The BMW E46 M3 is the high-performance version of the BMW E46 3-series, developed by BMW's in-house motorsport division. It was initially produced only as a coupe, but it was later joined by a convertible model. It immediately took the hearts of real sports car enthusiasts during its launch. It had a high-revving inline-6 engine, and lightweight construction, capturing the essence of the iconic BMW M3 E30.
Since then, people considered the E46 generation as the greatest M car built due to its simplicity, appeal, and just overall design of it all. The hype of the E46 remained fairly steady for a while, but it has recently come back into the spotlight and the demand for this car is now seeing an upward trend again. With that being said, if you are in the market for an M3, then we are here to show you why the E46 M3 is the best M3 money can buy right now.
10 Price
Let's start with the price. The E46 M3 had many trims and options that were available for it. The options heavily dictate the price based on how the E46 was spec'd out in terms of exterior and interior colors, which package it had, which transmission, and whether if it's the coupe version or the convertible.
Picking up a regular E46 M3 coupe in the used market can start in the $15,000 — $25,000 range for an SMG transmission and a few thousand more for the 6-speed manual transmission. It can have a wide price range as it will also depend on the mileage, condition, and history of the vehicle. It is still a very reasonable price for entering the sports car market.
9 Practicality
The E46 M3 is a vehicle that's more than capable of being daily driven. You can definitely take it to get groceries, and it'll put a smile on your face when driving on winding roads on a weekend, or at a track day. It's really an all-in-one car. It has minimal blind spots thanks to a large rear quarter-panel glass, which is great for city driving.
The ride is very firm, but can still be forgivable given that it is a sports car. If this still becomes a problem for you, you always have the option to swap the suspension out into a more adjustable suspension. That's most likely the route the majority of E46 M3 owners opt for to attain a lower and more aggressive stance with the capability to adjust the dampers and rebound.
8 Design
The design of the E46 M3 is simply just timeless with powerful proportions. It is one of those cars that really aged well, and it certainly matches up with modern designed vehicles. The M3 is immediately recognizable thanks to the numerous details like the wider fenders, a more aggressive bumper, the bulge on the hood, and the signature chrome side-gills on the fenders.
Mainly, these design cues are for the aerodynamic performance aspect of the M3. But the way it was all blended into the vehicle is just simply perfection. It's got the right body lines and curves, which honestly makes the overall shape of the E46 a sexy coupe that you can easily fall in love with at first sight.
7 Driving Experience
The driving experience is what would probably make you fall in love even more. The experience is not something that you can simply put into words and justify. Being behind the wheel of this machine is definitely an experience. The steering is very direct, and you can really feel the raw power it gives.
There are not many electronics in the vehicle telling you what to do and not to do. Unlike modern cars, where you feel like you don't have full control because of the driving aids and safety features. It can sometimes be frustrating for driving enthusiasts out there. Additionally, BMW is heavily influenced by Motorsports, so whether you are on the back roads or on the track, you can really have that emotional driving experience bringing you closer to the vehicle.
6 Aftermarket & Parts Availability
The E46 M3 has always been huge in the car community in regard to modding. The simplicity of the overall design makes it easier to modify this car, plus it's a great platform to start with. You see a lot of different builds from different owners making it their own. From an OEM spec build, a stance build on air suspension, all the way to a full-fledged track car.
Because of the diverse builds of the E46 M3, this also becomes a great benefit for the new owners entering the M3 market, as there is also a large availability for OEM and aftermarket replacement parts. So if something breaks during your ownership, there is almost always something readily available for you to buy, even in the used parts market.
5 Maintenance
Maintenance of the E46 M3 can honestly be on the expensive side, especially if you do plan to use it as your daily commuter. So be prepared for some costly bills for the first two years of ownership. Also, the initial maintenance will depend on the M3 you purchase. If you choose to purchase a neglected M3, then expect to pay almost double the price to restore and maintain it.
That is why it's really important to really check on the M3 that you are thinking of purchasing before you make your decision. You can bring your trusted mechanic, and also do your own research, as there are a lot of buyer's guides available for the E46 M3 specifically. However, with fewer electronics than modern-day sports cars, it is relatively cheap to maintain the E46 M3.
4 Power
The E46 M3 is mated to a racing-inspired 3.2-liter inline-six S54 engine. The engine was built on the legacy of its predecessor with entirely new development. The power output is 338 hp and 269 lb-ft of torque that can rev up to 8,000 RPM. The power figures, given its age, are still highly capable and even comparable to today's market. It's still on par with modern-day sports cars in its price point.
The S54 engine has won the prestigious "engine of the year" awards eight times. The e46 M3 also ran a lap of the Nürburgring Nordschleife in less than eight minutes in M3 CSL guise, which was tuned to 360 HP, and was significantly lighter compared to the regular M3.
3 Simplicity
As mentioned earlier, the overall simplicity of the E46 M3 is one of the things you can love the most in this vehicle. It is also one of the things which makes this car easy to work on. Even a beginner can change their own oil without needing a special tool to reset the system or program the battery just so you can change it.
It's aggressive enough in the right places, yet it's not obnoxious. It's sophisticated, yet enthusiastic. It's got raw power, but a refined feel. This truly is a well-rounded sports car meant to be driven by an enthusiast. Only a few will understand the experience and the harshness the car offers.
2 Community
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The BMW community is a great community to be in. There are tons of websites out there that help fellow owners with their experiences during ownership, tips to prolong overall car health, and the things you can do to avoid further damages. Even tips on turbocharging/supercharging your M3 will be posted there. The majority of the members are motorsport enthusiasts who track their cars regularly.
It is also a great place to find used parts for your M3 if ever you needed one that you cannot source out yourself locally. Owning an E46 M3, even at a cheap price, will definitely give you the pass to be able to join this wonderful community, as the E46 M3 truly is a respectable car. No one can deny that.
1 Appreciation Value
While this car can be affordable to buy in today's market, it is also becoming more expensive as time goes by. Simply because it is becoming harder to source a pristine condition all-original E46 M3, especially with relatively low mileage. Certain colors like the Laguna Seca blue or Dakar Yellow can make the price of the E46 M3 jump to a premium.
As an example, two years ago there was a Laguna Seca Blue E46 M3 with 16,000 miles on that was sold for a whopping $90,000. It's a non-CSL M3 but had some CSL modifications. You can already tell where the market is heading for the E46 M3. In fact, if you buy one at the right price, you will technically own it for free. Once you resell it years later, you can get the same amount of money that you initially paid for.