Petroyle BMW M3 Touring (E46) | UK Review

The M car that never was couldn't be as good as we all imagined - could it?

By Matt Bird / Saturday, 30 May 2026 / Loading comments

We can all agree that the idea of an M3 Touring is no longer a new one. BMW has offered a (very popular) series production model for a few years now; homebrew projects have existed for decades; and there was, famously, BMW’s own E46 concept from 2000, one hidden from public view until a celebration of the M3’s 30th anniversary in 2016.

It was that car that inspired this one, specialist Petroyle’s vision of an E46 M3 Touring just in time for the big 4-0. What makes their estate different to all the rest is a couple of key factors. The first is that a good few will be built: 50 will leave their Oxfordshire premises, with more than 20 spoken for and five already in build. Which sounds like good validation of the idea. The second is its unwavering adherence to the original concept spec; what’s been built isn’t a modern interpretation of an old M3, or a restomod, or a no-expense-spared one-off. You can do that if you so wish - commissions on their way include a V10 and a CSL homage - but the point with the Laguna Seca Blue car is to celebrate the idea of the E46 M3 Touring exactly as BMW would have built it 25 years ago. Standard engine, standard suspension, standard interior, right down to the dog hatch. And that’s pretty cool.

Because let’s be honest: every Touring build (indeed, pretty much every one-off engine swap project) has something not quite right about it. The wheels are wrong, the ride height is off, the exhaust lairy or the body modifications not quite so. Hard to grumble with one person’s dream fast wagon when so much has been invested, but one look at Petroyle’s first car makes all the rest look a tad OTT. The effort expended in fabricating the M3 bits for an estate - arches, bumpers, sills - has absolutely paid off. Nothing is out of place, ill-fitting or even remotely different to any other M3 of the era. Albeit a freshly assembled one, of course.

Crucially, too, an E46 M3 Touring looks absolutely bob on in 2026. There’s just the right amount of attitude and presence, before Ms of all shapes and sizes were maybe too obvious. The wheels (18-inch, of course, the 19s always appear too big) sit just right in the arches, the exhausts poke out the ideal amount, and the ride height ties it altogether. It isn’t some kind of road racer wagon. What it is, plainly, is judged to perfection.

It isn’t often that you approach an M car more intrigued by the rear bench and boot, but clearly this is one to make an exception for. And while there are no huge surprises - the E46 was a compact wagon 25 years ago, it still is - the joy of seeing rear seats as well as those beautifully blistered arches, plus the four exhausts while opening the dog hatch, really is considerable. Everything is so expertly integrated and executed that you wouldn’t doubt a claim that BMW had manufactured it.

Back in 2016 they may have said that “it was possible to integrate an M3 Touring into the ongoing production of the standard BMW 3 Series Touring with very little difficulty", but Petroyle is not BMW. A lot has been worked on to make it look so, well, regular, and it shows. To most people it's just an old BMW estate in a cool colour combo, and that’s exactly the point. The M3 Touring is the ultimate ‘if you know, you know’ car.

The retrimmed driving environment is another reminder of just how right BMW once had it. Maybe a tad austere, yes, but so perfectly arranged for the business of driving. It’s hard to imagine any leaving Petroyle without some kind of smartphone-compatible infotainment screen, a smattering of Alcantara and perhaps the odd personalised touch. This being a true homage, however, it sticks with the original setup. And it’s convincing alright - just having an Apple phone on your person feels awkward and anachronistic.

In keeping with the period correctness of the build, there’s no convoluted start procedure or dramatic flare of revs when the 3.2-litre six is brought to life. That being said, even from idle - and as has been the case for 40 years of the M3 - the engine is an integral part of the appeal. For the Petroyle Touring, without a carbon airbox or a fruitier exhaust, it’s a wonderful reminder of the S54’s innate charm. The snort of the throttle bodies is deliciously rude, the rasp of the four exhausts addictive, the linear buildup of power to the 7,900rpm peak enthralling.

Is it quick? Yeah, it is actually. What it’s not, clearly, is a fast estate like its Audi and AMG contemporaries, with their twin turbo and eight-cylinder torque. You won’t get away with forgetting to come out of fourth, for example. And maybe packed with ski stuff (should you ever let anyone near your £130k masterpiece), an M3 might not feel so convincing. But Petroyle’s commitment to carbon has kept weight below 1,600kg, so performance is identical to a coupe, which was always more than brisk enough when kept in the sweet spot of its revs. No chore at all, with six well-suited ratios and - by BMW standards at least - a pretty slick shift. Plus, well, come on - buying any kind of E46 M3 and worrying about torque is like counting the calories of a sundae. You’re missing the point. And the pay-off.

Even with 100,000 miles on the odometer of this one, the S54 zings through its power band with vigour, responding like a true motorsport unit. The sharper throttle mapping of Sport initially feels too alert, though soon becomes the default mode if you want to fully appreciate the effervescence of an iconic BMW powerplant. Petroyle is already building a V10 Touring, or it can offer a zero-miles S54 rebuild; the shriek of a carbon airbox would be hard to resist, too. Rest assured, though, that a plain old M3 engine remains pretty fabulous.

As does a standard M3 chassis. Part of Petroyle’s work has involved reinforcing the donor Touring chassis to deliver an authentically M estate experience; on this experience, they’ve absolutely delivered. Once more, this isn’t a car brought up to modern standards, so the brakes aren’t amazing, and the steering comparatively slow. Nevertheless, it remains a sweetly judged package for the road; unsurprisingly given they hail from a similar time, the M3 Touring gives off similar vibes to the E39 M5 (another M car with less-than-stellar steering and brakes).

The size feels so right for every kind of road, the performance is nicely matched to the available grip, and the unabashed rear-driveness is never intimidating. There’s suppleness to the damping, feel through the pedals and the seat, and precious little to configure. Little wonder folk have been enamoured with the coupes for so long, and why this Touring idea has always appealed so much. M might be for motorsport - and there is room for improvement - but as a road car package for anything and everything, this will take some beating. As such special builds, many will surely be extensively upgraded from standard spec and used seldom - which feels like a shame. No extra yards are required here.

Indeed, nothing quite validates the original idea (and Petroyle’s dedication to seeing this through) like just how well it all works. As it should, of course, because ultimately it’s a different body on a familiar chassis, but we all have sufficient knowledge of enough project cars to know niggles like to embed themselves. The great thrill of this Touring is just how normal it feels. Maybe not the greatest advert for spending so much on an old 3 Series, but a cool car that doesn’t require a second thought is surely better than a million-dollar ornament. And this is just the beginning, of course; those who want more extreme can certainly have it.

Even when fast estates were a less desirable niche than they appear today, BMW would surely have sold enough of these E46s to make the idea viable. Still, their loss is now Petroyle’s gain, with enquiries coming in from all around and a bodyshop bustling with BMWs alongside their usual classic fare. Clearly, this isn’t something for the casual enthusiast, because any kind of restoration or rejuvenation this extensive is hugely expensive. But the Touring has been carried off with no little skill and flair. It ought to improve any serious M-car collection. And if you ever do see a Petroyle M3 Touring one on the road, after all these years of wondering, know it’s absolutely as good as we dared hope.

SPECIFICATION | PETROYLE BMW M3 TOURING (E46)

Engine: 3,179cc, straight six
Transmission: 6-speed manual, rear-wheel drive
Power (hp): 343@7,900rpm
Torque (lb ft): 269@5,000rpm
0-62mph: 5.2 seconds
Top speed: 155mph
Weight: 1570kg
MPG: 23.7
CO2: 287g/km
Price: from £130,000