my 1994 855M has just hit 324,000 one owner miles and has been hands down a more reliable, better performing car than past 240, 740, and 940's I have owned. Heck, it still has the original exhaust!
Don't let people scare you away from the 850, just be aware of the potential pitfalls. I think the manual tranny ones were overall more reliable, but that's mostly based on my own experience.
My rear main seal did not leak till 256k mi. at which time I figured it was a fitting time to replace the clutch so I was not too bummed about the expense.
Big ticket items: rear main seal; A/C evap, auto tranny (if they go bad). I have not heard of any of the engines going bad (unless poorly maintained) Mine still gets 28+mpg and burns a qt of oil every 1500 miles, just like when I bought it new!
Good luck,
Claude
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