Own an old BMW M3? You might want to see what they're worth now
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To say that the slab-sided E30-generation BMW M3 is growing in value on the classic-car market is nothing new. Preaching to the choir, honey.
But, do you know just how much they're worth today? A high-profile sale in the US might offer some surprising insight.
Bring a Trailer — a wondrous American auction website made specifically for weird and collectible cars — recently sold a left-hand drive 1989 E30 M3 for...
Converted, that's NZ$140,000 — almost enough to buy a brand new BMW M3. A lot of money, when you consider that these cars used to be available for much much less through the late '90s and early '00s.
The sold car isn't even necessarily a perfect example (no offence to the owner, past or present). It looks pristine inside and out, with an engine bay clean enough to eat off. But, it's covered 35,562 miles — or, 57,231 kilometres. That's low mileage for a car from the '80s, but high mileage for anything that's presenting itself as a 'perfect example of the breed'.
Not that this car labels itself in any way, but what it shows is that the prices of even the driven-in and slightly rough-around the edges E30 M3s must be on a rise. A quick scan of New Zealand's second-hand car listing sites reveals a couple of others are currently for sale — including this (eerily similar left-hand drive and white) example for sale on Driven for a comparatively poultry $66,650.
Why the price jump? Multiple reasons — reasons that have been delved into in previous stories about similar kinds of cars.
The people who were inspired by these cars and what they accomplished on the race track through the late '80s are now well off enough to buy them. Likewise, as a product of the Knight Rider decade, the E30 M3 has hit a peak level of nostalgia.
It's a perfect storm, though one has to note that Ford Sierra RS500 Cosworth prices and Nissan R32 GT-R prices aren't even close to this price level; even though both platforms whooped the M3's rump towards the end of the Group A racing era...