Autoblog and Yahoo may earn commission from links in this article.The E46 M3 is widely regarded as one of the all-time-great M cars, and the convertible pairs its glorious S54 inline-six with open-top summer usability. This 2004 example has been upgraded with the desirable manual conversion, in Jet Black over a rare Cinnamon interior. It sits on Cars and Bids at no reserve, with the current bid at $25,000 and six days to go.2004 BMW M3 ConvertibleCars & BidsWhat it's worth right nowManual E46 M3 convertibles command a premium over the automated-manual SMG cars. According to Classic.com, E46 M3 convertibles with a manual average close to $24,300, with the best examples reaching toward $68,000, while driver-grade cars trade in the $20,000s.AdvertisementAdvertisementFair value for a manual-converted example at this mileage sits close to $22,000 to $34,000, most likely close to $25,000 to $30,000, with the desirable gearbox and open-top appeal supporting the figure and the notes below tempering it. At $25,000 with no reserve and six days remaining, the bidding should climb into that range.2004 BMW M3 ConvertibleCars & BidsCondition and detailsThe car is a well-serviced example with a genuinely appealing upgrade. Finished in Jet Black over Cinnamon, it runs the S54 3.2-liter inline-six, rated at 333 horsepower, and its factory SMG-II gearbox has been converted to a proper six-speed manual with a clutch pedal, reportedly by Atlas Motor Company in June 2024.2004 BMW M3 ConvertibleCars & BidsThe recent service history is extensive, including brakes, an alternator, shocks and struts, trailing arm bushings, a valve adjustment, and spark plugs, much of it documented. Several points deserve attention. The S54 has well-documented weak points, the rod bearings, VANOS, and rear subframe mounting points, and a bidder asked whether these have been addressed, so get a specialist inspection covering them before bidding. Confirm the quality and completeness of the manual conversion against the documentation.2004 BMW M3 ConvertibleCars & BidsThe seller bought the car in early 2026 and is selling after 900 miles, which they attribute to buying a special M3 coupe rather than any fault. There is also minor cosmetic wear, extra license-plate holes drilled, a prior C-pillar upholstery repair, and old 2019 and 2023-date tires to replace.2004 BMW M3 ConvertibleCars & BidsAdvertisementAdvertisementThe offerSpecificationDetailMakeBMWModelM3 ConvertibleYear2004Mileage64,700 milesEngineS54 3.2-liter inline-sixPower333 hp and 262 lb.ft of torqueTransmission6-speed manualDrive typeRear-wheel driveExterior colorJet BlackInterior colorCinnamonCurrent bid$25,000, no reserve, with six days leftInterested in this 2004 BMW M3 Convertible? View the listing here.What makes the M3 uniqueThe E46 M3 holds a revered place in BMW history as arguably the last M3 of the brand's golden analog era. Its heart is the S54, a 3.2-liter naturally aspirated inline-six that revs to 8,000 rpm and delivers 333 horsepower through an individual-throttle-body induction system, producing a hard-edged, race-bred character that defines the car. Paired with communicative steering, a beautifully balanced chassis, and just-right proportions, the E46 M3 offers an engaging, mechanical driving experience that newer, heavier, more digital M cars struggle to match, which is exactly why it has become such a sought-after modern classic.2004 BMW M3 ConvertibleCars & BidsIn convertible form, the M3 trades a little rigidity and adds some weight, but it gains the open-air experience that makes that glorious engine even more intoxicating. And with the desirable manual gearbox now fitted, this example addresses the one thing that holds SMG cars back, offering the purest version of the E46 M3 experience with the sky overhead.My takeThis is a smart way into E46 M3 ownership, and the manual conversion is the headline. The SMG-to-manual swap addresses the single biggest complaint leveled at these cars, and doing it on the more affordable convertible makes for a compelling value, especially at no reserve. The glorious S54, the open top, and the rare Cinnamon interior all add to the appeal.AdvertisementAdvertisementFair value sits close to $22,000 to $34,000, most likely close to $25,000 to $30,000, with the S54's known issues the main thing to confirm. Before bidding, get a specialist inspection covering the rod bearings, VANOS, and subframe, verify the conversion quality, review the service history, and budget for fresh tires. Handle that, and this is a glorious, open-top modern classic in its most desirable configuration.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 Sep 5, 2026, where it first appeared in the Car Buying section. Add Autoblog as a Preferred Source by clicking here.