Even with it being categorised?
Spending above 10k on an E46 M3 is absolute madness unless its a CSL.
Have you seen how much a CSL goes for?
Cheapest on PH - http://www.pistonheads.com/classifi...m3-00-06/bmw-3-series-e46-m3-csl-2004/6521442
£10k is the minimum for a facelift E46 with non-moon miles.