Is the BMW M3 a good investment?

The thesis

The E46 M3 is the last straight-six naturally aspirated M3, featuring the legendary 343bhp S54 engine. Market evidence shows typical examples have climbed from £13,250 (2019) to £20,000+ (2024), but values have not yet matched the E30 M3's trajectory. With 12,500 RHD manuals built, finding truly excellent low-mileage examples is increasingly difficult. The car has skipped the 'old car' phase and gone directly to modern classic status, yet remains mid-cycle rather than peaked.