Pre-Production: 2001 BMW M3

I mentioned yesterday I’d look at a M3, and here it is. There were some 26,202 E46 M3 Coupes to choose from when considering the model. So, often sellers and buyers are looking for something special to help differentiate their M3. Usually that manifests itself in color, miles or mods, but today’s example is quite unusual. Official production started rolling in early in 2001, but today’s M3 is claimed produced in June of 2000, making it a pre-production example of the legendary coupe. There seems to be good documentation to back up the claims that are made, along with a very unusual-to-see set of options. So is this the one to get?

CLICK FOR DETAILS: 2001 BMW M3 on eBay

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Caveat Emptor: “1988 BMW M3”

Update 9/13/18: After being listed as sold for $27,300 in February and then again for $35,900 on April 5, I wasn’t hugely surprised to see it back up for sale. This time bidding has started at $25,000 and the Buy It Now is listed at $50,000. Will it actually trade hands?

If it looks like a duck, walks like a duck and quacks like a duck in today’s collector world, you might still be looking at a turkey. So valuable have some cars gotten that it’s worthwhile for enterprising individuals to undermine the market with a less-than-honest example. The problem is that it seems all too easy for those sellers to misrepresent the vehicle, so it then becomes incumbent upon the buyer to investigate the background. Beyond that, though, sometimes I think buyers are so eager to get a “deal” that they’re often willing to overlook what’s highbeaming them right in the eyes.

Case in point; today’s E30.

Obviously, the M3 is a hot and desirable car. That’s nothing new and we’ve talked about it plenty of times. But there are quite a few less-than-desirable examples out there. It’s also possible to create a replica of the M3, because of the relative plethora of replacement parts or wrecked examples. Granted, this comes up in the 911 and muscle car market a lot more, but it’s happening for BMWs, too.

So while the photographs of this “1988 M3” look great at first glance, what’s wrong with what you’re looking at?

CLICK FOR DETAILS: “1988 BMW M3” on eBay

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1995 BMW M3

Update 9/13/18: This M3 sold for $19,201

While it was the E30 M3 that I lusted over as a young teen, I came of driving age with the introduction of the second generation E36. I still remember sitting in one just like today’s; a 1995 Avus Blue with gray manual Vaders. At nearly $40,000, it was about as far away from me as the moon landing, but it was my dream car. I didn’t really care that the engine wasn’t the special individual throttle body motor Europe got, or that the headlights weren’t as nice. I cared that it was in the U.S., it was a great color, and because they were being sold that meant that I might be able to get one some day.

Fast forward to today, and if I’m completely honest Avus Blue isn’t my favorite color from the early M3 lineup anymore. Given the option, I’d take either a Dakar Yellow or Daytona Violet example. But all three are fairly rare to see among the first 10,000-odd 3.0 M3s brought in before the light revision to the 3.2, when the color pallet changed. Few appear in the low-mileage, completely original condition of this particular Avus Blue and for me it’s a reminder of everything I loved the first time I saw it:

CLICK FOR DETAILS: 1995 BMW M3 on eBay

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Feature Listing: 1995 BMW M3 Dinan S3-spec

It’s interesting to consider how enthusiasts today view the E36 M3. Generally speaking, you’re either a completely devoted fan who insists that the E36 is not only the best M3, but perhaps the best BMW ever made. Why stop there? Why not go straight for best car in the history of the world, ever? On the other side of the coin, detractors love to point out that the second M3 was softened up for the U.S. market, that it wasn’t as potent, as pure, as Motorsporty as the original curb-hopping, box-flared legend.

Arguably, they’re both right. It’s certainly true that BMW made the decision to tone down the M3 for North American consumption. That was a really good thing for two reasons: one, that we got it at all, and two, that it remained affordable. Consider, for a moment, that the E30 M3 had grown quite expensive to sport all of that motorsport heritage. By 1991, the base price of the M3 was $35,900. Of course, it was competing against even more expensive cars like the Porsche 944S2, which was a further $10,000 more dear. While we can talk about driving spirit all day long, if we look at the fact sheets what you got was a bit soggy in comparison to today’s cars. Inflation corrected, the M3 would be around $62,000 – pretty much spot on the entry price for today’s M3. The new car has more than double the horsepower of the original and enough tech to launch all of the Apollo program missions.

