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I’d like to try a social experiment if you’ll allow me; I’d take an E30 M3 listing and say absolutely nothing about it. My hypothesis is that it wouldn’t matter; the car would still generate lots of comments both positive and negative, outlining both the strengths of the E30 and the rapid appreciation of the market. The convergence of factors that has resulted in the M3 market as we see it today is the evolution of not only a naturally occurring timeline coupled with a increase of personal wealth vis-a-vis the ownership group juxtaposed with those who actually ponder ownership. This, in turn, can be viewed as in part the skeuomorphic racing details of the M3 coupled with the natural analogue interface of the E30 chassis. Immersion in the marketplace has resulted in datafication as we try to quantify the various appeals of the models and even sub-models, while the scalability of the marketplace seems to utilize fuzzy logic – models constantly morphing in and out of vogue as the relative price of ownership fluctuates. Modularity in the E30 platform has not helped but convoluted the matter. Coupled with the emergence of internet fora the M3 is the first truly viral car. The rapid influx of various examples in order to take advantage of these previously stated confluence of factors has resulted in, ironically, crowdsourcing in an effort to elicit an explanation:
Let me go on record as stating that I personally have no problems with replica cars. Especially when you consider the price of exclusive originals or cars that are non-existent, tributes and replicas offer people the opportunity to see cars they would otherwise never get to experience. Several of the Auto Union Grand Prix cars, for example, have been built as exacting replicas of the originals that no longer exist; see them in the flesh, and they’ll make your spine tingle just as much as if Nuvolari or Rosemeyer had piloted them originally. But then there’s a secondary tier of making replica cars that are either just expensive or hard to come by; Sport Quattros, S2s, AMG and Ruf models as well as the exclusive RS have always been popular, and an increasing trend over the past few years has been replica M3s. Of course, when the real deal is only a few thousand dollars, making a replica isn’t economically viable. But prop the price up to near six figures, and suddenly the pain and expensive of creating a replica becomes not only popular, but perhaps even lucrative:
If yesterday’s Koni Challenge 997 was a little too extreme for your Porsche dreams, you don’t need to look far for another stunning deal. We’ve talked a lot about what an incredible performance package the 996 twin turbo still is; over a decade on, even box stock these are still cars that perform at near exotic levels. Despite that massive performance, they’re available for a relative song – we’ve even seem some higher mileage examples dipping into the $30,000 range. Today’s example has been turned up as many have, now capable of 600 horsepower ripping pavement through all four wheels. That means your trumped-up Beetle can embarrass most Ferraris, Lamborghinis and some small airplanes for only $50,000. It’s so fast, not only the pictures but even the dyno readout is blurry from speed:
Going to the track is like any other addiction; it has its highs and lows. You may start going with a stock car, but soon you’ll feel the need to modify the suspension, beef up with wheels and tires, throw on some racing brakes, strip the interior and all of that heavy stuff that slows you down like air conditioning, sound deadening, and seats. Then you drop a cage in and hit the track; all smiles, no doubt, but it’s been an expensive journey and your track weapon is really only good at fast laps for a small percentage of its existence; the rest of the time, it just sits or is exceptionally uncomfortable and inconvenient as a daily driver. Plus, modern cars have gotten so expensive and complicated, with enough computer aids that they can nearly lap themselves. What is an enthusiast to do, then? Well, you can look towards some perennial favorites that helped to establish the reputation of BMW; the M3. In this case, I have two examples that are set up to hit the track – a racer E30 and a street-drivable but track-biased E46. Which is your flavor?
I know this probably comes as a surprise, but in general I try to stay away from posting E30s. There are several reasons for this; first, it seems like we have an E30 posted on this site nearly every day. In part that makes sense as it’s one of the best small sports sedans ever produced and there are many different versions, but we like variety here at GCFSB and I like to find the lesser appreciated examples of German motoring. Then there’s the second reason I stay away – the market on these cars is just nuts, especially when you’re talking about the M3. You could list all of the merits of the E30 M3, and there are many to choose from, but at least in my mind the bubble that these cars are experiencing just isn’t justified. Sure, they’re solidly worth $30,000 to maybe $40,000 for the best, show ready examples in my mind – but at double that amount, I find it hard to explain. After all, you can get so many equally (if not more) rare, equally (if not better) performing, and equally attractive cars both from within BMW and from other manufacturers too for less money. When cars like this go through bubbles, to me they just become unappealing. I remember going to the track when these cars were throw-aways; it’s not that I wished I had bought one when they were more affordable, it’s more that I wish the folks with money hadn’t soured the experience for me. Such is the market today that even non-original, less than pristine examples are commanding a serious premium over other desirable cars. The perfect illustration of this is today’s DTM-liveried 1988 M3: