2005 BMW M3 Convertible

With its 3.2-litre S54 engine, addictive exhaust note and intake noise and fantastic performance, it’s no wonder that for many of us, the E46 is the definitive BMW M3 The sleek lines of the E46 have aged fantastically well, and it’s hard to believe it’s only one generation newer than the squared-off E36 model. This is a car that aged better than many of its contemporaries from the likes of Mercedes-Benz, Porsche and Audi.

Part of the E46’s appeal is undoubtedly the performance and noise offered by the S54 engine, thanks to BMW’s M-division utilising six individual throttle bodies, but also VANOS, with the engine putting out an impressive – and somewhat addictive – kick of power further up the rev range. This straight six sings all the way to the redline.

The E46 M3 really was a car that can ‘do it all’ especially in convertible form like this one. And this car has covered just 81,672 miles and has a full service history to prove it.

This M3’s paintwork is in fine shape with a deep, lustrous shine and no signs of stone chipping or parking scrapes that we could see. The panel gaps are all tight and even, and the car presents as a well looked after, low mileage example – which is exactly what it is, of course.

There is some slight lacquer lift on the end of the panel where the hood is stowed, and the alloy panels that support those aerodynamically shaped door mirrors have suffered some surface corrosion, leading to the paint bubbling on them. However, they are separate parts from the main bodywork so a DiY refurb with a colour-coded rattle can is eminently doable.

The convertible hood is in great condition with no tears or rips, and it benefits from a proper glass rear screen with a demister element, so winter driving is no more tricky than in a coupé.

It wasn’t just about performance for the E46 M3. The interior is decidedly high-class and screwed together very well, which was typical of BMW in the late ’90s / early 2000s era. The M3 can comfortably carry four people, and it’s filled with plenty of comfort-focused technology, such as adjustable pneumatic side bolsters in the front seats, electric rear pop-out windows and a high fidelity sound system.

There are slight signs of wear on the central armrest leather, and some loss of colour on the driver’s seat bolster, although a recolouring kit could well make both these areas look tip top again.

But other than these minor wear points the interior of this car is in lovely condition, which reflects the low, mileage and the fact that it’s been so well cared for.

The beautiful straight six engine with its individual throttle body fuel injection system fills the under bonnet area with aplomb, and save for a little surface tarnishing on the alloy components looks to be in fine cosmetic shape.

At this meagre mileage we wouldn’t expect any problems with the 3.2-litre S54 straight six, which has variable valve timing effected by BMW’s VANOS system, it stands for variable valve timing in German. VANOS problems can usually be heard when the car is idling, and there are no suspect noises at all with this one.

The six speed manual gearbox would be our transmission of choice in a modern classic such as this M3, and there, is course, a limited slip differential at the back. The limited slip differential only works if the rear wheels lose traction and whilst cornering. We have also noticed a slight differential groan.

A peak under the car revealed no areas of corrosion or anything to worry us at all. And rest assured that exhaust note gets addictive as the revs rise. 

This M3 comes with a full BMW service history and a vast pile of old invoices to go with the service book. On top of these, there is a large stack of old MoT certificates too.

The current enthusiast owner bought the car because he considers it ‘the ultimate driving machine’ and he loves the exhaust roar. He’s only used it for occasional weekend trips out. He says:

‘Various parts have been replaced during my ownership: trims, the rear lights on the boot, and when repairs where required it was a BMW franchise or a BMW specialist that carried out the repairs. In addition, both front wings have been replaced by BMW under warranty. The receipts are all there. 

‘The PDC [parking sensors] has failed and it’s the right rear outer sensor, the replacement comes with the car and is in the boot. The roof needs cleaning because of some algae marks and the rubber has perished in the cutter area. 

The pixels are breaking down in the monitor, and the wheels need a refurbish. 

‘But the vehicle is totally standard, and replacement parts needed have been genuine BMW –  even the windscreen. It’s all matching numbers. It’s a reluctant sale as I was running two cars. The vehicle currently also has an active tracker system fitted.’

Despite being what many consider to be the best-driving M3 of them all, prices of the E46 have stagnated for some time, but we think the model’s neat, understated design has gained more fans with age and has quietly matured into a more popular option. 

This is starting to be reflected in asking prices too. We’ve seen a slow increase in value year-on-year with the very best examples topping £40,000 a while ago.

We believe that this attractively specified convertible will sell for between £10,000 and £15,000, which sounds like very good value indeed.

More than likely this M3 will become someone’s weekend B-road blaster, but there’s no reason why it couldn’t serve just as well as fabulous – and ULEZ compliant – daily driver.

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