At $127,500, Would You Flip Your Lid Over This 1989 BMW M3 Convertible?

The seller of today’s Nice Price or No Dice M3 claims it to be “the most powerful production E30 convertible of all time.” Let’s see what such power might just be worth.

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One of the complaints leveled at the Porsche 924, along with being front-engined and water-cooled, was that it was never truly intended to be a Porsche. As we all know, time wounds all heels, and what was once commissioned to be an Audi is now considered one of the epochal models in Porsche’s history, having helped bring the brand into its modern era.

The 1988 Porsche 924S we looked at yesterday was the last of the line, and as it carries the same engine as the 944, it’s the brawniest too. Our car was also a bit beat up, to the extent that a $9,000 asking price proved too much for it to overcome. That ended the day with a 62 percent No Dice loss.

Save for a Jeep to celebrate the 4th, this week has been all about the Germans. Monday offered up a cool Mercedes diesel and yesterday was a Porsche. I guess today we should go for the trifecta and do a BMW. Aw, the hell with it, let’s not just do a Bimmer, let’s do one of the rarest and most interesting E30s out there.

This 1989 BMW M3 convertible is not only one of just 786 factory E30 drop-top M3 cars built, making it super exclusive, but it’s also one of the highest-performance E30 convertibles on the road. This is also the first convertible of any kind ever from BMW’s M division.

Just to give you an idea of how few 786 cars are in the grand scheme of things, consider that BMW built over 17,000 E30 M3 Coupes. That’s twice the number of contemporary Z1 roadsters. When it comes to comparing our car to the general convertible population it gets even more impressive as BMW cranked out over 143,000 folding top E30s in total.

Ok, we’ve established that today’s car is rare. But is it any good?

The seller provides the car’s backstory in the ad, claiming to have bought the car from its second owner in England and then shipped it to Canada to await its 25th birthday when it became legal to bring to the U.S. without modification. It presently carries a clean title and wears Virginia antique vehicle plates.

Like all E30 M3s, this convertible has a DOHC S14 four-cylinder under its hood. The seller claims that to make 215 horsepower, however, specs for this model and year show it maxing out at 217 horses. Behind that is Getrag 265 five-speed manual with a dogleg pattern and a limited-slip pumpkin out back.

New Nogarosilber wheels wrapped in decent appearing Nexen tires underpin, filling the flared fenders with authority. Painted in Brilliant Red, the bodywork contrasts nicely with the silver-painted wheels.

The ad copy touts the car as being in amazing condition, stating:

This example has been well-preserved since new and remains in outstanding original condition! The exterior paint is in amazing condition with no significant flaws or blemishes! The interior appointments are well-preserved, with clean carpets and crack-free dash.

The photos support this assertion, showing a car seemingly without flaws or significant wear. The only oddity here is the added keyhole for the alarm that has been drilled into the driver’s door. The convertible top is shown in the ad in both erected and stowed positions, indicating that it works. Its plastic rear window seems clear enough and there are no obvious signs of leaks or tears.

The cabin is a wonderful time capsule and shows just how good BMW was in the 1980s with interior design. Upholstery is upgraded factory leather and that extends to the console and doors. A period-correct Grundig stereo, however, is the chef’s kiss here.

With an odometer reading of just 53,051, this M3 has obviously been underused, but that doesn’t mean it has been under-appreciated. And, like all E30 M3s, it has also appreciated in value. The asking price for this one is a cool $127,500.

Now, before you twist your tighty-whities all in a knot over what a load of Benjamins that is, consider the fact that you probably have never seen an E30 M3 convertible on the road and likely won’t see another one outside of Hemmings or Bring a Trailer Full of Money anytime soon. This one is amazingly on Craigslist. The question for you is, while expensive for such a low-rent venue, is it a good deal for what it is?