I have loved all the M3's as long as I can remember I have never owned one, but one day want to own one of each generation.

I have been considering buying an E36 M3 as a weekend toy/project/track toy. In my head it seems like a great idea however when I really look I realize I am considering spending between 9-11K on a car that was the thing to own when I was in high school. I originally looked at a few lower cost ones but after being extremely worried about their condition I figured I would look at some better maintained ones.

I am currently considering one that is a 98 coupe 5speed. Has a pretty decent documentation binder from what I can tell and as about 120k miles. Now that is still less than 10K per year at its age. It has had 6 owners however over the years. It runs well, doesn't squeak or creek at all. Has the power/heated seats and a few other premiums from back in the day. Although they might add a few pounds at the track it also means the wife is more likely to go for a ride with me on the weekend.

The interior is fairly clean, cracked speaker trim on one door and a bit of wear on the vader seats, one small hole in the back seat leather but overall pretty good considering the age. The paint looks good for the age too however a few plastic/rubber bits need to be replaced. They look like they have faded/cracked in the sun.

Now I hope that annual maintenance cost would be under $1500 not including wear items like tires, brakes and such. I understand that things like the rubber bits (bushings, mounts, etc) on am M car are wear items more so than something Japanese but don't want to be regularly spending 3-4K unless I am upgrading parts.

So my question is am I nuts? Should I look more towards a 350Z, S2000 or something else, newer with less miles. I want to enjoy this car on the back roads, at the track a few times a year and maybe an occasional trip to the office. I haven't purchased a used car in years and even then never and never anything 13 years old.

 

I don't even know if you could import it to US, but a friend has one in museum condition.
Euro Spec, the last version (silver), and could be selling it for lack of space in the garage.

 

KRZY1, best of luck in your M3 search. The E36 M3 is a great car. I have a feeling Mike Miller, BMW Tech Editor for Roundel and Bimmer magazine, would be able to shed some light on your questions and concerns. Email him at techtalk@roundel.org

Here are some resources - although you may have already seen them in doing you own research:
http://bmw.tech.officelive.com/Docum...20M3%20FAQ.pdf
edge motorworks - 3 Series 1992-1999 (E36 & M3)
BMW E36 Buying Guide (M3 but applies to all) - BMW Forum|Bimmerforums.co.uk|No1 forum for BMWs|BMW Forums|BMW Tuning


This video guide has 3 parts
YouTube - BMW E36 M3 Pre-purchase info and advice (Part 1 of 3)

 

Hate to be a prick, but you can't afford it if all you got on discretionary is $1500 a year.

The E36 M3 is a money pit just like the E30.

After 6 owners, you never know if the plastic impeller POS pump died while the car was moving, which would have caused all kinds of nice internal damage that might or might not have been fixed properly.

The guibo also can go, and chances are, this car was probably wrecked, which would give you all kinds of nice electrical problems down the line, like the Check Brake Light error common from improperly fixed main wiring harness from an accident.

Of course, the E36 interior trim is also horrible and prone to failure. I think I went through 4 sets of window rubber seal and two headliners, none of which is that cheap.

What I am trying to say is that you are better off saving for a $20K M3 with few owners that was properly cared for. A cheap E36 M3 will easily cost you 10K in stuff that you end up spending. And after you are done, yours will still have 120K miles versus the 50K mile M3 that was properly cared for that cost 20K up front.

Speaking as someone who has owned two E36 M3's and one E46 M3.

 

$10k too high IMO. If you look around long and hard you can find them for 6-8K. Either way you're going to end up spending some money. Cooling system is weak link. Guibos are common but usually due to the crap being beat out of them. Power steering hoses love to leak.

Our shop just picked up a Dakar Yellow 95 as a project car. It was a Florida car all its life. One owner and supposedly maintained at the BMW dealer down there. We flew down test drove the car and immediately knew it needed a driveshaft. The window trim and seals were all dry rotted (another common issue).

When we got it back and got into it further. Had the wrong spark plugs in it. All 4 wheels were bent. Baffles in the muffler were coming apart. We put a clutch and flywheel in it. The slave took a dump. It seemed like one thing after another.

Definitely have it looked at. And prepare for surprises. And with that said while it has its quirks it is an awesome machine! I don't find the E46 M3 quite as exciting.

Here are pics of our M3.
M3 Project pictures by EuropeanAutoGarage - Photobucket

 

I purchased a 2 owner 95 last May with ~150k miles and I couldn't be happier with it. I had my local dealership perform a PPI and they were pretty spot on with what it needed. I shadowed the tech during the inspection and it was really nice having him point out all the issues, much better than reading it on paper.

So far I have spent about $800 on maintenance: replaced valve cover gasket, new plugs, replaced water pump (did not need replacing, precautionary measure), thermostat, radiator hoses, lower power steering lines and 2 rear tires.

The best part about the e36 is how easy it is to work on. I highly recommend getting a bentley manual if you are DIY kind of person. One service job on your vehicle and it almost pays for itself.

Best of luck in your search. The M3 is a great car and one that you'll quickly become attached to.

 

i think i have only seen a handful of E36's that aren't totally knackered in the states (and that includes a cosmos & a daytona violet that have been in the fam since new). good luck on the search although in that price range i would be looking at older 911's (think SC, 3.2 if you are blessed)

the japanese cars are always good options as they are newer, reliable, cheap to maintain, and have a plethora of parts available for them

 

I had a 95' e36 M3 that I gave to my brother, it's like all older cars, things will break and needs to be replaced. Besides the normal wear and tear, and things that needs to be replaced with a 100K mile car, that is just the nature of older cars. Otherwise flawless, he is kinda handy so, he got a service manual and changes everything himself. If that's not your thing, then I suggest getting a newer car, less thing to change.

 

And if the guy isn't able to DIY, this list is about 2500 bucks parts and labor at an independent shop, forget about the dealer.

And if the VANOS goes, or rear shock mount goes, or guibo goes, etc, the number starts to look pretty big.

Unless you are really handy, high mileage lots of owners E36 M3's are a financial time bomb.

 

So your brother is the second owner, those are pretty rare 95's.