2001 BMW E46 M3 Cabriolet SMG

You don’t need to be told how great the E46 M3 is; after all, everyone on the internet has probably already told you. The E46 was decidedly more special than its E36 predecessor, with better quality materials, more power and better drivability; it’s a fairly simple recipe.

E46 M3 values have fluctuated over the years, with values dropping to enticingly cheap levels before spiking to bonkers highs just a few years ago. Today, they have settled, but the drops have left the market flooded with high-mileage, tatty examples often finished in undesirable or more common colours.

This example was supplied by BMW Park Lane in November 2001 – finished in Topaz Blue Metallic over a Light Grey Nappa leather interior. So many M3s were supplied in more common shades like Carbon Black or Titanium Silver, that those finished in alternative options stand out.

BMW UK do keep records, but it’s estimated based on online communities that there were fewer than 200 RHD E46 M3 Convertibles finished in Topaz Blue. The M3 shares many components with the base 3-series, but includes a variety of M3-only tweaks.

Wider arches, different bumpers, mirrors and bonnet bulge to name just a few. Despite the rest of the range receiving a mid-life facelift with new headlamps in 2003, the M3 retained the original style throughout production.

Another rarity that adorns this car is the 18” wheels; the overwhelming majority of M3s were optioned with 19” wheels. Today, these smaller items have become increasingly desirable, helping to improve steering feel and ride thanks to the smaller diameter. They’re wrapped in a set of Pirelli P-Zero tyres.

Inside, you’ll find the light grey Nappa interior has been well optioned. Automatic climate control, heated seats, cruise control and widescreen navigation are all in play. Thanks to the fact that this car has covered less than 50,000 miles, there are limited signs of wear present, just a few areas of sticky soft-touch plastics. The car even benefits from two cup holders, though in typical early 2000s BMW fashion, you can’t use them if you want to use the armrest!

Under the bonnet, you’ll find a 3.2-litre S54 straight six, it breathes through six individual throttle bodies, which is what provides the E46 with its legendary induction roar. Its 340 bhp is sent to the rear wheels via a 6-speed SMG gearbox. It’s a semi-automatic manual gearbox that has both manual and automated modes. The SMG takes a lot of unnecessary abuse. Once you’re accustomed to its nuance, many believe it is the gearbox of choice, even BMW, as that’s what was deployed exclusively in the lightweight CSL.

Despite sharing parts with a humdrum diesel saloon car, the M3 is a high-performance sports car. Which means that this additional power can cause issues, most notably, they tend to form hairline cracks in the rear axle carrier panel. Fear not, as in 2023, this car had any present cracks attended to. This is a costly job, and a vital one to consider when purchasing any M3.

It’s not just the RACP that has been addressed; this car, despite its low mileage, has been regularly maintained. Most recently, the car visited Forest Motors, where an Inspection II service was undertaken. 

The full records show: 

12/2001 – 1,198 miles – Running In Service at Marshall Scunthorpe 

03/2002 – 2,990 miles – Oil Service at Berry Chiswick

10/2002 – 12,860 miles – Inspection I at Murketts

12/2002 – 16,617 miles – Oil Service at Murketts 

07/2003 – 28,800 miles – Oil Service at Cooper Reading 

07/2004 – 34,018 miles – Oil Service at Cooper Reading

09/2005 – 37,288 miles – Inspection I at Cooper Reading 

05/2008 – 40,555 miles – Inspection II at Cooper Reading 

08/2010 – 43,240 miles – Oil Service at Cooper Reading 

04/2015 – 46,922 miles – Oil Service at Cooper Reading 

04/2023 – 48,541 miles – Inspection II at Forest Motors

We could harp on for hours as to why the E46 M3 is a great car, but this one speaks for itself. In a sea of silver and black, this Topaz blue example stands above the rest. With a great service record, low mileage and a soundtrack that is best appreciated with the roof down.

As with all our vehicles, an entire digital folder is available upon request and contains more images, walk-around videos, and scans of the service history. The car can also be viewed by appointment at our West London showroom.