jamoor said:
Hi there
Now is a good time to buy an M3, as good low mileage examples are holding values well and its only high mileage examples on older plates that generally go cheap, but those can be good buys. Even though a new M3 is out, demand for the older E46 is strong and good examples still fetch good money. There are a lot of M3's for sale but many are high mileage and maybe some not such great examples, so the good ones are holding value.
With an M3 the most critical first step is that the 1200 mile service was done on time, so it needs to have been done in the 1100-1250 mile range, if it was done any later or missed then just walk away unless the car is mega cheap and beaware such cars are very hard to sell.
These cars must have full service history by an approved BMW dealer or a specialist such as Thorney Motorsport. Again if not then walk away. A car thats seen a lot of track action would no doubt have being serviced every 5000-8000 miles or one would expect so. Most driven on the road will go between 8000-12000 miles so if you check the service book you can get an idea of how the car was driven not that it really matters though if the guy has looked after it as you say.
Running cost, well they drink petrol, in fact I am shocked at how much petrol these things drink. I am average 18MPG in the CSL, so I'd expect a normal M3 to return 16-17MPG because of its extra weight its luggin about. I find this shocking because my heavier Mustang with far far more power and torque returned 16MPG. On a run sticking to 70mph the CSL returns 26-28mpg, so expect similar from an M3, the Mustang however could return 30mpg in similar circumstances, needless to say BMW need to improve economy when a far cheaper to produce Ford Engine can return better MPG with over 500 horses, though I believe superchargers do help make things more efficient.
Insurance, it was more than the Mustang for me but nothing shocking at £700 for the CSL, but a tracker was required, not sure on an M3. Now am M3 might be more or less, but whatever way you look at for a 20yr old its gonna cost you a fortune.
Reliability and other running cost well how longs a piece of string. You might get one that never misses a beat and all you will have to pay for is the regular servicing which is not cheap anyway. Expect £160-£210 for a regular oil service, with Inspection 1 around £600 and Inspection 2 around £800. It goes Oil service, Insp1, Oil, Insp2, Oil, Insp1 etc. so very expensive, in fact Porsche is cheaper to service. Alternatively a whole host of things might go wrong and if you don't have warranty on the car then your gonna need deep pockets.
With a car thats seen a lot of track action you should mainly be getting the DIFF inspected I believe, but apart from that all should be fine. The car should also be splattered in stone chips on the front bumper, if its not ask because its either being re-painted at the owners request or maybe there was a front-end accident.
Due to its track time, get the bushes checked as they are not upto the task of regular track use and can become a little soft and need replacing.
Check for any knocking noises on a test drive, especially when going over bumps as that means certain suspension parts need replacing.
If you get the VIN/Chassis number, ring BMW and they can check that all recalls have been done to the car for you as well, these are very important, especially ones such as the bearing recall etc.
M3's when cold sound crap, the exhaust is very raspy and can even sound rattly, but its completely normal. Also when cold the engine is a bit poor as in kangarooy, but again normal, soon goes.
Things such as clunks from the differential when changing gear is normal as is a rattle when turning the car off. The engines also generally tend to sound a little tappety at idle, again normal.
Think thats about it.
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