I would say, really the eye of the buyer. To me, unless it is a late model 325iS/325iX, or Mtech 2 convertible or an e30 M3, they are not worth very much at all. I don't value small tail lights, metal bumpered, non "i" e30's much.
I can see someone wanting it for the clean shell to go on with a crazy engine swap/project. That means, they wouldn't want to pay much for the car since they don't need anything other than the shell.
I would shoot for 2500 and work my way down. ?
www.enthusiastauto.caNeed a car???
--'00 BMW ///M5 .:Jet BLK/BLK:.Individual- Modded
--'07 BMW M5/6.:Indianapolis Red
'91 BMW 850i J Spec Modded
'88 BMW 635CSi Lowered
'81 MB 500 SEC Koenig WILD RIDE