Damn that sound pretty rough, this one has 100k on the clock so I’ll watch out for that. Actually visited a BMW mechanic today turns out I have 2 leaks (they don’t drip on the floor and when I bought the car it hadn’t driven in 3 months so the leaks were washed away or just dried up so I missed it). I have a radiator seal leak and an oil filter seal leak. He’s going to repair this and he’s also going to do a check up on several things such as differential oil and change my brake pads. This is going to happen saturday so I’ll keep y’all updated. Parts + labour €220 not too bad 
Not too bad, indeed. Good luck and please let us know what is found. Best wishes.
The oil filter housing seal fails on all e46s after 10-15 years. The seal is cheap but it takes an hour or so to remove the belts and alternator and oil filter housing, replace the seal, and put all the stuff back.
Lots of plastic parts of the cooling system fail and leak. The most common leak is the O-ring on the temperature sensor in the lower radiator hose, The second most common leak is the expansion tank. The expansion tank fails catastrophically, blowing out all the coolant water in a minute or two, so that is not the problem this time,
The seals have been changed, turns out they were hardened an one even snapped as you’ll see in the picture below. The mechanic also did a check up and said that overal my car is in very good shape and that if I do my maintenance regularly it can last a long time. Also VANOS unit has been changed by the previous owner so that’s not my concern nor worry anymore.
Soooo, new update:
Check oil light came back on again when car turned off (a week after roughly 900km). It came on after shutting the engine down this apparently means that I’m kinda low on oil but not low low. Then it didn’t pop up for 2 days and next thing I know it pops up a few times while driving and EVERY SINGLE TIME when turning off the engine so I was like this damn sensor man it’s getting on my nerves. Drove the car to my garage and I checked under it to see which brand the sensor is. (if it’s no name it’s bad and will fail.) I also checked my oil level but I don’t trust my dipstick because it’s very hard to get in and it’s missing a piece but it seemed fine. Once under the car and armed with a flashlight, I saw oil next to my drain plug on the sump pan and when I investigate further I see that the oil is coming from where the 2 pieces of the pan are put togheter. I cleaned them with brake cleaner and I’ll check tomorrow. I think that my oil pan gasket is RIP. Whoever says E46 says oil leaks I guess 
A small oil leak shouldn’t cause the oil pressure warning light to come on. At least not as long as the oil level on the dipstick is above the low mark. Those oil pressure sensors for the dummy-light are a common failure item b/c they contain moving parts, so you might want to just try replacing that part. If after that the warning light still comes on during driving you’ll need to get your shop to measure the oil pressure w/their shop gauge.
You should have had the oil level sensor replaced when the car was in the shop for the oil leaks, wasn’t the oil level sensor your original concern?
It’s not the pressure light george, the pressure light is red, my orange light pops up. And it was but I had changed my oil a week prior to that and dont’ want to waste perfectly good oil. The valve cover leak and the oil filter housing leak are gone but now it seems that the oil pan gasket is leaking a bit too. If this really is the case, I’ll take it to the shop and make him fix that and put in a new sensor at once.
These might be on interest … best of luck OP.
Thanks George! I have an appointement with the mechanic tomorrow, he’s going to take a closer look.
Turns out I was right, oil pan gasket and the sensor are RIP. Orded those and he’ll take on the job next week! Cost me €129 in parts, €90 (1.5h worktime) and €42 oil which is not too bad. He inspected the rest of the car and even drove it this time and pointed out that after this there’s little to worry about, so I’m happy with that
So I changed every gasket imaginable: OFHG, Valve cover gasket, a third gasket that I don’t know the name of and the oil sump gasket + the oil level sensor. And this really frustrates me like it legit does, I just turned off my car and it give me the oil light AGAIN. I literally cannot think of any reason why this light would come up. I even bought a new OEM dipstick because the old one did not do it’s job properly and I’ve been getting maximum oil level over and over… I think the connector might be dirty or so but I’m so done with it I’m 2 inches away from just pulling that darn light bulb out. Anyone have any suggestions/ideas ?
It did it once a few hours ago and since that moment I turned off the car several times and I did not get it again…
A quick search on the bimmer forums showed that this is a common issue with the e46. Many said the light will come on after the car is shut off when they are only a 1/2 quart low. Apparently the oil level sensor/circut is very sensitive in this model. You said you don’t trust your dipstick because a “piece was missing”. I suggest getting a new dipstick so you don’t question its accuracy. I would then have the oil pressure checked with a mechanical gauge…(you haven’t said whether or not this was done) just for peace of mind. Then if your confident the oil pressure is good and you can trust your dipstick, I would do my best to ignore the light and enjoy the car.
If the dipstick does the job, I’d just put a piece of black tape over that light if it continued to pop on like that. You could eventually figure the problem out by measuring resistances incrementally from the sensor to the computer, but why waste time on that when there’s a simple alternative?
Seems like an extraordinary effort to restore a feature that most cars do not have. Was the oil level ever low due to those leaky seals? Older engines sometimes leak but the loss is usually insignificant.
Already bought it
Yes it was