The Most Affordable BMW M Car Money Can Buy (2024)

BMW's renowned M Division broke cover in 1978 when they introduced the M1 supercar. Only 400 were ever made for the road and today they are quite valuable and collectible. Over the years, the M (Motorsport) division has given us some gems like the original E30 M3, V10-powered E60 M5, the 1M coupe and the stupidly fast and modern G80 M3.

The M Division has tweaked countless models from the standard BMW range of cars from the 1 Series to the 8 Series. We scoured the used market to find the most affordable "M" car money can buy today. While most M models hold their value, this one found it difficult to retain its worth. But that means it is much easier to attain for most enthusiasts, and makes a great basis for a perfect project car. This is the cheapest BMW M car you can buy today.

Used BMW E36 M3s Are Incredibly Cheap Today

E36 M3 Values Today

Hagerty

E36 BMW M3 Highlights

• The E36 M3 was sold as a coupe, convertible, and sedan body styles
• Used E36 M3 Convertibles are the cheapest body style
• The M3 two-door coupe has held its value better than others

The BMW E36 M3 debuted globally in 1992, offered in three body styles; coupe, a convertible, and a four-door sedan. In the U.S. however, the second-generation M3 didn't arrive before 1995. Furthermore, due to strict emission regulations, the engines were detuned to make fewer horsepower compared to the models sold in Europe.

In the US, the engine was detuned and the transmission choice was limited to an automatic. That being said, most well-maintained, relatively average mileage E36 M3 examples have fairly held their value; the two-door coupes in particular, while the convertibles are the most affordable body style.

According to Hagerty, an E36 BMW M3 coupe in fair condition is worth $11,900, but on average, it can cost around $28,700 if found in good condition. Examples in excellent condition and with low miles can be worth over double, at $62,500, while a limited edition model can sometimes fetch six figures.

The convertibles with high mileage can be acquired for just $8,100 but on average sell for $19,300 in good condition. The more practical four-door sedans are worth more than the convertibles. An E36 M3 sedan in fair condition costs $10,100, while average prices are around the $22,700 range.

Production of the E36 M3 started in September 1992, facelifted in 1995, and then discontinued in August 1999. Between the three body styles, BMW built a total of 46,525 coupes, 12,114 convertibles and 12,603 sedans. Among them, the US market was home to 18,961 coupes, 7,760 sedans and 6,211 convertibles. Over its seven-year production cycle, a total of 71,242 E36 M3 models were built, and 32,932 were sold in the US.

Strict Emission Rules Meant The M3 Was Less Powerful In The US

US Engine Specs

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(Source: BMW)

BMW E36 M3 – Story In The US

• The pre-facelift E36 M3 was only sold for a single model year (1995) in the US
• While the facelifted M3 introduced a bigger 3.2-liter engine, performance remained the same
• Only the 5-speed automatic came the US, while a manual was sold in Europe

In Europe between 1992-1995, the E36 BMW M3 used the S50B30 3.0-liter inline-6 engine which developed 286 hp at 7,000 rpm and produced 236 lb-ft of torque. However, due to emission regulations, North American examples received the S50B30US which limited the revs, offering just 240 hp at 6,000 rpm, while peak torque of 225 lb-ft came in at 4,200 rpm. The engine offered in the US also dropped the individual throttle bodies, and used a single VANOS on the intake side only, running a 10.5:1 compression ratio.

In 1996, BMW introduced the facelift model of the E36 M3. The facelifted M3 had the inline-6 engine bored out to 3.2 liters (S50B32), now producing 321 hp at 7,400 rpm and 258 lb-ft, offering better mid-range torque, improved ITBs, an even higher compression ratio of 11.3:1. A 6-speed manual transmission was also introduced. In the US, the E36 M3 also benefitted from the larger 3.2-liter engine. However, it made the same 240 hp as the pre-facelift model. The torque output was increased, not to 258 lb-ft of the European-spec, but to a modest 236 lb-ft. The single throttle body and single intake-side VANOS were retained along with the ZF 5-speed automatic gearbox for North America.

The European-spec E36 M3 was much quicker than the US-spec models as they were more powerful and featured better hardware. Pre-facelift Euro-spec M3s could accelerate from 0-60 in 5.6 seconds, and the facelifted models improved performance to around 5.2 seconds. The US models were said to reach 62 mph around the 6-second mark.

The US-spec E36 M3 remains beloved for its usability and balance, but the European-spec models are revered as more authentic representations of the M3’s motorsport DNA.

Third-Gen BMW E46 M3 Is Also Affordable

E46 M3 Values Today

Hagerty

Third-gen E46 M3 – Highlights

• Unlike the E36, the third-gen E46 M3 was only available as a coupe or convertible
• Again, the coupe holds its value better than the convertible
• The E46 M3 used the 3.2 L S54B32 inline-6 engine, but the US model was detuned

The third-generation BMW M3 E46 model is the second most affordable used M car you can buy today. Only sold in two body styles, the E46 M3 coupe is valued at $28,100 on average according to Hagerty. However, high-mileage examples in fair condition can be found for $18,000. The convertible is even cheaper as it is worth $20,200 on average in good condition, while examples in fair condition are valued at $11,100.

Both the Euro-spec and US-spec E46 M3 use the 3.2-liter S54B32 inline-6 engine. The engine used an iron block with an aluminum head design, individual throttle bodies, and a double VANOS system, running a compression ratio of 11.5:1. However, while the European-spec model offered 343 hp and 269 lb-ft of torque, the US models were detuned to 333 hp to meet US emission regulations.

Sources: BMW, Hagerty