Well, I have both a Honda and a BMW 3 series so I will share my opinions with you. I bought my 95 Accord Wagon in 96 and it has almost 200k on it. It is not a flashy car but it is extremely reliable and very useful. I thought I was going to sell the Honda when I bought the BMW 2 years ago but I just can't seem to part with the Honda. As for the BMW(Z3 Coupe), I love driving it and I get a lot of compliments on it. It has not given me any real problems but I have less than 40k miles on it and it is a 2001. I would not buy any used vehicle with over 60k miles on it unles I personally knew the owner. As the other poster stated definately have the subframe checked out on the older 3 series.If you are contemplating a BMW you should definately check out
www.bimmerforums.com. You will find a Ton of information there and a lot of good people willing to share their knowledge. I have not priced Honda's in a while but I think you could buy a brand new 07 Honda for the price of a 4 year old Bimmer. Remember that cars years begins in August so technically the 2007's are now a year old. Either way I truly think you will be happy with your choice.
Personally, if it was my first car and/or I thought having the neccesary funds for future repairs might be an issue I would get the Honda. Good luck in you purchase and if you buy from a dealer try to buy towards the end of the month. If they are close to making their monthly goal they will do evertyhing they can to get a deal together. If you get up to walk out they will usually stop you if there is any more room to negotiate. If they offer you a deal and you go to walk out and they don't stop you it is probably the best they can do.