2003 BMW M3

Like some of us, you’ve probably had half an eye on an E46 M3 for a while but haven’t pulled the trigger because you couldn’t find an original, unabused example.

In which case welcome to this auction for an Imola Red M3 Coupé that’s showing fewer than 12,000 miles on the odometer. It’s a manual car too and comes with a great service history and just one former keeper.

Still in original condition and completely unmodified, we expect this listing to draw an awful lot of attention.

Imola Red is one of the more unusual colours for an E46 M3, and yet when we see one that’s weathered as well as this we can’t help but wonder why more folk didn’t choose it.

Because, whereas many red cars deteriorate to a faded, chalky pink, the paint on this example is still vibrant and glossy, with an amazing shine thanks to 22 years of careful curation.

Clearly kept stored out of reach of the sun, there is also an almost complete lack of the sort of dents and dinks the current marketplace has led us to believe are inevitable.

That’s not to say it’s immaculate, because it isn’t but what flaws it shows should be straightforward to remedy: the bumper is scratched under the offside headlight; there is a scratch to the rear bumper near the parking sensor; the windscreen has a stonechip; a small chunk has been taken out of nearside rear window rubber seal; the offside front wing has a very faint dent on the bottom corner behind the wheel; and the rear wheelarches have the inevitable pebble rash marks, although these are very light.

That’s the bad news. The good is that the car is original – and wouldn’t you rather sort these minor issues out yourself than have someone spend a couple of hundred quid in getting them “fixed” by a mobile repair company?

Now for the good news: Apart from the fact it’s so original, it also features factory-consistent shutlines, no ripples along the flanks, and an authentic air that, once lost, is never recoverable, no matter how expensive the restoration. 

The lamp lenses are all good too, and the badges are still nice and shiny. The vents in the front wings are sharp and straight, the exhaust tailpipes are free of rust and soot, and even the sill protectors lack the scratches they usually have.

The 18-inch alloy wheels are in great shape. Free of kerbing rash and other indignities, if we’re being ultra-picky then some the centre caps on the wheels have bubbled just a little but almost no-one other than a concours judge would notice that.

In fact, even the wheel nuts are nice and shiny, and the rubber is what looks to be the original Michelin Pilot Sport if the build date of 2003 is any guide. 

And whereas we’d normally advise you to get them changed ASAP, the fact they’re still the originals and still feature the sprue nubs on their sidewalls, mean we’d grant them a stay of execution if you intend to show it rather than use it.

If the exterior is uncharacteristically bright and cheerful, the interior reverts to type being sober and restrained.

But what it shares with the coachwork is that it is in a fantastic condition with virtually no wear whatsoever, even to areas such as the outer bolster of the driver’s seat, which is gently creased but no more.

Part of that is due to the M3’s exceptionally low mileage but equal credit must be given to BMW for producing one of the most durable cabins of the era.

Returning to the front seats, they’re both electrically adjustable and heated. Deeply sculpted to hold you firmly in place too, and yet still all-day comfortable. 

The rear seats are also nicely sculpted, which’ll be handy given the M3’s propensity for high-G tomfoolery. The tambour doors on the two cubby boxes are intact and working well too, and the elasticated pockets in the back of the front seats are still springy and tight.

Overall, as much as the engine and chassis, the four seats demonstrate BMW’s determination to get every single aspect of its high-performance coupé right – and to keep it functioning to spec for decades. 

The leather-trimmed steering wheel is stitched in the M-Sport colours, a theme that’s picked up by the original equipment gear knob. 

The headunit is the same one the factory fitted too, and we are told that everything works as it should. 

Which doesn’t come as a surprise because the carpets, including the vulnerable heel protector in the driver’s footwell, are all excellent. As are the door cards, dashboard, rear quarter panels, and central armrest; all are virtually free of wear and if we were to tell you this was a one-year-old example you’d probably believe us.

The headlining is taut and free of wear and stains too, and the lettering on the switches and controls is still a vivid white. The condition of the pedal rubbers is commensurate with the car’s 11,749 mileage, and the boot, which is in an excellent condition, contains a CTEK battery conditioner and car cover to help keep the M3 looking this good for many years to come. (It also plays host to the tyre inflator, warning triangle, tool kit, and a litre of engine oil.) 

As for flaws, there simply aren’t any bar an adhesive mark, which looks like this from gaffer tape, on the underside of the dash in the driver’s footwell. 

It really is as good as it gets, and it needs nothing other than continued love followed by a valet now and then.

The M3s service history is recorded as follows:

• 22.08.2003 – pre-delivery inspection by Lind Colchester
• 07.11.2003 and 1,383 miles – running-in check by Lind Colchester
• 17.02.2006 and 6,218 miles – service by David Prentice BMW Service including fresh brake fluid
• 15.04.2016 and 11,639 miles – service by David Prentice BMW Service
• 25.05.2018 and 11,681 miles – service by David Prentice BMW Service
• 22.09.2020 and 11,697 miles – service by David Prentice BMW Service
• 25.07.2022 and 11,711 miles – service by David Prentice BMW Service
• 05.06.2024 and 11,740 miles – service by David Prentice BMW Service 

The engine is clean enough to eat your dinner off, although to do so would risk adding grease and oil stains where there currently aren’t any. 

Remarkably clean and well preserved, even the fasteners are bright and free of corrosion, and we can’t recall seeing a better example of the lusty straight-six engine.

And it’s very far from being all-show-and-no-go too because it fires up promptly, idles smoothly and quietly, and revs like a 3.2-litre sewing machine; flex a toe and the revs rise in synch. 

As for the underside, the worst we can say of it is that it is a bit grimy. Everything else, including the fasteners, steel suspension components, and the exhaust system, is in a remarkable state of preservation. 

However, there is a clonking noise when the car turns left, so that’ll need investigating. 

The recent Vehicle History Check is clear bar the marker for being an imported car, and it comes with two keys.

The history file includes the BMW wallet and book pack, historical test certificates from its time in Northern Ireland, and a few invoices.

It does not have a current MoT as the last one expired in May 2025.

Oh, and while it shows two former keepers, the seller tells us that he registered to his company before putting it in his name, so it’s actually only had one.

Despite being what many consider to be the best driving M3 of them all, the price of the E46 has languished for years, possibly because most car enthusiasts are just as interested in what a car looks like as they are in how it drives.

And yet, we can’t help but thinking that the E46’s time has come; it’s neat, understated design is aging well; while so many of its Johnny-come-lately contemporaries are starting to lose their gloss, the E46 is quietly maturing.

Because this one has matured better than most, it isn’t going to be cheap.

We estimate the virtual hammer will fall somewhere between £45,000 and £55,000, which would still represent good value in our eyes. 

After all, a car is only original once, and if you want the best of the best, then this is it.

Besides, any premium paid now should come back to you, maybe with interest, when the time comes to sell. 

Viewing is strongly encouraged, and this lot is located at Bonhams|Cars Online HQ. Viewings are STRICTLY BY APPOINTMENT and we are open weekdays 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’.