2002 BMW M3

A large part of this M3’s success was down to its timing. It arrived right in the middle of the track-day craze. There was even a limited edition lightweight M3 CSL for the hardcore. Yet its charms weren’t just experienced by circuit goers, as the popularity of the convertible version proved. If you wanted to cruise around during the summer with the top down enjoying a six-cylinder soundtrack par excellence, the E46 had you covered here too.

This M3 Convertible has been finished in the highly desirable (and hard to miss) shade of Phoenix Yellow, with a complementary Kiwi Nappa leather interior. Its S54B32 straight-six engine’s 338bhp is marshalled through the six-speed sequential SMG transmission allowing both laid-back smooth operation or quick-fire blasts up the ratios. The recorded mileage of 118,932 shouldn’t put off perspective buyers, as it’s backed up with a near full BMW and specialist service history.

BMW in this era was at the top of its game; immediately clear from the panel gaps on this example. The attention to detail here verges on the obsessive as every gap around each and every panel looks equal down to the millimetre. Even those front wings (an E46 weak point) seem original and rust-free. If they are replacements, they look to have been painted and fitted with exceptional care.

The vendor states that the paintwork elsewhere is in excellent order having survived its 18 years with nothing more than a few very small stone chips to report; the worst of which sits just above the front licence plate. There’s another very minor chip in the paint on the passenger’s door handle, but it’s been touched up in the correct shade, plus you really have to be looking for it.

This car does come with a factory hard top, a picture of which will be uploaded to this listing, though it wasn’t fitted for our shoot so we weren’t able to inspect it. The fabric top appears to be in great shape however, could do with a bit of cleaning, fitting snugly without looking either stretched or frayed.

At some point in the past a kerb has taken a chunk out of the nearside rear tyre sidewall but it took the hit so the wheel wouldn’t have to. The optional diamond-cut M Double Spoke alloys remain highly presentable but the rears are starting to show their age. Nothing a quick refurb couldn’t sort.

Elsewhere, the headlights have escaped the clouding that plagues so many machines from the Noughties, but on our wet and cold winter morning shoot, they did show some condensation.

The citrus theme continues in the cabin as the soft Nappa leather, Kiwi M Sport seats and door cards are all finished in yellow. It’s not as overwhelming as it could be, with the black leather M Sport steering wheel and titanium dash stripe breaking it up nicely. Trim is largely in good order too, with just an iffy bit of stitching to the driver’s outer bolster and some over spray from dye to the seat belt anchor, the main causes for complaint. Both front seats are the top-end electric heated memory options and both seem to work as they should.

Usual wear and tear for a near twenty-year-old car can be found elsewhere. There’s some peeling to the lower portion of the wheel centre and some scratch marks on the ashtray lid and inner door handles but that’s about it. The selectable shift speed SMG transmission and premium Harman/Kardon sound system are nice options to have as is the centre armrest. Yes, BMW were miserly enough to make the first owner pay extra for some elbow support. 

The exhaust system on this M3 seems in fine condition with nothing more than minor surface rust to worry about, we suspect it’s been replaced in the not-too-distant past. The expensive back box certainly looks like it has plenty of life left. While we were under here though, we did notice that the differential is weeping a little from the front, likely the pinion seal on its way out. This isn’t an uncommon issue with E46 M3s but it’s one that may need to be addressed in the future.

While we were in this area we also noticed some surface corrosion. While still limited to the surface at the moment it may not stay that way for long without some treatment. It’s a similar story with a section of the offside rear floor. The factory underseal has begun to lift here in the past and it’s starting to corrode. Nothing serious, or likely to fail an MoT test, but if it were ours we’d treat it now and top up the underseal.

The front end seems in good order and there were certainly no noisy clonks during our brief test drive. All fluid levels were up to their maximum marks but a glance underneath did reveal a light oil covering on the subframe. Bushes and suspension components looked good, from what we could see.

We include an online HPI report run at the auction start which shows no finance outstanding and no insurance markers for theft or damage.

Cared for within the BMW dealer network until 2005 (with BMW paperwork to back this up) this M3 spent its early years in Norfolk. The Lind BMW dealership in Norwich carried out all its inspection services and regular oil changes either annually or at 10k-mile intervals, whichever came first. The stamps in the service book demonstrate as much until around 2005.

A new owner took over the car’s care and in 2007 once again returned it a BMW dealership, this time Knights in Stoke-on-Trent. Shortly after, the car went across the Pennines to its next long-term home in Yorkshire. With marque specialists David Paul in Warrington continuing to keep the servicing up-to-date until 2017 when the car once again returned to BMW. A trip to Halliwell Jones BWM in Warrington for replacement passenger and driver airbags, the owner also took the chance to have an inspection carried out. This advised an engine oil leak.

There are some very welcome and rather large bills in the history from this period too. For example, one for curing the M3 E46 boot floor problem in 2015. Together with the labour for removing the rear subframe in order to weld in the boot floor repair kit, a load of brake parts, bushes and gaskets were added to the bill that came to a cool £2299. Prestige Auto Repairs did the work and were once again called upon later that year, this time to replace the clutch and dual-mass flywheel. The damage was another £1225, ouch that was a pricey year for someone.

Since 2018 and 93,395 miles there’s little in the history other than MOTs, so it’s likely that another service is over-due.

Phoenix Yellow was always an extremely rare colour. BMW used it as a showcase colour for the M3 and along with fellow highly-desirable shades like Laguna Seca Blue and Imola Red, it remains one of the factory hues that enthusiasts go a long way to track down.

A desirable combination of colour and options and a pretty solid service history makes this M3 well worth a look. It’s got a few minor leaks to track down and cure, plus a preferable rust treatment and underseal top up, but once these are addressed, there’s a summer stunner ready and waiting to be enjoyed. We estimate £9,500 - £12,500.

The fun doesn’t have to stop when the weather turns either, as this M3’s factory hard top, heated memory seats and mod cons make it eminently useable all-year round.

Inspection is always encouraged (within Govt. guidelines of course), and this particular car is located with the owner in Leicester; to arrange an appointment please use the Contact Seller button at the top of the listing. Feel free to ask any questions or make observations in the comments section below, or try our ‘Frequently Asked Questions’.