E30 M3 Found - Value?
Discussion
I happened to walk down a private side street in a nice area at lunch today and walked by an unloved, seemingly forgotten E30 M3 in what I first thought was black but actually looked more like a thick layer of grime over Macau blue.
A quick chat with the guard of the street led to me passing me my number and a 'get in touch if he wants to sell' type conversation. "No chance mate", he goes - but I'll pass your number on.
Later in the afternoon I get a call. He is looking to sell. Mine for £30,000
Mileage? 17,000km (a shade over 10k miles)
It's an Evo 2 on an F reg. 1 of 500
Tax disc says expired '07
Big dent in wing. Paintwork needs attention in several areas. Needs some love.
Am I mad to be considering this?
A quick chat with the guard of the street led to me passing me my number and a 'get in touch if he wants to sell' type conversation. "No chance mate", he goes - but I'll pass your number on.
Later in the afternoon I get a call. He is looking to sell. Mine for £30,000
Mileage? 17,000km (a shade over 10k miles)
It's an Evo 2 on an F reg. 1 of 500
Tax disc says expired '07
Big dent in wing. Paintwork needs attention in several areas. Needs some love.
Am I mad to be considering this?
Interesting if a genuine Evo2 with all the correct bits in good condition ( many bits being unobtainable or mega money ) and that mileage is genuine.
You need to have this up on a ramp and look into every know rust area and make sure it isn't rotten and requires a lot of work.
If it's sat unloved for years, what the engine condition like ? Has it been run, oil changed etc ? If it's sat with used oil and and weak coolant in the engine/rad, expect a lot of problems. Also sounds from your description that it's been sat outside and if so, likely to have rust or water ingress into the cabin, so check those carpets especially around the bulkhead and front floor pans.
Given the silly money being paid for low miles cars, check the paperwork trial very carefully to make sure it stacks up. You don't want a previous owner or someone who know the car popping up after any purchase to say its fake.Really need to see the condition and establish if its genuine or not to pass an opinion on values.
You need to have this up on a ramp and look into every know rust area and make sure it isn't rotten and requires a lot of work.
If it's sat unloved for years, what the engine condition like ? Has it been run, oil changed etc ? If it's sat with used oil and and weak coolant in the engine/rad, expect a lot of problems. Also sounds from your description that it's been sat outside and if so, likely to have rust or water ingress into the cabin, so check those carpets especially around the bulkhead and front floor pans.
Given the silly money being paid for low miles cars, check the paperwork trial very carefully to make sure it stacks up. You don't want a previous owner or someone who know the car popping up after any purchase to say its fake.Really need to see the condition and establish if its genuine or not to pass an opinion on values.
You really need to know what you want from the car.....
do you specifically want an Evo 2 ? Or
Do you want an E30 M3 to drive and enjoy?
Simple questions but relevant I think as if you just want an M3 to drive and enjoy then for the 30k I would just go and buy one that is already ready to go. If you specifically want an Evo then definately go in with your eyes open. If the car is as you describe ( it will be worse than it looks once you dig around) it could easily take another 30K to put right.....at that point you end up with a restored Evo 2 owning you 60k that you may not actually want to drive.....if you're looking to make money, prices are toppy right now with some high end cars hanging around with some reducing prices. To me 30k seems a huge amount of money for a restoration project in a recently inflated market..... either way it would be great to see one saved but I would definately tread carefully.
do you specifically want an Evo 2 ? Or
Do you want an E30 M3 to drive and enjoy?
Simple questions but relevant I think as if you just want an M3 to drive and enjoy then for the 30k I would just go and buy one that is already ready to go. If you specifically want an Evo then definately go in with your eyes open. If the car is as you describe ( it will be worse than it looks once you dig around) it could easily take another 30K to put right.....at that point you end up with a restored Evo 2 owning you 60k that you may not actually want to drive.....if you're looking to make money, prices are toppy right now with some high end cars hanging around with some reducing prices. To me 30k seems a huge amount of money for a restoration project in a recently inflated market..... either way it would be great to see one saved but I would definately tread carefully.
Interesting one......
The appeal of a low mileage car (and this would be one of the lowest mileage cars in the world) is surely it's originality. If it needs substantial restoration work, surely the low mileage loses its appeal? I know someone with a 16k Evo Sport but it was stolen and recovered and now missing an engine - same applies.
Really difficult to value but I'd disregard the mileage if I were buying this whether in its current state or whether someone bought it and sunk £20k or £30k into restoring it.
