Is the BMW M3 a good investment?

The thesis

The E46 M3 with 6-speed manual and 3.2L S54 inline-six (333 hp) is the last naturally aspirated, hydraulic-steering M3. It hit bottom circa 2020–2021 and has been climbing steadily since; average prices now ~£28k, with low-mileage examples reaching £40k+. Usable, reliable (when maintained), and strong community support. Appreciation cycle is well underway but still room to run as turbo M-cars dominate the new lineup.