What is the price for perfection? We saw Andrew look at a perfect and near brand-new W220 S500 yesterday, but his cutting critique of that car was, as several people noted, spot on. It’s not a desirable model, nor is it one that is likely to be collectable anytime soon. For some time, the same was said of the E36 M3. However, quickly things are changing. Several high-priced examples have come to market recently that have investors questioning if the E30 is the go-to it was for the past two years. Most notably, we saw the one-off Giallo Canadian Edition ’94 M3 hit near $65,000. That car looked near showroom fresh, having only accrued 30,000 miles since new. Today’s example has only about one third of that:
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The value of E36 M3s has been much debated over the past few years, with detractors snickering and deriding every asking price and speculators suggesting their worth is many times the average selling price. While it’s true you can find cheap E36 M3s, the question remains – where is the market going on these cars? The result of their relatively low value for such a protracted period means that today there just aren’t the glut of good examples that there once were, so when a really nice one comes along, now too do the bids. Case in point – today’s 1997 Coupe. A quick search of my local Craigslist ads suggests I can buy one of these for $6,500. No, actually, I can buy four of them, all for $6,500 (or less). So why would I pay more for this one?
CLICK FOR DETAILS: 1997 BMW M3 Coupe on eBay
Conventional wisdom would have it that North America was robbed of the “real” M3; the undiluted, S50B30/B32, individual throttle body, floating rotor, continuously variable VANOS enthusiasts’ dream. Conventional wisdom, though, is wrong. Exploiting a loophole in importation laws, in 1994 BMW Canada commissioned a run of 45 exclusive European-spec E36 M3s. These were the full-fat BF91 rather than the BF93 which would come slightly later to U.S. shores. That meant the full spectrum of Euro goodies were optional on these cars, but most notably the 286 horsepower engine was the highlight. Each got a numbered plaque to commemorate fooling “The Man”, the only real changes from standard specification were the additions of daytime running lights and a third brake light to meet Canadian road laws. Sure, your E36 M3 is special, but these Canadian Edition cars are more specialerer. And this one isn’t in Canada anymore – it’s in the U.S.. Feel cheated no more, E36 fans!
CLICK FOR DETAILS: 1994 BMW M3 Canadian Edition on eBay
When I went away to university, my dad finally got his hands on the best BMW he ever owned: a six-speed E46 M3 convertible in carbon black. He would put the roof down whenever he could, just to hear the raspy S54 motor sing from those quad tail pipes, even if the weather was crap (which, being England, it frequently was). With 333 hp squeezed from that naturally aspirated, race-tuned straight six it was fast, comfortable and relatively practical; a performance car you could daily drive. I’d like to own one myself one day, though I’m not willing to put up with the compromises made for the convertible, so I’d go with a coupe instead. I even have my ideal spec picked out: a six speed manual in stahlgrau (steel gray), a gun metal color discontinued after the facelift of ’03 and replaced by the more mercurial silver gray. While steel gray was not unique to the M-cars, I’ve always thought it suits the bulging lines and wider track of the M3 very well.