So what was really exciting when the new M3 was launched in late 1994 was that price point; $36,000. That was some $14,000 less expensive than the European model, and yet performance was within a few clicks thanks to a revised version of the 325i M50 engine. In fact, many – including notoriously BMW-savvy Car and Driver – suggested that the U.S. spec M3 was a better choice than the more exotic Euro model for our roads.

Today, the E36 M3 remains for many the smart choice within the lineup. Long overlooked as the obvious choice, prices have remained low relative to its predecessor and even its replacement. Modern comparisons often skip the E36 entirely. But that doesn’t mean you can’t get exotic performance and looks from the middle child:

CLICK FOR DETAILS: 1995 BMW M3 on eBay

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1997 BMW M3 Sedan

Just last night, a friend informed me he had “acquired an older BMW”.

“Willingly?”, I asked. He affirmed he had contractually agreed to this life changing experience. “What model?”, I furthered.

“A Z3”.

Now, supportive friend Carter probably should have nodded in approval. After all, the Z3 is great value for the money. They’re cheap to buy, cheap to maintain, and fun to drive. But what actually came out of my mouth was laughter. Not maniacal laughter, mind you, but just the uncontrollable mocking type that you immediately feel a bit bad about. Hoping to redeem the situation a bit, I prodded “Six cylinder…?” Nope. 4. I contained further laughter at this point, but I was grasping for straws. Meekly, I ventured “…..manual….?” hoping for some affirmation. “YES!” he happily retorted, glad to finally confirm a question of mine.

It’s actually a nice car, and it’s in great shape, and he paid almost nothing for it. But from the same period, BMW had some other affordable, fun to drive and even more potent options for enthusiasts. Take, for example, the M3 Sedan. Like the Z3, it was rear drive. Like the Z3, it has a manual, and they share some achitecture. But while the Roadster has a bit of a stigma that results in enthusiasts’ dismissal, the M3/4/5 has developed into a legend in its own right. Damn the fact that it didn’t have the more exotic Euro motor, if you want a cheap and pure driver’s car while still being able to comfortably transport 4 adults, they don’t come much better than this platform:

CLICK FOR DETAILS: 1997 BMW M3 Sedan on eBay

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1995 BMW M3 Lightweight

I’m going to continue on the M3 theme, and again we’re looking at a ’95. Just the other day, I pointed out how the E36 M3 – even in ‘diluted’ USA form – was a great value for a driver-oriented enthusiast compared to the E30 M3. But that’s not true of all E36s. There’s the Canadian M3 – essentially, a Euro import with all the verboten goodies we didn’t get here, one of which we saw sell last year for $65,000. There the M3 GT, which also upped the ‘special’ quotient quite a bit on the mass-produced M, and also will cost you a pretty penny. But for U.S. specification collectors, there’s really only one option in the E36 catalog: the Lightweight.

Over the past few years I’ve written up several of these cars as speculation has continued to grow that this will be the next logical step in market capital following the E30. Asking prices have been, at times, what most would consider outrageous for the E36. But never quite this outrageous. I hope you’re sitting down, swallow and move the drink away from your computer. Consider yourself warned.

CLICK FOR DETAILS: 1995 BMW M3 Lightweight on eBay

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Litmus Test: 1991 BMW M3

Update 4/20/2018: After showing sold again at no reserve for $46,400, this 1991 M3 is back again on a new no reserve auction. Bidding is currently much lower, but I have a feeling that even if you’re the high mark at the end there might be shill bids involved here.

Update 3/28/2018: Although it was listed as no reserve and sold at $39,900, the 1991 M3 I looked at in February is back again on a no reserve auction. With a day to go, bids are already in excess of February’s auction. Will this one actually sell this time?

I’ll refrain from my typically verbose introductions, as even the few who only occasionally peruse our pages will need to hear about how, when, or why the E30 M3 came about. There’s not really much point in talking about the mechanicals, either – ‘S14’ has become nearly as recognizable as the chassis designation. Nor is this particular M3 a special edition, limited run, or race car. It’s not completely stock, it’s not perfect, it doesn’t have super low mileage, and it’s not the best color combination. No, there’s really only one reason to talk about this car. Price.

