with $15k-$20k you can definately get a 1997-1998 and even a 1999 if you look hard enough. I would say, go with a 1998 with low mileage, because i am in the same predicament as you are and that is what i am looking at. As of now, i cannot say what year to stay away from but i dont believe you will have major problem with BMW, at least not more than you would any other car. Oh and, to update the look of the car, check out bmwaccessories.com If you buy a little underbudget, you can buy $1200 headlamps and $300 taillamps and make a 5 year old car look as if it is a 2003...it's great! That is what i am planning to do!
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