otherwise you would consider newer models.
Get a cheaper luxury car, say Acura or Lexus, with a better year and mileage. Keep it for a couple of years (while saving money). Next couple of years, check your back account and see if you already have enough Benjamins for a real BMW.
Driving an old basic BMW is not cool. Driving a slightly old fully loaded Acura or Lexus is much cooler - trust me.
I'm 20 yo and I got my first car when I was 16. So I know what I'm talking about. I just went though what you're about to.
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