2003 BMW M3 Convertible (E46) SMG

Highlights

• Just two owners and in current ownership for 20 years

• Estoril Blue with BMW individual interior

• Original purchase invoice present

• MoT until May 2026

• Interior refresh in 2023, presents very well overall

Overview

M is one of the most powerful letters in the history of performance cars - rarely has one single letter earned so much respect or carried such weight amongst fans of going quickly. BMW’s M division has long been the maker of top-shelf performance cars that balance fantastic performance with everyday usability, and the E46-era M3 is, for many, the one to have.

Not only was this era of M3 a brilliantly usable performance car, but it also played host to what any enthusiast would argue is one of the finest six-cylinder engines of all time - the S54. Featuring individual throttle bodies on all six of its cylinders, 338bhp and a soundtrack that makes the hairs on the back of your neck stand up as you push towards the redline, it really is a driving experience that any PHer has to experience at some point in their life. 

Purchased by our vendor 20 years ago, this E46 cabriolet lets you enjoy that intoxicating S54 soundtrack to the maximum with the roof down, but comes complete with its matching hard-top for easy use year-round, and added security when you need it. 

Presented in the classic E46 colour of Estoril Blue, this ‘vert also benefits from a BMW Individual interior, which was refreshed in 2023 to bring it back to excellent condition. With a recent inspection showing that there are no rear subframe or boot floor issues to contend with, nor any signs of VANOS issues, this M3 needs only a little tlc to address a couple of MoT advisories, but is otherwise reported to be on-the-button and ready to enjoy.

History and documentation

• Stamped service book with services as follows: Jan 2003 (PDI), Apr 2003 @ 1,708 miles, Jan 2004 @ 12,505 miles, Jan 2005 @ 26,903 miles, Nov 2006 @ 39,237 miles, Jun 2010 @ 48,164 miles, Oct 2012 @ 57,247 miles, Dec 2014 @ 62,190 miles, Jul 2024 @ 68,643

• The seller also tells us that the most recent service was carried out in June 2025, though there is currently no invoice for this in the gallery

• Original purchase invoice from BMW Specialist Cars of Luton

• Full document / handbook pack

• Collection of invoices and old MOT certificates

• Two keys

• Current MOT expires 20 May 2026 with advisories for corroded brake discs, a rear differential oil leak from the prop seal, and indicators flashing too fast

• SMG semi-manual gearbox

• BMW Individual interior

• The seller states that during the most recent service, the garage reported that the track rods are in good condition, the subframe is sound for a car of 22 years old and that when the engine was started from cold inside the garage there was no timing chain noise and therefore no need to change the Vanos tensioner

Interior

• BMW Individual grey leather interior

• The cabin presents very well on the whole, with some typical age-related wear to high-traffic areas

• We’re told the interior was refurbished in 2023, which would account for its very good overall condition

• All four seats are in excellent shape, with the front seats wearing a light patination to the leather

• The carpets and overmats exhibit some light staining

• Ahead of the occupants, there are a few light scuffs and abrasions to the dashboard upper, along with the footwell and lower glovebox trims

• We noticed some tearing on the leather below the nearside door armrest

• Elsewhere, there are some areas of more prominent wear to the centre console, rear location trims for the folding roof/hard top, and a few scuffs to the rear of the front seats

• In the rear, the fold-down toolkit is partially complete

• The seller states there are no known issues with any of the interior systems or switches

Exterior

• Finished in the classic shade of Estoril Blue, this E46 M3 Convertible still commands plenty of attention and has an impressive presence

• The bodywork is in very good overall condition, with the seller stating there are no dents to be aware of

• The paintwork is in good shape for its age, wearing some typical stone chips to the front end and exposed edges, along with one or two more prominent marks

• These more visible blemishes include a deep scratch by the nearside rear tail light, larger chips on the wing mirrors and arms, a scuff by the nearside lower fog light, and some light scratches to the front end

• The matching hard top is present and in excellent shape, whilst the folding soft top is in great condition with only a few folding marks to note

• We’d say the headlights are starting to cloud over ever so slightly, but should be easily remedied

• All four wheels are wrapped in Bridgestone tyres, and the wheels themselves are in excellent condition with no kerb rash or damage that we can see

• Underneath, we can see some corrosion to exposed areas such as the driveshafts and brake calipers, but nothing that has bothered the tester for the most recent MoT exam

• Overall, a very smart example of the E46-era M3 Convertible in arguably the best colour for the model

Mechanical

• 338bhp, inline-six naturally aspirated S54 engine, sending power to the rear wheels through an automated manual gearbox with paddle shifters and a limited-slip differential

• The brake discs were noted as an advisory at the most recent MoT, and the calipers themselves are corroded, with exception of the recently replaced item on the offside front

• No reported modifications from the factory specification

• Under the bonnet, the engine and ancillaries present well, but would benefit from a detailing session to bring them back to their best

• No signs of any obvious leaks or issues

• We note some corrosion to the bonnet springs

• The seller states that the car starts with ease, and that there are no mechanical issues to be aware of, save those noted in the most recent MoT exam

Summary

Certain cars just look ‘right’ in certain colours, and a BMW E46 M3 in Estoril Blue is one of those combinations. Set off against a grey leather interior with unmarked M3 wheels, and you’ve got yourself a recipe for success.

Offered for sale from long-term ownership and reportedly free of the usual E46 snagging points, this M3 is ready to use and enjoy, yet offers scope for some light fettling and mechanical tlc to take it to the next level, should the next owner wish to do so.

To arrange a viewing, click the 'Book Viewing' button located under the 'Place Bid' button. Viewings can be booked up until the day before the auction ends, after which the option will change to 'Contact Seller' for further enquiries. This seller is located in Harpenden, Hertfordshire.