BMWs are sweet on the track, but their recent reliability track record isn't all that. German cars were never known for reliable electrical stuff, and it seems like the more you put in there, the more stuff there is to go wrong. As much as I like the new BMWs, I don't think I'd ever own one out of warranty. And if it comes to owning an old bimmer, I would either pick an E30 or E36.
Driving is pretty simple as long as you follow some basic rules.
1. Be smooth. That includes any imput you can make at all. If you are jerking the wheel, slamming on the brake, don't have your gear ready before corner, kicking the tail out of the corner, you are losing traction, and therefore have slow corner exit speeds.
2. Slow in, fast out. It is better to come into the corner slower, and have the car positioned for fast exit, than other way around. The microsecond you are trying to shave while slowing down is going to cost you much more than that on the exit, because you will be fighting the car mid corner, and will not have time to position the car correctly. A lot of people make that mistake and wonder why their mega horsepower car can not overtake a 150hp datsun on the front straight.
3. Follow the race line. It's called race line for a reason, because it's the fastest way around the track. This usually involves the outside to the inside to the outside routine, because you are not losing too much speed through the corner. Always track out as far as you can. You have rented the track, use all of it. If you are tucking the corner, you scrubbing off speed. See which part of the track is the lightest, because that's the part of the track most used by other cars.
4. Look ahead and use peripheral vision. All too often rookie drivers concentrate on what's immideatly ahead of the car, that they fail to look ahead and anticipate what's coming up. If you can't anticipate what's ahead, then you can not setup the car properly before the turn, and you lose smoothness, and in turn lose speed. Use your peripheral vision as well, because it allows you to sense if there are any other cars around you, and makes you a safe driver.
Just a few driving tips off the top of my head.