2003 BMW M3 Convertible

This car hails from September 2003; pretty much halfway through the E46 M3’s 2000 to 2006 production window. Between 2003 and 2021 this impressive M3 Convertible was enjoyed by just four keepers. The previous owner retained the BMW for a full six years before bringing the car to The Market, where we sold it at auction to current owner, Serrol, in August of 2021. At that point the car had covered 154,000 miles and Serrol has added just a further 10,000 miles to that total in the last five years.

Despite Serrol’s light use, he has certainly not skimped on maintenance and upgrades. Over £14,000 has been spent during his tenure with highlights including a new clutch and flywheel, a new SMG pump unit, a new cat-back Milltek exhaust system, conrod bearings and timing chain tensioners. 

As a result, we can report that despite its mileage, this M3 starts, idles and runs very well indeed. Our accompanying video highlights that the S54 straight-six sounds very smooth indeed with the Milltek quad tailpipes producing a deeply entrancing accompanying M-car soundtrack. Definitely a car to be both seen and heard in. 

The E46 BMW’s timeless look hails from Chris Bangle’s tenure at BMW as head of exterior styling. Despite Bangle’s “enfant terrible” reputation, the E46 was very clearly a 3 Series car.  The M3, of course, benefitted from a raft of external cues that mark it out as the apogee of the range. There’s the subtle but muscular looking body kit, accompanying flared flanks and chromed wing gills. The latter were designed for additional cooling but were found to be entirely superfluous during testing. They were retained, however, for aesthetic reasons. At the rear the sublime quad tailpipes and the customary tricolour M3 badging help subtly but emphatically mark this car out as the range’s apex predator.

Serrol’s example looks superb in its “Silbergrau metallic” (who said German was difficult to master?) livery, surely a pre-eminent shade for a 2003 M3 Convertible. The original finish gives off an appealing lustrous shine, and a Munich-appropriate precision defines the panel gaps. Given the car’s life well lived, however, there are inevitable imperfections evident upon close inspection. These include the usual stone chips, scuffs, scratches, cracked paint, small dents and some obvious touch-ins. Some of the light lenses are fogged, and our team note that the offside rear suspension looks lower than usual. Please inspect our accompanying photographic package to assess these imperfections for yourself.

This M3 hunkers down on a set of double-spoke Style 67 diamond-cut alloy wheels. These 19-inch icons are enough to make any autophile’s heart sing and succeed in filling those flared arches appropriately well for an M-series BMW. The wheels themselves are ripe for refurbishment with each of them exhibiting kerb rash and oxidisation to a greater or lesser degree. A mixed set of performance orientated tyres are fitted.

This example is offered complete with a desirable, body coloured, aluminium removable hardtop.

On opening the M3’s doors, ribbed and tricoloured “M3” sill protectors greet the eye. This example is fitted and finished with the Leder Walknappa Schwarz leather. The front seats are deeply bolstered to the waist and thigh and exhibit some areas of wear and some obvious creasing. These perches are electrically adjustable, and the driver’s side features memory settings. The rear seats look much less careworn despite being surprisingly practical for a performance car of this stature. 

A familiar, chunky, multi-function, three-spoke leather steering wheel is fitted and is a little the worse for many years and miles of enthusiastic twirling. Its upper half offers a clear view of the ultra-impressive, white on grey VDO gauge set. The 180-mph speedometer, with its M Division tricolours, and the tachometer, orange-lined at 7,500 rpm and redlined at 8,000 rpm, immediately draw the eye. The driver-centric centre console is an object lesson in “less is more” BMW function and houses the climate and audio system controls.

The steering wheel change paddles and the slightly blingy looking, but original, selector lever confirm this example as an SMG (sequential manual gearbox) equipped car. Based on the manual car’s six-speed Getrag S6S420G unit, this was an option in SMGII guise for the first time on the E46 M3. Other range-topping refinements include automatic climate control, sophisticated (for the period) trip computer and CD changer. The latter shares the well-shaped boot with the sat-nav DVD player, drop-down tool kit, and tyre reinflation paraphernalia.

The M3’s S54B32 3.2-litre, straight-six engine is a purist’s delight. Like most contemporary M Division engines, this one boasts individual throttle bodies for optimum response. An electronic drive-by-wire throttle control system was another notable feature. A forged, nitro-carbonised steel crankshaft, graphite-coated pistons and an 11.5:1 compression ratio left no one in any doubt that this was a worthy recipient of the hallowed M3 nomenclature. As only really great engines do, this one was renowned not just for its progressive, naturally aspirated delivery, but for its divine soundtrack, too. It even looks pretty good for a big box of oily springs, rods and valves. A shiny M-Division emblem tops the canted over cam-cover and everything here looks impressively clean and well cared for. Even the under-bonnet insulation appears original and intact. We have noted that the roof although stowed away very neatly, does not seem to want to raise, the seller has said it did work last year, hopefully this is as simple as needing a new motor.

The underside of the M3 looks well preserved and seemingly free from any nasty deformations, leaks or corrosion. It could do with a good power wash under here, however.

With well over 80 images in our paperwork photographic package, it soon becomes clear that this has been a well-cared-for M3. The V5 registration document is, of course, present as is the current MoT which is advisory free and valid until February 2027. Numerous earlier hard copy MoTs are also present.

The remainder of the archive consists of numerous service and maintenance invoices covering all periods of the car’s history. The most recent of these details the over £7,000 spent earlier this year on a new clutch, associated hardware and a new SMG pump which keeps the innovative automated manual gearbox working faultlessly. Other recent documents include the one for the Milltek exhaust system and another covering the extensive bottom-end refurbishment undertaken.

For many, the E46 M3 represents the sweet spot in the lineage. A naturally aspirated straight six (like all purists surely prefer their M-cars), subtle yet purposeful looks and performance and a soundtrack that few, if any, peers can equal. Very little is lost in translation to a convertible configuration either with a mere 80kg added to the mix in order to offer the lucky occupants the full wind in their hair experience.

This example has clearly enjoyed a full life. That’s a sign of how useable and borderline addictive these S54 engined examples are. Luckily, this example has benefited from a level of care and attention more than equal to the demands of that use. As such there are precious few mechanical clues to this car’s mileage and as such, it should offer the next lucky owner unrivalled bang (and rumble, roar and growl) for their buck.

We are happy to offer this car for auction with an estimate in the range of £7,000 - £10,000.

This auction has 5% (+ VAT) buyer's fees on top of the 'hammer', minimum £600.

Viewing is strongly encouraged, and this lot is located at THE MARKET HQ in South Oxfordshire. Viewings are STRICTLY BY APPOINTMENT and we are open weekdays (apart from Bank Holidays) between 10am - 12pm or 2pm - 4pm. To make a booking, please use the ‘Enquire About This Vehicle’ button on the listing. Feel free to ask any questions, or try our ‘Frequently Asked Questions’.