Most of my BMWs have been diesels, but some petrol experience with them ..
Older stuff of the ages you mention the first really big thing is autoboxes, if fitted. BMW had a 'filled for life' policy, which basically translated as 'it'll fail when well out of warrranty, and a new one costs a fortune'. So if buying an auto, that either needs to have been done, or budget for it to be done. They aren't actually sealed, and can be serviced, but it requires a fair bit of work and time, and far too many people get it done cheaply (which translates to done badly).
Apart from that, petrol 3s and 5s aren't too bad. A good guide is to go for the 330i / 530i, as the smaller engines won't give much better economy. Expect 30mpg-ish.
As with any car, service history is paramount. The timing chains like regular (preferably annual) oil changes. Be careful of really low mileage cars, as they can go 3 years or more between oil changes. The timing chains shouldn't ever need changing, if it's been looked after properly.
Ideally, avoid anything with 'Sport' or 'M-Sport' in the description, or anything with 18" (or larger !) wheels. Rock hard suspension, terrible tramlining, and a generally uncomfortable ride await the unwary ! Go for the smallest wheels possible (probably 16 or 17 inch) and SE spec.
The 'E60/E61' 2004-2010 5 series is properly comfortable to drive. I had a 520d SE touring (E61 is touring, E60 saloon) with 16" wheels and a manual box, and it was lovely to drive. Never felt underpowered, even on long trips. Furthest day in in was 450 miles, and I got out at the end feeling great.
Check any car that you're even thinking of looking at for free on the DVLA MOT history site. www.check-mot.service.gov.uk/
Absolutely everything is recorded on there, and you only need the make and numberplate. Every advisory note, every detail of anything it's ever failed on. All for free.
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