[ChiBimmer]

I've been in the market for some time for a four seat sports car to complement my S2000. I've narrowed my choices to E46 and E90 M3. Other cars I considered were Camaro SS, Lancer Evo, E39 M5.

I have driven about 4 E46 and 5 E9x. The prices of the E46 are lower, about $17k on average vs $21k for the E9x but the conditions are not even close. Every E9x whether at 50k miles or 100k miles looks two years old. There may be some curb rash on the wheels or a piece of interior trim that's scuffed up but they look fantastic overall. Nothing rattles. The shifters and clutches have good action.

The E46s are in a sorry state. I've yet to drive one that's "clean" condition. Shifters are either too stiff or too loose. The paint is bad or even rusted. The seat may be loose. Lights are out. They rattle. Some of these issues may be manageable for little money but the multitude of them on every car means the costs will add up and I worry about what I couldn't see or didn't notice.

Possibly the E9x is made of more durable stuff and is just screwed together better. That's part of it. More importantly I think the ownership groups are very different. E46s have been in the mid-teen thousands for a while. They're affordable to college students and people who just don't have the money to maintain an older car. Even if they have the means they may not care to invest in maintenance that isn't going to be captured when they sell. These cars are more likely to be parked outside which does havoc over time. The E46 is far more likely to be photographed for a Craigslist as at night under the lights of a gas station because the owner doesn't have a garage or driveway. Within two hundred miles of Chicago it's hard to find a dealer with an E46 manual unless it's pristine and then it's $30k.

The E90s on the other hand are coming front the hands or first or second or third owners who paid sticker or, say, $40k. This guy has a garage. He is more likely to have dealer service or paid a specialists. His car was in warranty for part of his ownership. Lurking this forum for a while I judge this owner to fastidious about the condition of their car. Observing the market for the last year I'm not sure the E9x has moved to collectible status yet though some here claim it has. Enthusiast Auto Group which specializes in BMW collectibles has three E9xs and they're all rare: two Lime Rock Park Editions and E90 manual competition package. They don't have any advantage over typical "high line" used car dealers in the run-of-the-mill '08 with 70,000 miles in great condition because those are everywhere for $22k.