Haha it's not really a $500 rule. They basically have a list of cars that they consider "$500" cars. The 1992-1995 e36 325i/is is on the list.
And the car actually was a $500 car when we started. There is no limit on spending for safety and prep. The car is bone stock except for safety equipment and refreshed OEM parts.
Here's what it started as:
