Is the E46 M3 CS Worth the Premium?

BigToe

BigToe

BigToe

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I want to buy an E46 M3 in three to four months time, and I've started looking now to get a good idea of the market. It seems that the £11k mark is a decent starting point for a nice example, but then I learnt of the CS version with better brakes, suspension, quicker steering rack and M-Track DSC (all borrowed from the CSL, according to Evo). I spotted a nice one around the £14k mark.

Considering the improved driving experience and potential future market values, are the CS models worth the premium? Can you see them depreciating any further? Unless I win the lottery, I'd be keeping either car for a long time, regardless. I love my E36 328i, but I've wanted an M3 since my first BMW and I don't think the E36 version is enough of an upgrade (in all areas; not just raw performance, which is fine) to warrant the prices they fetch these days. The E46 seems like a much better overall package, and the aesthetics make me drool. Maybe I'll feel differently further down the line, but currently my opinion is that it's better looking than the later generations.

I'm also really intrigued by the idea of SMG over manual, and would appreciate your input on that. I'll test-drive both if I can to see which I prefer. I've always chosen manual over automatics, but the fact that the SMG is actually the same 'box with an automated clutch and sequential shifter really appeals. I'm aware of the potential problems and would ensure that I get one with proof of work done.

So, I look forward to reading your opinions! Thanks.
 
CS and CSL are holding value very well, even appreciating. A CS should be a safe buy and hold its value or lose very little over next couple of years.

The rack, brakes are nice features of the CS and Mtrack mode can be retrofitted to facelift cars very easily.

SMG you either love or hate, I love it but at first it can seem clunky and slow. But get on it go for a drive and the shifts are amazing and super fast. :)
 
Gibbo said:
CS and CSL are holding value very well, even appreciating. A CS should be a safe buy and hold its value or lose very little over next couple of years.

The rack, brakes are nice features of the CS and Mtrack mode can be retrofitted to facelift cars very easily.

SMG you either love or hate, I love it but at first it can seem clunky and slow. But get on it go for a drive and the shifts are amazing and super fast. :)
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Cheers for the quick reply, Gibbo. That's what I was hoping, due to the rarity in comparison to standard M3s. Indeed, I hadn't heard of the CS before.

As an added little bonus, insurance is £320 fully comp. for the year on the CS, compared to £530 for the standard model. I guess CS owners take greater care on the road :)
 
I have had a CS for 6 months now, prices haven't really shifted in that time and I doubt they will move up or down much over the coming years so a CS won't make you a fortune but should prove fairly safe.

Whether or not the premium is worth it or not, obviously I think it is but everything can be retrofitted to a regular model if it's just the driving experience you want to recreate.

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More pictures here:
http://forums.overclockers.co.uk/showpost.php?p=28058243&postcount=29289
 
Its a regular M3 with no cruise control and some nice wheels and a couple of other minor changes.

Another example of how illogical car values are. Its an M3+ not an M3 CSL lite.
 
I would say the current prices reflect that, it's a small chunk on top for a CS whereas a CSL is four or five times as much.
 
[TW]Fox;28846841 said:
Its a regular M3 with no cruise control and some nice wheels and a couple of other minor changes.

Another example of how illogical car values are. Its an M3+ not an M3 CSL lite.
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Spot the non M car owner
 
Even the regular ones are holding value it seems, I'm on about ones that haven't been bruvved up of course, and ones that are in very good state of condition and maintenance.

The dealer I bought my car off seems to semi-regularly get fresh normal, CS and CSL stock in and his prices haven't changed for the normal models, so people are obviously paying the price for them. He only sells unmolested examples.

The CSL has gone up considerably though, a couple of examples going for £70-£75,000 :eek:

Whatever you buy, you will thoroughly enjoy it. It has to be said that both SMG and manual are clunky at low speed, but the clutch in the manual isn't heavy, and the bite point is very easy to manage. You can creep off from standstill just by gently easing off the clutch.

With the throttle blips and a few other tweaks enabled on the SMG through the Windows utility (standard on the CS/CSL), I'd enjoy the SMG, though I'd never have it in auto mode, always manual using the paddles.

