2003 BMW M3 E46 Convertible

Highlights

• Popping Phoenix Yellow paintwork
• Hardtop makes this a year-round usable classic
• Glorious S54 straight six revs to nearly 8,000rpm
• Fulsome service history with lots of stamps in the book
• Good overall condition
• A few worthwhile modifications – nothing silly

Overview

A little while back, we ran a vote for the All-Time Best M Car. The BMW E46 M3 CSL won that one, as voted by you. Sadly, this E46 isn’t a CSL (or perhaps not sadly, considering how much CSLs are fetching these days) but it’s the car the CSL was based on. Albeit a convertible, which is a bonus bearing in mind summer’s around the corner.

The point is we all love an E46. It has the lot: great looks, great performance, great handling and, of course, that great, or indeed wonderful, engine. The E46 is, ladies and gentlemen, an undoubted high watermark of BMW M models, and that’s just a fact.

Let’s begin with the engine, shall we? It’s the S54 straight six, of course, and while it was said to be a racier evolution of the M54 – the one that went into lesser BMWs of the period – it wasn’t really. For a start, it wasn’t all aluminium like the M54. Its cast-iron block made it more of an evolution of the S50 motor.

The main differences over the S50 were the S54’s increased bore to push it to 3,246cc, new camshafts, higher compression ratio, Siemens engine management, drive-by-wire throttle and a scavenge pump – to prevent oil starvation in corners. The upshot is an engine that produces 343hp at a tantalisingly high 7,900rpm and 269lb ft at 4,900rpm. As you can tell by its peak power, this engine just loves to rev, and when you give it the beans it sounds flippin’ gorgeous.

Then there’s the E46’s looks. The fabulously flared wheel arches, the bonnet bulge to fit the induction system, the now-signature M quad exhausts, and the grilles in the front wings. Truth is, those are fake. But they came out of real intent: M thought they’d need additional cooling for the engine but that turned out not to be the case. And they decided the grilles looked so good they’d leave them on for production anyway.

This convertible example isn’t quite a ‘minter’ but it’s not a million miles away from being one – a little TLC here and there would see to that. And it’s subtly upgraded to enhance the good bits. Like the modified air filter, which should enhance the induction noise – especially when the roof is down. It comes with a hardtop, and you may notice it’s an SMG. Not to worry, though. Yes, we’ve heard all the talk, too; about this ‘box being slow, blah, blah, blah. The truth is, as with any automated single-clutch gearbox, it’s all about how you approach it.

It’s not an automatic, it’s an automated manual. So don’t drive it like an auto and simply change gears manually and it’s fine. The fact is SMGs are quicker at changing gears than most humans. Sure, you need to feather the throttle during changes to smooth them out, but that’s called interaction. And when it comes to manuals that’s something we crow about all the time, so how can the fact you need to interact with this gearbox suddenly become an issue? Arguably that’s what makes it more engaging than a modern dual-clutcher.

Documentation

• 10 owners – current ownership for the last three years
• V5 registration document present
• First registration 10th April 2003
• Current MOT – valid until 1st September 2024
• Supplied with the original book pack and the original books
• x2 keys supplied with the car
• Mileage (when the car was pictured) was 91,275 miles
• Service stamps as follows (the majority BMW main agent or BMW specialist):
• All-important running in check carried out 27.05.03 at 1,250 miles
• Oil service 24.11.03 at 8,416 miles
• Inspection I service 17.09.04 at 19,434 miles
• Oil service 16.03.06 at 31,313 miles
• Inspection II service 12.04.07 at 42,046 miles
• Oil service 15.02.08 at 54,116 miles
• Inspection I service 09.11.10 at 59,406 miles
• Inspection II service 19.12.09 at 70,500 miles
• Oil service and Inspection II ticked 14.10.21 at 74,722 miles
• Oil service 18.01.23 at 86,205 miles plus new parts fitted including rear exhaust rubber, VANOS pressure hose, rear subframe repair kit as preventative maintenance.
• Oil service and Inspection I ticked 90,989 (no date shown)