Don't suppose there'll be many £30k Evo 2's for sale in future though irrespective of mileage / condition but probably not the bargain of the decade it seems to be on first glance........
The appeal of a low mileage car (and this would be one of the lowest mileage cars in the world) is surely it's originality. If it needs substantial restoration work, surely the low mileage loses its appeal? I know someone with a 16k Evo Sport but it was stolen and recovered and now missing an engine - same applies.
Really difficult to value but I'd disregard the mileage if I were buying this whether in its current state or whether someone bought it and sunk £20k or £30k into restoring it.
Don't suppose there'll be many £30k Evo 2's for sale in future though irrespective of mileage / condition but probably not the bargain of the decade it seems to be on first glance........
Pagoda1966 said:
Interesting one......
The appeal of a low mileage car (and this would be one of the lowest mileage cars in the world) is surely it's originality. If it needs substantial restoration work, surely the low mileage loses its appeal? I know someone with a 16k Evo Sport but it was stolen and recovered and now missing an engine - same applies.
Really difficult to value but I'd disregard the mileage if I were buying this whether in its current state or whether someone bought it and sunk £20k or £30k into restoring it.
Don't suppose there'll be many £30k Evo 2's for sale in future though irrespective of mileage / condition but probably not the bargain of the decade it seems to be on first glance........
I'd say so long as its matching numbers any amount of 'new metal' in the car wont affect value in the slightest.The appeal of a low mileage car (and this would be one of the lowest mileage cars in the world) is surely it's originality. If it needs substantial restoration work, surely the low mileage loses its appeal? I know someone with a 16k Evo Sport but it was stolen and recovered and now missing an engine - same applies.
Really difficult to value but I'd disregard the mileage if I were buying this whether in its current state or whether someone bought it and sunk £20k or £30k into restoring it.
Don't suppose there'll be many £30k Evo 2's for sale in future though irrespective of mileage / condition but probably not the bargain of the decade it seems to be on first glance........
Remarkably low mileage.
Ideally you need to get it up on a ramp and check all the usual rust traps. Jacking points, corners of front footwells, end of the sills, under the battery tray, front scuttle and beneath the battery tray in the boot. BMW engines love regular oil changes, so check the oil is clear and fresh looking. The seller obviously knows his cars worth and if it all checks out, you've found yourself a very desirable example.
Bear in mind though, that recommissioning an E30 M3 isn't cheap. Even the basics, such as new dizzy cap, rotor arm, leads, oil, filters etc will be £1000. Any corrosion needs to be dealt with properly and at £45 - 50 an hour, the bill can soon spiral.
My floor was pretty solid, but a few localised repairs that were needed to get it looking like this.
Add a bit of paint.
and I had a £2k+ bill
My car was a very presentable example, with no obvious issues, but it took a thorough inspection and about £10k to bring it up to scratch.
Best of luck with it though, as they're every bit as good as people say and then some. It's just better to go into it with your eyes open.
Ideally you need to get it up on a ramp and check all the usual rust traps. Jacking points, corners of front footwells, end of the sills, under the battery tray, front scuttle and beneath the battery tray in the boot. BMW engines love regular oil changes, so check the oil is clear and fresh looking. The seller obviously knows his cars worth and if it all checks out, you've found yourself a very desirable example.
Bear in mind though, that recommissioning an E30 M3 isn't cheap. Even the basics, such as new dizzy cap, rotor arm, leads, oil, filters etc will be £1000. Any corrosion needs to be dealt with properly and at £45 - 50 an hour, the bill can soon spiral.
My floor was pretty solid, but a few localised repairs that were needed to get it looking like this.
Add a bit of paint.
and I had a £2k+ bill
My car was a very presentable example, with no obvious issues, but it took a thorough inspection and about £10k to bring it up to scratch.
Best of luck with it though, as they're every bit as good as people say and then some. It's just better to go into it with your eyes open.
I actually got cold feet when I took a step back and realised what a gamble this would be for me. House deposit or a very risky venture into M ownership with a car that hasn't turned a wheel in years. Still, was nice to look around! Happy to share location details via PM if anyone's interested. I won't be carrying this on, but one of you might have bigger cahuna's than me....
Gavin_Essex said:
I actually got cold feet when I took a step back and realised what a gamble this would be for me. House deposit or a very risky venture into M ownership with a car that hasn't turned a wheel in years. Still, was nice to look around! Happy to share location details via PM if anyone's interested. I won't be carrying this on, but one of you might have bigger cahuna's than me....
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