The E30 M3 has, for all intents and purposes, been driven out of the reach of most mortals with an average job. We all know that the market is a bit crazy on them, but you’re realistically looking at at least $40,000 for one with needs, and $50,000 to over $100,000 for a nice example. This drove me a few years ago to knock on a door when I saw a ratty example that was sitting under a tree down the road from me; alas, the owner ‘knew what he had’ and wasn’t going to part with it anytime soon.
Well, another ‘project’ M3 has popped up on eBay and it’s no reserve, so it was worth a look. Is this the way to save a few bucks and get into a legend?
It seems somewhat fortuitous to stumble upon today’s creation, which manages to build upon a few prior posts. Last week I look a look at a beefed-up 1976 2002 with a S14 swap. Then, yesterday, I took a look at the crazy 4-door convertible 316i Baur TC4. Combining those two unique creations is today’s 1972 BMW 2002.
Like last week, this one is pretty far from original. It’s also got tacked-on flares, super-wide wheels, a non-original interior and is painted a non-original color – in this case, Sunflower Yellow borrowed from the contemporaneous Porsche. But the big news here is again the S14 and 5-speed swap, giving more muscle to match the macho looks. On top of that, or rather topless perhaps, this one appears to be a Baur Targa conversion. It was certainly worth a closer look:
Another model missing from the ‘EAG Legends Collection‘ was undoubtedly the 2002. What really should have been there was another early cutting of the Motorsport division teeth – the 2002 Turbo. Like the 3.0CSL, this was an engineering exercise to flex their muscles. The 2002 Turbo was one of the first turbocharged production cars, and while it was a full decade behind GM’s ‘Jetfire’ turbo V8, it produced nearly as much power as the much larger 3.5 liter V8. Slapping a KKK turbocharger to the Kugelfischer-injected 2.0 M10 yielded 170 horsepower and 180 lb.ft of torque making the 2002 turbo a bit of a giant killer.
With only 1,672 Turbos produced, you’re not likely to come across one today. If you do, you’re also not likely to be able to afford it. So today’s 2002 is, like yesterday, a resto-mod rather than an original. This one takes the equation to 11 though, and adds a dose of “M” dna into this beefed-up E10. Ever wonder where all the S14s from M50/52 swapped M3s went? Well, one went right here:
Let’s say you want to start a car collection, and for ease of argument’s sake, let’s say you’re really into BMWs. Which is the model you want? You could be a 507 enthusiast, love the classic 3.0 CSL or 2002, envy every E30 or lust over the modern muscle the company produces. But odds are if you’re reading these pages you, like me, gravitate towards BMW’s Motorsport models.
Within the Pantheon of classic models, there then comes the difficult decisions. How do you choose between the E30 M3 and the 1M, for example? Well, Enthusiast Auto Group has a suggestion. Why not have them both? Or, even better, why not assemble all of the greatest hits from BMW’s M division over the past 40 years and put them together into one curated, turn-key package?
Update 11/11/18: Auto Kennel has dropped the asking price from $109,990 to $99,990.
Just as with Andrew’s 190E 2.5-16 Cosworth Evolution II, a series of modified M3s were run past the FIA to introduce new aerodynamic equipment and changes to serial M3s. Also dubbed the Evolution, three separate models were brought to market to homologate the changes. The last was called the Sport Evolution and brought the most amount of changes in the run. Thin glass and lightweight bodywork was carried over from the Evolution II, while the Sport gained adjustable front and rear spoiler extensions and wider arches in front. Under the hood, the 2.3 S14 was replaced with a 2.5 version of the motor which cranked out 238 horsepower. There were a host of other minor changes, all of which added up to a very special – and very quick – package. A total of 600 were produced; though this was the last of the specials, it was also the most prolific. To help differentiate them from the other Evolutions (if the spoilers weren’t enough), the Sport Evolution also got unique bumper trim and Nogaro Silver painted 16″ BBS wheels, along with special Recaro seats inside. While they are the most frequently produced E30 M3 special, they’re still arguably the most desirable and collector friendly. Since they were never officially imported to North America, it’s quite a treat to see stateside. Presented in Brilliant Red 308, today’s Sport Evolution is one of the better examples on the market:
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?
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:
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:
It’s only been a little over a week since I last looked at an E30 M3. A 297,000 mile example with extensive rebuild work, it brushed up against $40,000 in bidding in the no reserve auction.
Clearly, M3 mania hasn’t died down all that much.
Sellers have taken note; at any given time, there are a plethora of E30 M3s available on the market. Today’s search yielded no less than eight examples on eBay; average asking price? About $64,000. But that’s nothing compared to the nine that Enthusiast Auto Group have, including no less than five Sport Evolutions. If you have to ask….
But not many sellers are laying it out on the line. If the market really is plum crazy for these cars, why are more people not rolling the dice and taking market value? For example, if a nearly 300,000 mile example hits the best part of $40,000, what would a much lower mile example bring?
We’re about to find out.
I believe this is the perfect counterpoint to yesterday’s 968 Coupe. The recipe is much the same, though the result is even more legendary. But what I find so interesting in considering these two cars is not how similar they are, but indeed their opposites. Unlike the 968, this M3 was driven with aplomb, eclipsing nearly 300,000 miles so far. It’s not a particularly special color combination; Diamantschwarz Metallic (181) over Black leather is pretty standard though admittedly it looks very nice. It wasn’t unusually specified, as it carries the normal assortment of M3 options; air conditioning, sunroof, cruise control and electric windows. While yesterday’s 968 was basically factory fresh, obviously with the amount of miles on this chassis, to look anything like the photos it’s had to go under the knife and from the inside out this M3 has been thoroughly rebuilt. But the real tell will be what the hammer falls for in two days. While the immediate reaction of many to yesterday’s 968 was that it was heavily overvalued in asking price, I’m curious to see what the reaction to the bidding on this M3 – already at $28,200 at time of writing – is: