Is the BMW M3 CSL a good investment?

The thesis

The E46 M3 CSL is the last lightweight, naturally aspirated straight-six M3 Coupe Sport. Factory SMG-only, but Everything M3s manual conversions (±19 UK examples) have become collector grail spec. Conversion adds provenance, removes SMG stigma, saves weight. Current UK market £80–110k for conversions, well within budget. As the final analogue M3 special edition before turbo era, it occupies unique space. Prices firmed 2020–2024; not yet peaked. Lower running costs than Italian exotics, strong BMW M collector base.