How much should I spend on an E46 M3?

[ImDesigner]

£15,000-£16,000 seems steep when £19,000 buys a V8 M3 - although I am sorely tempted by a low mileage CS - and £6500-£8000 seems like I could well end up with a dog.

Should I be looking to spend somewhere in the middle and take pot luck between viewing several good and bad examples or is there generally a number considered to be a good minimum limit?

I don't mind spending a bit more to get a lovingly maintained car and I'd be looking to keep it for a couple of years.

Any guidance would be welcomed.

Thanks.

[martin mrt]

I paid 9k for my 2004 54 carbon black manual coupe, and by the end of the month will have likely spent a further £2k refurbing wheels and doing some minor repairs and paintwork

I think for the 11k it's going to cost I've got a well specced, reasonable mileage car that needs nothing.

I'll likely be selling it afterwards as I need to buy another house

There can be some bargains in the sub 9k category it's just being patient finding them

[Liquid Tuna]

Buy his then ^^^^

[nervouspassenger]

I looked at a few between 6 to 8 k before I bought and would agree, 8k should get a decent car. I saw some hounds too though for very strong money so it seems you don't necessarily get what you pay for.

In the end my inner tightwad won out and I paid 4.8k for a 2002 smg in red. It hit me with a 700quid bill almost immediately but has been fine for a while now.

[CrouchingWayne]

I viewed 3 in the £6500-7500 range and they were all terrible with very misleading descriptions. I'd budget for £8k plus if you can buy privately, or £9k plus if going to a dealer.

As a caveat, I'm sure there are loads of bargain cars which are excellent but none near me at the time.

[ImDesigner]

So my 10-11k budget could get me a minter?

To clarify, I'd be looking for an SMG Coupe with a bright interior although preferably Kiwi.

[9mm]

£15K/£16K is mug money but then there are lots of mugs about.