Autoblog and Yahoo may earn commission from links in this article.This 2001 BMW M3 convertible is a genuinely exceptional example of a modern classic: a first-year E46 in the definitive Imola Red, with the sought-after six-speed manual, a body-color hardtop, and only 21,000 miles. Crucially, its rod bearings, the S54's most notorious weak point, have already been replaced. As E46 M3 values climb and clean, unmolested manual cars become harder to find, a preserved example like this stands out in the market.2001 BMW M3 ConvertibleBring a TrailerWhat it's worth right nowClassic.com tracks the E46 M3 manual convertible as its own market, and the broader E46 M3 spans an enormous range, from a $7,055 low for a rough car to a $325,625 high for a CSL. Within the convertible body style, the manual commands a clear premium over the SMG automated-manual cars, and low-mileage examples sit well above the average driver-grade cars that make up most of the market.AdvertisementAdvertisementThis car's combination of just 21,000 miles, the manual gearbox, the desirable Imola Red color, a clean accident-free Carfax, and completed rod bearings places it firmly toward the top of the convertible market. Preservation-grade E46 M3s have appreciated meaningfully as the model has crossed into modern-classic status, and the completed preventative work removes the single biggest financial question mark these cars carry.2001 BMW M3 ConvertibleBring a TrailerGiven the low mileage, the manual, and the sorted mechanicals, I would call fair value roughly $32,000 to $45,000. The current $21,212 bid with four bids and two days remaining is still building, and where it lands will depend on how strongly bidders reward the exceptional mileage and the done rod bearings against the convertible body style, which trades below the coupe.Condition and detailsThe specification and presentation are the draw. This is a first-year 2001 M3 convertible in Imola Red over black Nappa leather, with the six-speed manual, a limited-slip differential, the Cold Weather Package, 18-inch M double-spoke Style 67 wheels, a body-color removable hardtop, and a black soft top. It was delivered new in Bend, Oregon, comes with its window sticker showing a $56,720 original price, and shows just 21,000 miles, which a commenter noted works out to roughly 840 miles per year. The soft top is described as being in excellent shape with no leaks, the underside is free of rust, and factory cosmoline is reportedly still present.2001 BMW M3 ConvertibleBring a TrailerThe mechanical story is unusually reassuring for an S54, and the seller addressed it head-on. The rod bearings, the S54's most notorious failure point, have been replaced, with the seller pointing to a parts receipt in the gallery, and the subframe mounting points were inspected with no cracking found. The seller states the car runs strong, with fresh oil and filter and tires replaced in 2022 or 2023, and confirms there are no records for VANOS or subframe work beyond the inspection, adding that none is presently needed. A buyer should still get the details on the rod-bearing job, ideally confirming who performed it and whether the associated maintenance was done at the same time.2001 BMW M3 ConvertibleBring a TrailerThe remaining diligence is standard E46 M3 practice, even on a preserved car. Confirm the VANOS and cooling system are healthy, verify the subframe assessment with your own inspection given how critical that area is on these, and check the SMG-free manual drivetrain shifts cleanly. The car is offered by a high-volume dealer whose terms specify a binding sale with wire payment due within three business days and no financing or inspection contingency, so complete any inspection before bidding. The dealer welcomes pre-purchase inspections and FaceTime walkarounds ahead of the auction, which is the smart path here.2001 BMW M3 ConvertibleBring a TrailerAdvertisementAdvertisementThe offerSpecificationDetailMakeBMWModelM3 Convertible (E46)Year2001Mileage21,000Engine3.2-liter S54 inline-sixPower333 horsepower, 262 lb-ftTransmissionSix-speed manualDrive typeRear-wheel drive with limited-slip differentialExterior colorImola RedInterior colorBlack NappaCurrent bidUSD $21,212Interested in this car? View the listing here.What makes the E46 M3 uniqueThe E46 M3 is widely regarded as one of the greatest M cars ever built, and the reason is largely its engine. The 3.2-liter S54 inline-six revs to 8,000 rpm, makes 333 horsepower in US trim through six individual throttle bodies, and delivers the kind of naturally aspirated, individual-throttle response that later turbocharged M cars traded away. Wrapped in the handsome, restrained E46 body and offered as a coupe or convertible with a six-speed manual or SMG, it became the benchmark sports car of its era and has since crossed firmly into modern-classic territory.2001 BMW M3 ConvertibleBring a TrailerWithin that world, the convertible occupies a specific niche, offering the same glorious S54 and much of the M3 experience with open-top usability, and as one commenter here noted, the removable hardtop delivers something close to coupe-like feel when it is fitted. The market values the convertible below the coupe and the manual above the SMG, so a manual convertible is a specific, desirable combination. On these cars, condition and mechanical sorting matter more than anything, which is exactly why this low-mileage example with completed rod bearings is such a compelling proposition.My takeThis is a standout E46 M3 convertible: exceptionally low mileage, the right gearbox, a fantastic color, and the single most important preventative job already done. My fair-value call is $32,000 to $45,000, reflecting the preservation and the sorted rod bearings against the convertible body style's discount to the coupe. I would be comfortable in the upper half of that range for a car that verifies as clean as it presents.AdvertisementAdvertisementThe buying advice is lighter than usual thanks to the completed work, but still worth doing. Get the specifics of the rod-bearing replacement, satisfy yourself on the VANOS, cooling system, and subframe with your own inspection, and confirm the manual drivetrain is crisp. Because the sale is binding with no inspection contingency, arrange the dealer's offered pre-purchase inspection or FaceTime walkaround up front. Handle those, and the current $21,212 bid has real room to run toward a fair number for one of the best-preserved manual E46 M3 convertibles you could hope to find.Disclaimer: This post is for informational purposes only. We are not a dealership or broker. All vehicle specifications, pricing, and availability are subject to change without notice. We are not responsible for typographical errors, omissions, or the accuracy of the provided information. Please verify all details directly with the seller.Autoblog aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.This story was originally published by Autoblog on Aug 12, 2026, where it first appeared in the Car Buying section. Add Autoblog as a Preferred Source by clicking here.