It depends whose driving the car.. if its a guy and hes not 50+ they ussually will wave, unless they are fags... if its a woman she wont wave... its gotten to the point where when i see an e46 325i i just assume its a 40 year old woman.. fecking auto 325's.
Anything other than a 3 series and i dont even bother.. e39's no way, 7's no way, some e34's, whenever i see an e30 (which is rarely) they ussually will.. Generally e36's around here wont, unless its an M or a modded 6 cylinder. 318 = the teenage club mobile.