2002 BMW E46 M3 Convertible

Description

• UNSOLD at auction July 2023
• Very well sorted example 
• Thousands spent 
• Every conceivable extra fitted 
• VANOS has been rebuilt 
• OEM Modified Limited Slip Diff 
• Repainted and upholster Hard Top 

This generation of M3 (E46) was the one that cemented the brand’s legend. The original BMW M3 (E30) was an all-out racer; with a side line as a road car. Its successor (E36) swapped these roles around – to its detriment. The third, the BMW E46 M3 finally nailed the formula. Arriving in 2000, it instantly proved itself as an exceptional road car and racer.  

The drivetrain was a blueprint for driver enjoyment. A naturally aspirated inline six-cylinder engine up front with a manual gearbox bolted to the back; its prop shaft sending drive through a limited-slip differential to the rear wheels. The cherry on top was that power came from arguably BMW’s greatest ever production engine, the 338bhp S54. This 3.2-litre straight-six makes peak power just shy of 8000rpm. 

Cornering speed has always been an M3 party piece, but the BMW E46 could carry licence-losing pace through the bends. When you did finally break the laws of physics, the M-differential apportioned torque based on wheel speed. This allowed really fine control of the rear end and made your average driver look like a drifting god. Plus, for those who wanted driver-focussed wind in their hair thrills, few machines got close to this era of drop-top BMW E46 M3. 

As with the Harley Davidson Fat Boy currently listed in our auctions, this spectacular example has come to market for the same reason, our vendor is to travel the world and feels storing this for years without use would be tantamount to never letting a racehorse stretch its legs. 

Either way the lucky new owner will be taking ownership of an extremely well sorted BMW M3.  Supplied with two keys, the manuals and service book with the usual initial main dealer stamps followed by specialists that have serviced the M3 though its formative years. Coming with a handful of MOTs with the most recent expiring in April 2024, there is also a very nice reupholstered and repainted hard top supplied with the E46 M3.

Exterior 

The bodywork remains in excellent condition, with no dents or other damage to any of the panels. The shut lines are typically German in that they are flush, and the panel gaps are consistent. Its Phoenix Yellow paint presents superbly as it was recently given a good going around by our vendors friendly body shop, our vendor explained it was not a full respray as he felt it pointless to repaint the front bumper as it would just get chipped again.   

Had he more time and knowing he was now to pass it on he would have got that done as well but he was at pains to explain that the bumper is in great condition, although it does have the odd stone chip – as expected of a 21-year-old car.   

Also noted is that our vendor has fitted carbon fibre front bumper splitters, unfortunately one has a small scuff from those pesky kerbs that our councils like installing everywhere. The black fabric soft top, which is in very good order, fits snugly over the frame and the convertible mechanism works perfectly.  

As previously mentioned, this BMW E46 M3 comes with a whole host of extras; we have listed some below: 

• New OEM Windbreaker 
• OEM 19-inch Staggered M3 Wheels 
• Heated Electric Folding Wing Mirrors 
• Fully Repainted Hard Top 
• Carbon front bumper splitters

Interior 

The black leather interior is a really nice contrast against the Phoenix Yellow paint and remains in good order, predominantly because our vendor managed to source and fit a set of upgraded seats recently. He has been clear and open when sharing that they do show a little wear, but a couple of hours treatment and they will be right as rain.   

The replacement seats were sourced due to the added lumber support and heating elements that all work fine and correct, making sure you will be cossetted in the lap of luxury whatever the temperature is outside. 

The dash, door cards and steering wheel are also in great original condition with an even shine-free texture retained throughout. Commonly scratch-prone areas such as the driver’s door pull, and delicate centre console trims are also in good order with only a few small marks to note. In the footwells the light grey carpets are well protected by original BMW M3 over mats in black, again all in great shape. 

The boot is in perfect order with a new BMW carpet fitted recently 

As with the outside our fully stacked BMW E46 M3 has plenty of added extras, that all work as they should, probably too many to list but here we go: 

• OEM Satnav 
• OEM integrated Reverse Camera with updated maps 
• OEM CD Head Unit 
• Digital TV with dual high gain antennas 
• BT Music Streaming 
• Aux device connectivity 
• All running through a top-quality Harman Kardon Sound System with Subwoofer 
• Heated seats with lumbar supports 
• OEM electric boot open switch 

There really aren’t that many M3s on the road with that level of upgrade or extras, mostly due to BMW wanting to keep the weight down. But let’s be honest, who wants to save a few kilos for the sake of comfort, we know what we would prefer and in day to day driving we believe we know what you would prefer too. 

Engine 

The S54 is an iconic six-cylinder powerplant revving to 8, 000rpm with an intoxicating rasp at higher revs. In this car, and rarely, it’s paired with BMW’s Manual Gearbox providing a direct and consistent flow of power at all engine speeds.  

Our vendor has shared that although the odometer shows 130k it should be taken with a pinch of salt, even though these spectacular six-cylinder behemoths of the engine world are virtually bulletproof the engine has had a complete bottom end rebuild with new belts gaskets, bearings and so on. It should also be pointed out that there literally is not a drop of oil seeping from anywhere in the engine bay. 

Those in the know when it comes to these monster high revving engines will be aware that there is a well-known common fault that occurs with the VANOS system (Variable Valve Timing) on the BMW E46 M3. Well, no worries here as it has been fully rebuilt and improved so you won’t be experiencing any sluggish behaviour from this brilliant example. 

An exceptional engine that has been looked after and had all the usual stuff well and truly sorted.

Wheels, Tyres, Suspension and Other 

Those will know that the E46 M3 is not just about the super six-cylinder engine, it is about the full package, the BMW M3 is not known the world over as “The Ultimate Driving Machine” for nothing. Built around a relatively light chassis with excellent handling dynamics. The suspension was engineered to deliver feedback and quick response to the driver’s inputs as they carved their way through the Bavarian Alps before settling into a 150+ mph cruise on the Autobahn and wow does it deliver. 

The suspension has been treated to the same level of attention as the engine with a list of improvements that go a long way to confirming what we already shared with you; this is an extremely well sorted example. 

Like the common VANOS issue, the other common M3 bug bear is the clunk that you experience from the differential. As expected, this issue has also been pre-empted and a new main dealer (modified to eliminate the clunk) LSD has been fitted.  Again, we have listed all the important upgrades that have been fitted to this great example: 

• New OEM modified limited slip differential 
• New rear subframe, powder coated with new bushes 
• New threaded rear lower fully adjustable control arms 
• New clutch slave cylinder 
• New OEM disks and callipers 

The BMW M3 E46 sits on the upgraded 19-inch M Double-Spoke alloys in good condition with only a one showing some evidence of the dreaded kerb. They are shod in 235/35 ZR19s to the front and 265/30 ZR19s to the rear, all showing plenty of tread. The brakes have also been checked and operate perfectly having been treated to new discs, pads and callipers. 

All in all, this is a very well sorted example that still looks subtle and classy throughout. 

Our View 

With respected journos stating the E46 M3 might not just be the best M3, it may well be one of the best all-round performance cars of all time. In everything from looks to performance the BMW E46 M3 nails it all perfectly, with the ability to deliver spine-tingling performance at sky high revs or mooch along in relative luxury and comfort as your mood takes you.  

Impressive words indeed, and with this particular example being the beneficiary of our pedantic owners want to sort all the important bits, you know you will be bidding on a very, very good example. You will not only be bidding on a very, very good example of one of the most successful drivers’ cars in living memory but you will be bidding on peace of mind too.  

Like we say, this is a very well sorted M3 that is going deliver and keep on delivering a wonderful drivers and owners experience.