For a while it was only really outstanding M3s that were bringing big bucks. Pundits called it a bubble that was due to burst at any moment. I’m not here to say they’re wrong; it certainly does seem unsustainable. But, then, the U.S. economy also is pretty unsustainable if you boil it down to some basic facts, yet it seems to keep on rolling. And just two weeks ago another (albeit low mileage) example sold for $102,000. So today’s M3 is particularly interesting not because it’s the best or most rare example out there, but because it represents a much greater majority of the pool; cars that were driven and modified, even if only a bit, from their stock configuration. Yet unlike nearly all that are for sale today, the seller of this car has taken the brave step of testing what actual market value is:

CLICK FOR DETAILS: 1991 BMW M3 on eBay

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Roll the Dice? 2004 BMW M3

So guess what caught my eye here? No surprise, if it’s a yellow M3, I’ll bite. This one grabbed my attention first because of the hue, then the price – just under $14,000 on a no reserve auction? Well, it must have a million miles rig….nope, not here. So it MUST be an SMG then, right? NO ONE wants a SMG because the moment you buy one they will murder you in your sleep and kick your dog and shut down the government (*according to actual internet comments I’ve seen). But nope, it’s a 6-speed manual.

But the more I looked at it, the more questions were raised. Why was no one bidding on this slick E46?

CLICK FOR DETAILS: 2004 BMW M3 on eBay

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Feature Listing: 1990 BMW M3 Sport Evolution

While the name “Evolution” become synonymous with Mitsubishi’s WRX-fighting Lancer for the X-Box generation, the term had much greater meaning for racing fans in the 1980s and 1990s. That was the period where homologation really took off; in order to be eligible to race, the FIA stipulated a certain amount of vehicles generally matching the race version of a car would have to be produced. This resulted in some great race-inspired production cars, and in order to best each other on the race track manufacturers would be forced to modify those cars. In order to have the modifications legal to race, the maker would have to introduce those significant changes to the road-going model, too. Those changed models would be termed “Evolution” to differentiate their model changes. As a result, enthusiasts ended up with ‘Evo’ versions of the Ford RS200, the V8 quattro, the Mercedes-Benz 190E 2.5-16 and, of course, the M3.

The M3 Evolution I was first introduced in 1987 with only a slightly revised motor. The Evolution II followed in 1988, and signaled the first real changes in the lineup. Major alterations to the aerodynamics, bodywork, chassis, and engine netted more power, more downforce and less weight for the FIA-regulated 500 units sold to market. Iconic even within the impressive normal M3 production, these fan-favorites generate feverish bids when they come to market.

But there is an even more desirable variant: The Sport Evolution. BMW Motorsport GmbH maxed out its E30 development in an all-out attempt to dominate the world’s racetracks. A new 2.5 liter S14 cranked out nearly 240 horsepower, while the same ‘add lightness’ recipe was prescribed; lightweight glass and body panels were met with adjustable front and rear spoilers. Signature 7.5″ wide BBS wheels were now darker Nogaro Silver and 10mm closer to the body thanks to lower suspension, while special Recaro seats kept you firmly planted inside from the g-force they were capable of generating. It was as if BMW took all of the best aspects of the E30 and distilled it down into an even more pure form. Produced only in Jet Black or Brilliant Red, 600 of these super M3s were rolled out to fans and remain arguably the most desirable model in the run:

CLICK FOR DETAILS: 1990 BMW M3 Sport Evolution at Lusso Fine Motorcars

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2008 BMW M3

Some cars clearly have interesting stories associated with them. A few of those stories are very compelling; cars that have lived their entire lives with a single owner who lovingly lavished gifts of unfettered maintenance and weekly detailings. Other times is a car which has somehow beaten the odds, appearing in completely original and untouched condition.

But more often than not the stories make you want to run away. Perhaps it is an accident history, lack of detail, or high price – whatever the case, there’s reason to be suspicious. With that in mind I consider today’s M3. What initially caught my attention, obviously, is the color. Phoenix Yellow Metallic was not a standard color on the E9X chassis, so finding one in that shade must mean that it was a BMW Individual car, right? Well, that would make this car very, very rare. There were a total of 865 Individual colors for the E9X, and of those only 2 are recorded to be Phoenix Yellow. That’s right, there are more E46 models painted Phoenix Yellow by BMW Individual after the color was discontinued in March 2005.

On top of that, the car has Fox Red leather. Now, that combination may not be for anyone everyone, but it certainly makes this car pretty special. Mileage, while not very low, also wasn’t outrageous. To add to the positives, there’s a host of Dinan upgrades and even disclosed maintenance. For all you DCT haters, it’s a 6-speed manual, too. And then there’s the price – $26,000. This car is into the same price bracket as prime E46 models. So, what gives?

CLICK FOR DETAILS: 2008 BMW M3 on eBay

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