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Clowning around in a Z3 M Coupe

The BMW Z3 M Coupe was a rare car, with just 621 being made with the S54. Now, prices are rising. Is it worth the cost of a new M2?

bmw-z3-m-coupe

It seems that the Aston name is the exotic of choice – nearly 60% voted for it. Or was it the price? This is Talk Me Out of It after all, and this week I feel like having a Beamer battle over that very topic. How about a BMW Z3 vs a brand new BMW M2.

I promise, it’ll be a good one.

The 2001 BMW Z3 M Coupe vs the 2025 BMW M2 Coupe

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The Z3 M in Phoenix Yellow. Photo; Cars & Bids.

See the Z3 M here

Build an M2 here

I gotta be honest – the differences between my old M3 and my new one are minor, aside from the transmission and the…color! Everywhere I go, people smile, wave, or flash (their high beams, not their…you know). The color has made the car. Hold that thought.

When I went shopping this week for cars to write about, I was surprised to find a BMW Z3 M Coupe (or Clown Shoe), already reach $65,000. It’s a rare BMW, yes, but not one that should not break the bank like that. I dug deeper to find that only 621 were made for the US market with the S54 engine, and that is pretty rare. But it’s not the reason for the price.

You guessed it – color! Phoenix Yellow was painted on just 21 examples, and for some reason it’s a very popular color. You want an Imola Red Clown Shoe with an S52? All day for $20k. So this better be some car, and some color.

g87-m2
The G87 is still a sneaky good deal.

Since we’ve reached the price point of a new M, let’s bring out the car that BMW has put me in for the week – a 2025 M2 Coupe. It’s really good. It’s really fast. And the one I have is painted a special color – Voodoo Blue. Though the 2 Series remains the only BMW to not have access to the entire Individual catalog, they have made some special colors available for this year. Is it enough to convince you to get new over classic?

The 2001 BMW Z3 M Coupe

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The Z3 M Coupe. Photo: Cars & Bids.

I think we should talk about this car in general before focusing on a specific example. First, though this had the S54 engine from an E46 M3, BMW detuned it a bit to 315 horsepower (vs 333), and the differential gearing was increased to slow the car down further. God forbid this thing was actually faster than an M3. Underneath you get, ahem, parts from an E36 hatchback, which took its parts from as far back as the E30. You were buying a 20-year-old car. I digress – let’s get to our example.

  • 42,200 miles
  • Phoenix Yellow over black leather
  • Five-speed manual, the only way they came. No six-speed
  • Red bearings replaced, a good thing
  • Pretty much stock. The wheels were refinished, if that bothers you.
  • Clean CarFax
  • Warm climate-owned
  • Bid to $65,000 so far
E46-m3
Phoenix Yellow on an E46 M3.

I’ve no doubt this car is a riot to drive, and it is rare. In fact, it might be one of the few BMWs you hermetically seal in a time capsule and open in 50 years to boost your children’s inheritance. But it’s weird in some bad ways too, and if you save it instead of drive it, what’s the point?

So let’s find one we can drive.

The 2025 BMW M2 Coupe

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The M2 Coupe, as I’d have it.

The M2’s LCI is limited. Twenty more horsepower, new wheels, some packages shuffled – no big deal. But the colors are new, and I wonder if there’s enough M here to tempt you. Let’s build one together. Well, I’ll build it and you follow along.

  • Voodoo Blue ($3,000)
  • 19/20-inch 930 M wheels ($0)
  • M Tri-color leather ($0)
  • Carbon fiber package (roof, trim, and bucket seats – $9,900)
  • Lighting Package ($650)
  • Parking assistant ($200)
  • Wireless charging ($200)
  • Alcantara steering wheel ($500)
  • Manual transmission ($0)

Total cost: $82,150. What’s the M2 missing? No M xDrive, no carbon ceramic option, and 30 horsepower, proving once again that BMW loves to detune things.

m2-coupe
The G87 remains the best overall example of the chassis.

I left in the manual because it’s closer in spec to the Z3. The carbon buckets are here because I think they work well for the sporty driving this car was meant to do (though it can commute if need be). And it makes the M2 more special. Option an M4 like this, and you’re kissing six figures without getting much performance back.

That Z3 still has four days to go for bidding, so I think it might be close to this brand new M2. Sure, the new M won’t be worth double what you paid in the future, but you’ll still do fine when it comes times to resell. And I think you’ll have the better M car.

But what M do you want?

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