What's The MOST You'd Pay For A USED BMW E46 M3?

When I call the E46 BMW M3 a legend, I am not kidding. When compared to other generation M3s, it's hard to say that the E30, E36, E9x or F8x is any better due to the E46's driving dynamics. That says a lot.

And if you've been keeping an eye on used M3 pricing, you may be staggered. That's because these vehicles — in good shape — are fetching amazing numbers. Of course trying to find one in good nick is nearly impossible as every greasy handed idiot has gotten their paws on an E46 and certifiably ruined it.

But they're out there. One independent outfit, Enthusiast Auto Group, has been getting their hands on a lot of the cleanest remaining M cars and is putting them on the market at a premium. When I called to inquire about one E46 I was particularly excited about, they were more than happy to detail the individual vehicle's service history, blemishes and provide me with a slew of images. I have to admit, these cars seem to be well sorted and story free. Of course, not everything is rosy. Remember that premium I mentioned? Yeah, it's there. When I called up on an example and was told that the company is non-negotiable on all prices — even with an all-cash offer — I was surprised.

These E46 M3s are trading hands anywhere from $15,000-$22,000 DAILY. Why would I pay more than $30,000 on a depreciating asset that will NOT rise in value, ever. It's not a vintage Ferrari, boys and girls.

Needless to say I never called back.

Flash forward to last week when my brother picked up his 3-Series at Prestige BMW in northern New Jersey. Sitting there in all of it's Imola Red glory was a 2005 model year M3 with just over 12,500 miles on the odometer. It was woefully equipped with an SMG gearbox, which means no one wants it, and its asking price was...ready?

$39,285.

So, I have to ask after my experience: what is the MOST you'd be willing to shell out for an E46 M3?


**Note: We are NOT affiliated with Enthusiast Auto Group in ANY way.

**Note: To learn MORE about Prestige BMW, check out its rating on our sister site, DealerRater.com!

wudupperz - 9/17/2014 3:39:58 AM

+1 Boost

for a 2000-2001 BMW M3 COUPE NOT A CONVERTIBLE with a MANUAL TRANSMISSION I WOULD PAY ROUGHLY 12-15000 dollars depending on mileage condition and if all recalls and service records have been up to date. BUT i know the car on the market is still work close to $20,000 + dollars SMH :(

Yonder7 - 9/17/2014 12:51:18 PM

+2 Boost

and beside that, second hand Bimmers are a nightmare in reliability and very expensive for maintenance..

TehShibbs - 9/17/2014 12:59:16 PM

+2 Boost

I work at a BMW dealership. I would not own a BMW myself, simply because I refuse to spend money in repairs similar to a new car payment. That being said, the E46 IS my favorite chassis, and they are amazing looking.

mre30 - 9/18/2014 10:38:36 AM

+1 Boost

Nice car, but dumb financial decision. With rare exception (refer to the handful of high-end cars that Bonhams and RM Auctions sell at Pebble Beach and Amelia Island) cars are not an investment at all.

Hopefully he made his decision based on the "$ per smile" enjoyment he will get out of the car, rather than "I'll make a mint on it".

Collector cars are like beach houses - no one really needs one. If he needs to sell it to recoup his money, depending on the time or year or how the stock market is doing that day, there may not be a bid for it. He might get lucky and find the one person who likes it and will pay up - otherwise its simply an old used car with low miles.

Like I said - hopefully he expects to get a lot of fun out of his purchase - because it won't be a moneymaker - especially paying BMW repair rates. He could easily spend $4,000 per year keeping it on the road (I know - note my username Mr. E30 as in E30 3-series).