Exterior

• Phoenix Yellow paintwork pops like pretty much nothing else. You will get noticed in this car that’s definite
• This E46 M3 Convertible looks stunning from a distance – soft top up, down, or with the hardtop fitted
• Overall the exterior condition looks good for the year and mileage
• Judging by the pics, there’s some evidence of stone chips on the front bumper. There is also a scuff on the nearside-front corner of the bumper, front number-plate holder and the offside lower sill cover. The owner also reports that there’s lacquer peel on the rear spoiler and around the painted tonneau cover
• Comes with the 19-inch wheel option. These have been refurbished at some point because they no longer have the original dark painted spokes with diamond-turned faces. That’s no bad thing, because these wheels always suffer from peeling lacquer, so should look good for longer now they’re painted silver. There are some minor kerb marks reported on all the wheels
• This car comes with a hardtop, as you can see in the pictures. There are no reports of any issues with the electric hood operation or concerns over the condition of the fabric hood
• Underneath is described as having minimal rust and the pictures of the underside back that up. There appears to be just surface rust in places and no serious damage anywhere

Interior

• Original specification includes signature M grey-faced dials, engine warm-up lights, M leather-trimmed steering wheel, cruise control, automatic climate control, power hood, Sport button, DSC, electric windows all round, electric front seats with driver’s memory function, Harman Kardon stereo, six-disc CD autochanger, front centre armrest
• The tan leather seats and door cards show no obvious rips or tears. There is some discoloration to the leather in places, as you can see from the pictures
• There’s some wear to the surface of the leather on the steering wheel
• We can also see some scruffs on the metallic grey plastic interior trims – the driver’s door handle, for example
• All the carpets and over mats appear to be in good condition
• Modern touchscreen infotainment package fitted, including DAB radio, Bluetooth and navigation
• The owner has reported to us that only the reversing camera has stopped working, which we take to mean that everything else is operating as it should be
• Additional Alcantara trim on the dashboard and gear lever surround
• Aftermarket larger metal shift paddles behind the steering wheel
• Boot compartment appears to be tidy, with no undue wear and tear

Mechanical

• That gem of an engine is the S54B32 straight six. Cast iron block but with an alloy cylinder head. Sounds just delightful, loves to rev and was built to deliver a healthy 343hp at 7,900rpm and 269lb ft at 4,900rpm
• Six-speed SMG automated manual gearbox operated via the steering wheel paddles or the shift lever, and comes with shift speed control switch
• Mechanically locking limited-slip differential
• Engine bay looks very clean and tidy, with the sound insulation intact on the underside of the bonnet and minimal signs of corrosion or oil leaks
• Strut brace fitted across the front suspension turrets
• What appear to be the original build stickers still present on the front suspension turret
• Eventuri carbon fibre intake fitted (Original included)
• Tyres described as ‘in great condition’ with ‘brand new’ Michelin Pilot Sport 4 tyres fitted on the rear
• Current owner says the car starts with no issues and reports nothing untoward in the way this M3 drives

Summary

The E46 BMW M3 was always a classic in the making and so it’s proved to be. Handsome, fantastic to drive, and an amazing engine. All the proper M car hallmarks, basically. It also sat in the happy-medium period when M cars were gaining more tech, like the SMG gearbox and Sport button, but were still overall an analogue experience compared with today’s tech-laden M cars.

This car looks like a very usable example – something that doesn’t need wrapping in cotton wool because it’s too perfect. Instead is something that you can get out there in and enjoy today. Or, strictly speaking, when the bidding is over and you’ve paid your dues. Anyway, with summer coming it’s the perfect time to get out and use what looks to be a tidy and well-nurtured car, and make it pristine at your leisure should you wish.

To arrange a viewing, please request this in the Q&A section. You can click through to the seller's profile and use the 'Email Me' function to arrange a viewing privately. This seller is located in Harrow, Greater London.