Money Saver M3

The BMW M3 is one of the world’s ultimate performance cars; trouble is, who can afford AUD$140,000 for the current model? For something more within the average person’s budget you should check out a pre-owned example from the mid ‘90s – an E36 model can be picked up for around AUD$35,0000 and has already depreciated the bulk of its new price.

But what’s it like to drive a 10+ year old M3? Let’s find out!

Melbourne’s Sports and Luxury Cars provided us with this 1994 E36 BMW M3 which is one of the nicest you’ll find – not thrashed, low kilometers and properly maintained. The perfect representation of a middle-aged M3.

The M3 is noted for its speed which comes from a highly tuned naturally aspirated 3-litre in-line six (coded S50). The six-pot is a tight fit in the 3-series engine bay but BMW also managed to fit a superb six-throttle induction system which draws air from a conventional airbox and airflow meter assembly. That six-throttle induction system teams with a high performance DOHC head (with solid lifters), single VANOS, a 10.5 compression ratio and a low restriction exhaust for an impressive 210kW. That’s more than most 3 litre turbo engines!

But let’s not get caught up in numbers - the M3 motor is one of the most responsive, smoothest and flexible we’ve driven. In normal conditions, the big engine-small car combo gives effortless drivability. The only hints to its potential are the cammy idle and noise from the solid lifters. But the engine changes its mood as quickly as you can mash the accelerator to the floor. Unlike most turbo engines, the M3 motor gets out of bed the instant you prod the pedal and spins smoothly to around 7400 rpm. Its got a good spread of torque throughout the rev range and the 5000+ zone is where you want to be for max performance.

The M3’s five-speed ‘box is a relic from the BMW parts bin - kinda vague and with a long throw - but the ratios are well-suited to the output of the motor. You can quite easily cruise below 60 km/h in top gear – the same gear that’ll take you to a top speed of around 250 km/h...

Tipping the scales at a considerable 1474kg, the M3 is a car that really gets into its stride at higher speeds. Sure, it gets its power to the ground well and it is consistent off the line but we doubt you’d achieve better than around 7 or 8 seconds 0 – 100 km/h in normal conditions. The claimed 0 – 100 km/h figure is 5.9 seconds. Keep your foot against the firewall and you’ll cross the quarter mile in a shade over 14 seconds (claimed). Interestingly, the trip computer showed impressive fuel consumption during our test – easily in the 10 litre per 100km range. Ninety-eight RON fuel is a requirement.

The M3 matches its straight-line performance with a chassis that offers a wonderful combination of ride and handling. On roughed-up urban streets, the M3 bounds along with a firm but comfortable ride. Nothing like, say, a Subaru STi. The rear-end is where it's happening handling wise – snap the throttles open mid corner and the rear-end progressively comes around. Very sweet. There’s no traction control to rein it in but a quick armful of opposite lock will prevent interaction with the roadside environment. Unfortunately, the steering wheel is huge and the M3’s steering system has dull on-centre response and feel.

That big steering wheel is representative of the M3’s interior. It’s very old fashioned compared to something like a contemporary Subaru WRX. You’ll find a clumsy single-DIN size trip computer, an ugly airbag cover (there’s only one airbag in the ’94 model), a long-throw gearshift and a Blaupunkt radio-cassette head unit. Thankfully there’s a CD stacker in the boot.

On a positive note, there’s easy to use analogue climate control, electric front seats, an electric steel sunroof, rear blind, 280 km/h speedo, leather trim with M-highlights, cruise control and electric front windows. The driving position is abysmal in right-hand drive models. Front headroom becomes a limitation for people over 185cm tall while rear passengers need to adopt a knees-out and feet-out position due to the lack of space. Still, there’s more rear space than you’ll find in a Nissan S13 Silvia. The rear backrest is 50:50 divided and can be folded forward to expand cargo area. Boot space is impressive though the CD stacker is intrusive. A full size spare wheel can be found under the boot’s false floor.

The body is elegant and uncluttered – a true modern classic. The M3 is built using a 3-series panels as a base but features a front air dam, aero mirrors, deeper skirts, dual exhaust tips, badges and BMW Motorsport 17 inch alloys wearing 235/40 17 tyres.

The vehicle on test is one of the best examples you’ll find. It has just 90,000km on the odometer, the service history is perfect and the condition is exceptional for a 15 year old car. And the price? Well, Sports and Luxury Cars is asking AUD$35,000. Not a bad buy for a classic supercar of the modern era.