This likely isn’t news to anyone, but the days of cheap E46 M3s are long gone - and not likely to return, either. Cheap and good, that is; you could probably shell out not much initially then spend a lot sorting stuff out. It’s all great news for owners, who have seen values of their seminal M car boom in not much time at all, and rather less encouraging for those of us who want to buy an M3. Because we now live in a time where even a CS can command almost £40k. And that’s not really the ‘vaguely affordable modern classic M car’ we imagined E46s would remain.
However, there is a glimmer of hope. Because there’s a contemporary of the M3, powered by the same engine, that was manual only, rarer, arguably more stylish and doesn’t seem to have appreciated at quite such a ferocious rate. We’re talking, of course, about the Z4M Coupe.
Now, there’s a good reason why the Z4 isn’t quite as revered as the M3; it’s commonly accepted that, in best BMW tradition, the saloon-derived coupe is better to drive than the actual sports car coupe. And the Z4 doesn’t have an M3 badge. That said, if you want character, a wild side that maybe put off new customers but now will excite on a sunny Sunday, then here’s your car. With one of the best six-cylinder engines ever made. Plus, if the Z4 remains just a tad too lairy, there must be a host of aftermarket bits now to quell some of the waywardness.
Once upon a time, nobody really liked how the Z4M Coupe looked, it being not as wantonly weird as the Z3M that had preceded it nor as classically handsome as the M3. Nowadays, though - and while this remains pretty subjective - we seem to be in a real sweet spot for the Z4. What was weird and futuristic still seems modern. Certainly more distinctive than yet another two-door 3 Series, and more cohesive than the Z3M - however lovable the old clown shoe is. There’s not even a set of CSL replica wheels on this Z4, which are apparently mandatory given their popularity, and it remains a real looker.
The only bad news, really, is that Z4Ms have gone up in value as well, albeit not quite like the M3. This 2007 car has 60,000 miles, a manual gearbox (there was never an SMG option, as part of the traditionalist approach) and is being offered by the dealer that sold it last time around in 2020. While it’s had a lot of owners (eight), all the required maintenance has been carried out. “Still the excellent Z4MC that left our showroom two years ago”, reads the advert appraisal. Certainly scrubs up nicely, inside and out, for the pics.
An asking price of £22,995 leads us back to our original point. Yes, it’s more than it will have been in recent history, but not my much; in 2019, a 2006 car with a few more miles was £20k. Crucially, too, an M3 for this money is going to be older, higher mileage, or with the SMG - £21,995 buys an E46 CS with almost twice the miles. This isn’t the sort of money anyone would call a bargain, unfortunately, but the M3’s ascendancy arguably makes the quirky Z4 more appealing than ever.
SPECIFICATION | BMW Z4 M COUPE
Engine: 3,246cc, straight-six
Transmission: 6-speed manual, rear-wheel drive
Power (hp): 343@7,900rpm
Torque (lb ft): 269@4,900rpm
MPG: 23
CO2: 292g/km
First registered: 2007
Mileage: 59,800
Price new: £42,245
Price now: £22,995
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