for a 16 yr old, it's pretty cool to get a BMW in the 1985-89 range, especially when used BMWs are getting cheaper, my first BMW when i was in high school was a 1978 328i. it was the worst car i ever had to drive but after i got it fixed, it was actually fun, no power steering but you get used to it, i have then since moved up to a 1984 315 but it was an automatic, i loved the body style on that, the engine was just retarded, had to sell it but i went to the 5-series and got a 1988 528e, i handed it down to my sister because i go to school and have to drive a honda civic, it's good on gas mileage and i like it (eff you if you don't but i don't care) but now im looking for another 3-series, at your age, ur lucky to be considering a BMW as ur first car, thank ur parents for that, good luck in finding a good BMW.
vs the 1994 wich is the newer body style but not a convertable. I always dream of a convertable but Im not sure if its worth the sacrifice of the older car to get it. I am a perfectionist so I am picky about the car looking mint inside, it better look like it just came off the show room floor (this has caused most of the problem in my search because not many meet my requirements, and the ones that do charge a premium). I plan on putting on new wheels, suspension, all new audio, and upgrade other little things as i see fit.