Am I missing something?

For what it is, I think they are a bargain, it's general reputation is making them ridiculously cheap. Exaggerating the running costs seems quite common, especially the oil issue.

I have heard 1 litre every 2k which isn't that bad in all honesty. Yes, MPG is an issue, but it is not the type of of car you put high mileage on, that's what a 5 Series is for. If I bough one it would get 5k a year.

I would not make a blanket statement saying it is good/bad, more it deepends on your situation and attitude. If you want a fun great handling car that is reasonably modern and not cost a fortune to buy and run, you could do much worse. In saying that, i am looking at the MX-5 as well lol.
 
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