only if you do the repairs yourself. Speaking as someone who paid a (I thought quite reasonable) ten grand or so for a '92 bmw in '99 or '00, I was rather shocked at what you get charged when you drive one into a garage.
If you work on them yourself, sure, then it's not much more expensive.
Oh, also, I'm fairly certain that the German brands are actually a good bit less reliable than the Japanese brands in general. I know that my experience with a less than 10 year old BMW was that it was rather less reliable than my current more than 10 years old Nissan.
I mean, the BMW is a nice car; in terms of handling, I agree that you are getting something for the money. But don't kid yourself. It's going to be quite a lot more expensive than a Japanese car, even if the up-front cost seems reasonable.