As it stands, I have a manual, so I enjoy that. Edit* I've done just a bit shy of 15,000 miles in mine in less than a year. Lots of long journeys, lots of town driving, but even more back road driving.

From inside the car the engine and exhaust note is excellent. The car will grumble and clunk in the mornings and it will grumble and clunk when driving slowly at any time. It wants to live in the higher rpm range. It's like a noisy child and you might think at times that something must be wrong, but this is normal. Welcome to S54 ownership :p

From outside the car the exhaust noise is marmite. Some like it, some don't. I understand from a few posts on PH and cutters last year that later models shared some CSL exhaust components, so have a slightly meatier sound (2004+?). Still sounds like angry bees of course.

Just don't go doing what seems like 85% of social network members club members have done and slap black wheels on it, black tints, black grilles, black badges, LED sidelights and coilovers :mad:

Chris Harris said the E46 M3 is one of the great performance cars of all time (@ 5:50). And right now it's probably the last chance to own one. Too many are being bought and ruined these days.

Chris Harris said:
...I think an M3 with a manual gearbox is gonna be worth twice as much as an SMG...
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Make of that what you will :p
 
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Turns out he was wrong. The SMG and Manuals have been holding around the same price. Obviously when the SMG does go like mine did your looking at 3k with a new clutch and flywheel. Bought it for 6 spent just over 5 in 18 months on maintenance and upgrades M3 life :p
 
Hades said:
What's the thinking on long term values of E46 M3 coupes vs convertibles?
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I would say coupes would hold their value better. Convertibles are always owned by people who want aesthetics over performance. When a car like the M3 begins to become a classic it is the performance of the coupe that most of the enthusiasts will want.
 
Hades said:
What's the thinking on long term values of E46 M3 coupes vs convertibles?
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I've spoken to a few car dealers/exotics traders recently and I've asked how likely it is a car is to go up in value. Barring the really special, short and medium term, they simply aren't. I have had a lot of Z4M owners telling me my car is going to go up in value because of how rare it is etc, and frankly, its nonsense.

How rapid the depreciation occurs is another guess, the 2008 recession meant a lot of people were rapidly underwater on cars they could not afford and it made the market go haywire, I think its still sorting itself out even now on some models.
 
hurfdurf said:
I've spoken to a few car dealers/exotics traders recently and I've asked how likely it is a car is to go up in value. Barring the really special, short and medium term, they simply aren't. I have had a lot of Z4M owners telling me my car is going to go up in value because of how rare it is etc, and frankly, its nonsense.
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I'm not sure about continuing to go up in value, but they certainly have increased. I've had mine for just under 3 years, and even with the miles I've put on it in that time, similar cars to mine are being advertised (private & traders) for £2-3k more than I paid.
 
Mickey said:
I'm not sure about continuing to go up in value, but they certainly have increased. I've had mine for just under 3 years, and even with the miles I've put on it in that time, similar cars to mine are being advertised (private & traders) for £2-3k more than I paid.
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I don't know about your individual experience but the recession really did a number on people. Uneconomical cars took a massive dive, maybe you caught yours on the bounce up?
 
hurfdurf said:
I don't know about your individual experience but the recession really did a number on people. Uneconomical cars took a massive dive, maybe you caught yours on the bounce up?
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I bought my STI approx 4 years ago for 6.5k, if I were to buy it now with the condition/mileage it had then I reckon I would be needing around 9k.

My next car will be an E46 probably :)
 
adam cool dude said:
I would say coupes would hold their value better. Convertibles are always owned by people who want aesthetics over performance. When a car like the M3 begins to become a classic it is the performance of the coupe that most of the enthusiasts will want.
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Please don't apply such a blanket statement to us all. I've been a fan of the E46 engine and exhaust note since the first time I ever saw one on the road and knew I'd want one. There's simply no better way to enjoy that as a driver than in the convertible with the roof down. Both formats handle exceptionally well and the coupe is 0.2 seconds quicker. Much of a muchness.
 
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