BMW M Coupe: Spotted

Rising values have made the compellingly strange Z3-based M Coupe one of the most expensive 'M' cars

The values of the road cars produced by BMW's Motorsport division play by an odd, and unpredictable, set of rules. Some languish in near-bangerdom for years, while others head straight for the sky. Small production is definitely the key here; the Z3-based M Coupe was, apparently, the smallest volume car BMW has ever made that wasn't officially a limited edition, so it's perhaps not surprising that values began to climb a while back.

No mistaking it!

We're now facing the reality where, to get a really good one, you're having to pay not far off what a new M4 would cost. Madness, surely?

Well, perhaps not; people have been predicting that E30 M3 values have peaked for several years, during which they've continued an impervious ascent. And the M Coupe is certainly unlike nearly anything else. It was spun from the Z3 roadster, a car that possessed the torsional rigidity of a damp sock. The strange 'breadvan' roof was designed to firm up the floppy chassis as much as keep out the sun, and the Coupe was claimed to be an astonishing 2.7 times stiffer than the ragtop. Like the roadster it was a strict two seater, but with the shooting brake bodywork giving it an impressive amount of luggage space behind the rear tailgate. The Coupe was sold with the 2.8-litre and 3.0-litre straight sixes and Z3 branding in some European markets, but in the UK we only ever got the full-fat version, known simply as the M Coupe.

Laguna Seca Blue rare and desirable

Like the M Roadster power came from the VANOS-equipped 3.2-litre straight six; being a later car this one is using what is basically a slightly downtuned version of the 'S54' motor from the E46 M3, meaning 325hp, a 5.3-second 0-62mph time and a limited 155mph top speed. Yet like every version of the Z3 it uses semi-trailing arm rear suspension that was pretty much drawn straight from the E30; it's a bitsa that bridges three generations of 3 Series.

Don't come to the M Coupe expecting a driving experience to match that of its contemporary M cars, as it lacks their ability to deal with rougher surfaces. Ride quality is poor to harsh and it struggles when asked to deal with bumps at speed. That said, on smooth surfaces there's huge adhesion and an amusing level of throttle adjustability for those capable of exploiting it. (At this point I should confess the first press car I ever span was an M Coupe.)

Half-price alternative?

So what to make of this one? Well it's certainly got both rarity and condition on its side, with Laguna Seca Blue paint and some matching interior trim (most M Coupe cabins were similarly OTT), plus only 33,000 miles showing and a recent main dealer service. Back in 2002 it cost £36,000 before options meaning the current asking price is beyond what it was new. We'll leave the thorny question of whether it represents good value up to you, with the proviso that it does seem to be a particularly nice one...

But if you're looking for a car to drive, rather than semi-speculative investment, then here's a strong alternative. Values for the later Z4M Coupe haven't begun to move upwards yet, and here's a 2006 example with a full BMW history that's currently in the classifieds for £16,450. It might have twice the mileage, but it is also less than half the price.

BMW M COUPE
Engine: 3,246cc, inline-six
Transmission: 5-speed manual, rear-wheel drive
Power (hp): 325@7,400rpm
Torque (lb ft): 258@4,900rpm
MPG: 25
CO2: 268g/km
First registered: 2002
Recorded mileage: 33,646
Price new: £40,595 (1998)
Yours for: £44,995