Good points, but is actually the 320i and not 328iJust my 0.02 on both cars. I am comparing IS300 vs 328i. Very good choices.
Toyota/Lexus IS300. What can I can. Relaible. Not as expensive for parts & maintainence. Exterior design is nice all around. Interior is pleasing. Braking & power is sufficient.
BMW 328i. Reliable if it is maintained properly. As usual for European cars. Electrical gremlins. Vanos seal. Oil seals, etc. Exterior is as usual very well design. Interior is luxury & seats are firm but ergonomic. Braking is better than IS300. Power is great over the rpm, IS300 is lack on the low end.
Since you are working to pay for it and school. I would go for the IS instead. If you are full time working & can do some wrenching, then go for the BMW.
Either one, good luck & have fun.