BMW M3 (1993 - TO DATE)
Models Covered: E36/E46 2 Dr Coupe/Convertible/4dr saloon [3.0, 3.2, petrol (GT, SMG, Evolution, CSL)]
BY ANDY ENRIGHT
Whilst some airily dismiss the
BMW M3 as the ultimate footballers ride, to most of us it represents an achievable dream in used form at least. Here is a car that can mix it with a
Porsche 911 yet still carry four in comfort, boasts BMWs usual record for reliability and yet retains an almost unassailable cachet. Although the M3 first appeared in left hand drive E30 guise, its the later right hand drive cars that we examine here. Any M3, on its day, can be huge fun, but the wrong one can saddle you with commensurately hefty bills.
Tread carefully to separate the diamonds from the dogs.
| Build |
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| Comfort |
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| Depreciation |
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| Economy |
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| Equipment |
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| Handling |
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| Insurance |
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| Performance |
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| Styling |
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| Value |
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The E36 cars are genuine all-rounders, being as smooth as you want them to be and then capable of genuinely startling acceleration. Even the 286bhp cars are capable of 155mph and 0-60 in a mere 5.6 seconds and the Evolution cars are quicker still. Equipment levels are high, although there are some Coupe models around whose owners didnt opt for leather one feature thats a must with any M3.
All are surprisingly practical, capable of transporting four passengers with ease, although high-speed transit in the back of a hood-down Convertible leaves passengers in danger of being flayed by their own hair! The E46 is a different proposition, prompting many to comment that this was once again a true M3 much as the E30 series was. These same commentators hinted that perhaps BMWs CSi coupe designation was more apt for the urbane E36 series M3 coupe and they may have had a point. The E46 is racer raw but dressed in luxury threads, the SMG version allowing you to play F1 on the entry to corners as the throttle blips the perfect downchange for you.
With early Coupes now dipping down to around £5,000 the M3 is starting to get distinctly affordable. A 1995 M-plate Coupe with leather should sell for around £7,000 whilst an equivalent year Convertible will still fetch £10,000. For many, nothing less than 321bhp will scratch the itch and for these people, £8,500 represents a realistic entry point to the M3 Evolution club. This is the starting price for decent saloon and Coupe models on a 1996 N plate with around 80,000 miles showing on the clock.
The equivalent price for a Convertible will be £12,000. Opt for a later car and the prices ramp up significantly. A 1998 R plated Coupe Evolution is around £11,000 whilst the last of the 2000 W plate Convertibles will still fetch around £18,000. Cars equipped with the SMG gearbox are, on average, fetching around £500 more than their manual counterparts despite commanding a new price premium of over £1,500.
Prices for the E46 M3 remain strong, £23,000 seems to be the basement price for a 2000 registered Coupe but a 2004 model will be at least £37,000.
There are three rules to buying an M3. The first is to go far a car thats as close to standard as possible. With the early cars now becoming affordable by what
BMW executives would disapprovingly call non target customers, there are quite a few M3s in the small ads wearing nasty after market alloys, packed with heavyweight in car entertainment and sporting all manner of dubious add-ons. Steer well clear of these.
Not only will they be difficult to sell on but its also worth bearing in mind that a Rockford Fosgate amplifier often comes higher up the priority list to oil changing among this clientele. Secondly, make sure the M3 in question has leather. Thirdly, unless you need the extra doors, try to avoid the four-door saloon and give a wide berth to any E36 car with the awful first generation SMG gearbox. Make sure the engine revs right to the 7200rpm red line and then check the oil for signs of contamination as occasional head gasket problems emerged on E36 cars.
The suspension should feel tight and well controlled. If theres a loose wandering feel to the front end check that the suspension bushes arent on their last legs. Check the service history and, if possible, invest in an HPI check. Some colours sell far more easily than others with Estoril and Avus Blues being the favoured hues.
The E46 M3 is too new for any significant faults to appear, but BMWs incremental changes to engines and electronics systems has proved a good hedge against unreliability. The usual BMW attributes of excellent build quality and durability look set to be maintained and the second-generation SMG system is said to be a lot more durable than its unreliable predecessor.
A number of M3 specialists have sprung up around the country that offer competitive servicing and parts prices although many buyers prefer the peace of mind of a BMW main agent. Expect E36 M3 specific parts to weigh in significantly dearer than standard 3 Series spares.
You can take it as read that all M3s are lightning quick. The first E36 model was quick enough, but the Evolution was more flexible right across the rev range, although in all E36 models you needed to take a deep stab on the long travel accelerator pedal to activate the VANOS systems and get the most out of the engine. Handling was laudably benign given the extreme power going through the rear wheels. You needed to provoke an E36 M3 quite hard for it to bite back, and later cars were fitted with BMWs Dynamic Stability Control electronics.
The ride is surprisingly smooth, the convertibles slightly more so. The E46 M3 is, on the other hand, the closest thing to the perfect compact sports coupe that has ever been created. Period.
It certainly makes for an enjoyable weekend trawling around used M3s. The cars are interesting, the owners often more so and youll never grow bored when you light the blue touch paper. If you cant afford the E46 model, the E36 still offers plenty of thrills, the best buy probably being a well looked after Estoril blue manual Evolution coupe with black leather. Have fun!
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