Should I sell my 1998 BMW 328I?

I am a new BMW customer. I saw a cheap
BMW 328i for sale for $1000 dollars and I
thought this was a great deal since thats all
the money I had. The miles on it was
222,000. The front bumper was a bit broken
but everything else was in good shape as
well as the interior. This would be my first
car so I got so excited until I did some
research after and noticed most things for
BMWs are expensive and also the miles on
my car are really high. I don't really know if I
should keep it and make it a project car and
learn about cars and engines and all that but
save money first. Or just replace the engine
for one that has very low miles on it and also
replace the other parts of the car with high
miles. Another option would be to sell it for
1000 just to get the money back and get
another kind of car or just one with less
miles. What should I do on this situation ?
I'm new to all of this
Please help