So it is something - 200bhp automatic barge from early 90ies. That's hardly "not anything".
And as for FOUR THOUSAND. It's relative. I can find you people who couldn't imagine why anyone would fork out 7000 on intergalactic mileage 5 series when you can buy perfectly "doable" Kia Magentis with 5 year warranty for the same money. I suppose if you don't find any common platform with people who simply don't want BMWs or just any barge, 4,000 pounds for japanese taxi might seem like a strange idea.
I've imported few japanese trucks and cars myself in a day, had a Stagea for a brief moment when my daily car being incapacitated, had Japanese Hilux or two, and to be honest, if my mileages, petrol prices and my steep and angled driveway would allow it I would go and fork out 6 or 7 grand on a 10 year old, low mileage Stagea over any European barge in a heartbeat. Ugly or not. It's the car I like. It's the car I feel good in. I don't care it doesn't have Volvo dash and IKEA furniture inside, I don't care that seats look like they were made of reused bus carpets. It doesn't bother me that Chevy Chase called and wants his 80ies dashboard back. I like that car. I feel good, and confy inside and it does everything I want from the car and more.
Translating pristine condition, cherished, low mileage japanese imports into "what could you get for £4000 at your local green verge" just doesn't work. There is a point where you want something particular, point where the choice is purely subjective. An equivalent of "this £7000 intergalactic mileage old beemer over £6000 Mondeo still under manufacturer's warranty". And at that point, especially in case of Japanese imports, sum of money just doesn't co-relate to alternatives. It's kind of like questioning why would someone order 50 year old sofa from Italy when you can have perfect set of Argos sofas, made of finest Chinese leather, with two free setees for the same money. And half a million people who bought it before can not be wrong. Right?
You missed a crucial part of my post which negates the entire above rant - ie, i actually agree with you!

Lots of cars are awful value for money, my point is that you cannot expect people not to question the purchase. After all the car is obscenely expensive for what it is, and to many (myself included) i can see no appeal. The ONLY reason the BMW was mentioned is that it is another (superior, or at least my opinion & from a technical pov) barge for the same kind of money available domestically.