This Z3 M Roadster Seemed Like the Perfect Weekend Toy. Here’s Why I Didn’t Bid

WORTHY WERKS • EPISODE 1

Welcome to Worthy Werks. I’m Nick Hazleton, an automotive editor, writer and car enthusiast, and the original ghostwriter behind duPont REGISTRY’s Registry Report.

I look at attainable enthusiast cars that are worth your attention, and plenty that aren’t.

As my wife famously says, I’m excellent at Nick-picking (nitpicking) the good, the bad and the ugly.

I’ve been hunting for a new fun weekend car. There’s certainly no shortage of options, but I have a soft spot for the golden era of BMWs, the 1990s through the early 2000s.

I owned a 1999 E36 M3 from 2006 to 2012, so the U.S.-spec S52 3.2-liter inline-six has always been one of my favorites. With only 240 horsepower, it isn’t particularly impressive by today’s standards, but the lightweight E36 chassis made excellent use of it. And beyond basic maintenance, mine was remarkably reliable.

I replaced it with a 2008 135i, and while the 135i was objectively quicker, I was always disappointed. It just never gave me the feeling of my first M3.

The E36 M3 felt connected, balanced, and most importantly, a blast to drive. It was also my dream car growing up in the 90s, and has a special connection to my dad, who passed away a month after I picked mine up.

Because of this, I’ve been eyeing the E36 M3 market ever since I sold it to my friend Brian in 2012. He even took the car on the Smoking Tire and turned it into a track toy.

That said, E36 M3 prices have obviously gone through the roof since then, but I’ve always thought the Z3 M Roadster, and its infamous “Clown Shoe” sibling, the M Coupe, offer an interesting alternative.

It’s not an apples-to-apples comparison, but if you check median values of E36 M3 and E36/8 M roadsters, you’ll see that in many cases, you’re getting nearly the same driving experience for less. You do lose some practicality, but if it’s just a weekend toy, I think it’s worthy of the trade-off.

*data provided by classic.com

So when this 1998 Cosmos Black Metallic M Roadster appeared on PCarMarket, it immediately caught my attention. It was the same color as my old M3, and it was an S52 car, which I knew very well in my 6 years of ownership. You get plenty of power in a lightweight roadster without the added complexity and expense of the later S54 cars.

Then I started Nick-picking.

At first glance, the car had a Dinan cold-air intake, Dinan strut-tower brace and, importantly, a Dinan badge.

If you’re not familiar with Dinan, the company became one of the most respected BMW tuners in the U.S., particularly during the era when these cars were new. Dinan’s appeal wasn’t just that it made BMWs faster. Its modifications had a reputation for being well-engineered, relatively OEM-like and appropriate for BMWs. Some dealerships even offered Dinan parts and installation, which made for a desirable situation where your factory warranty wasn’t voided.

Some dealerships were better than others, and I even recall my mom putting a non-Dinan supercharger on her E46 323CI and a tech saying, “Nice supercharger!” And her service advisor immediately went into full Obi-Wan Kenobi mode from Star Wars, waving his hand like a Jedi Mind trick:

The point is, a properly documented period-correct Dinan car can be more interesting to an enthusiast than one covered in random aftermarket parts.

Since I had the same Dinan intake and strut brace on my E36 M3, I immediately wondered whether this Z3 had the corresponding engine software.

The seller initially told me the ECU was stock.

That didn’t quite make sense. Dinan’s intake was typically paired with its software, so I asked about it and even suggested checking the Dinan CARB documentation in the engine bay.

Eventually, the listing was updated to include Dinan Stage 3 software and the Dinan high-flow throttle body, and he sent me a clear photo of the CARB badge in the engine bay.

That’s good news, but we still had a few more discrepancies…

While looking through the roughly 80 photos in the listing, I noticed an aftermarket exhaust.

It turned out to be an Eisenmann Race Exhaust.

That’s a significant detail to me. Eisenmann has long been a highly regarded German exhaust manufacturer, and its systems were particularly desirable among BMW enthusiasts during this era. Brand new, these still retail for over $2,000 USD.

I mentioned it to the seller. Then I mentioned it again.

The listing was updated with the Dinan software and throttle body, but the Eisenmann exhaust still wasn’t mentioned.

The car also has H&R springs and shocks and an H&R sway-bar kit. Another commenter identified what appears to be a Randy Forbes differential/subframe reinforcement kit.

The seller also says the cooling system has been overhauled, which is something I’d consider a significant positive on an older BMW.

Taken together, these are some pretty compelling period-correct modifications. The strange part is that so many of them weren’t initially identified in the listing.

That’s where my “Nick-picking” became a little more important than the car itself.

I don’t think this is a bad car. In fact, quite the opposite.

It appears to be a very well-equipped S52 M Roadster with a collection of modifications that I’d consider desirable. In another circumstance, this could be almost exactly the kind of weekend car I’d want.

But there were too many discrepancies for me to feel comfortable bidding.

The seller told me the car had stock ECU software. The previous listing apparently showed the Dinan tune. The current listing was eventually updated to reflect the Dinan software, but other obvious modifications, including the Eisenmann exhaust and H&R suspension, still weren’t included.

Maybe there’s a completely reasonable explanation for all of it.

Look, I get it. This is clearly a dealer (Duncan Imports), and they aren’t always forthcoming with correct details. In many cases, it’s all about volume.

But when you’re buying a nearly 30-year-old modified M car, attention to detail matters.

You’re not just buying the car.

You’re buying the previous owners.

You’re buying their maintenance decisions, their modifications, their documentation, and sometimes, their mistakes.

I don’t want to figure out what I actually bought after I’ve already handed over the money. The car is also on the East Coast, and I’m in California, so getting someone to do a pre-purchase inspection that I trust isn’t easy.

So I passed.

The auction ended at $13,250 after 21 bids.

So, was I wrong to pass?

Not really. But the final price does make the car more interesting.

At $13,250, this M Roadster sold for significantly less than the $22,683 median value for the 1998–2002 Z3 M Roadster market. But that’s where the market data gets a little misleading.

The 1998–2002 Z3 M Roadster is really two different cars. The 1998–2000 cars use BMW’s S52 engine, while the 2001–2002 cars received the more powerful S54. Combining the two into one median can make an S52 car look more expensive than it really is.

Recent S52 transactions tell a different story. Several examples have changed hands in the roughly $10,000–$15,000 range, with nicer, lower-mileage cars bringing more. That suggests the S52 cars can represent a pretty compelling alternative to an E36 M3, particularly if you’re willing to accept higher mileage or do some sorting yourself.

That’s probably the biggest thing I took away from this auction.

At $13,250, this car was probably a pretty good buy for the right person.

The Dinan software and hardware, Eisenmann exhaust, H&R suspension and other period-correct modifications give it a lot of appeal. Those things just weren’t enough to overcome my concerns about the lack of documentation and the inconsistencies in the listing.

If I could find all of this just by looking at a listing, what was I going to find if I actually bought the car?

Without a proper inspection, consistent history, and frankly, just seeing and driving the car in person, this one was a no-go.

And I’ll admit something: watching this auction has made me considerably more interested in finding an S52 M Roadster of my own. Ideally, I’d like to find a well-documented California, Arizona or Nevada car, preferably with a hardtop, for somewhere around $10,000–$15,000.

So maybe I didn’t buy this one.

But I might be shopping for the next one.

Editor’s note: Market values and recent transaction data are based on available sales records and can vary significantly based on mileage, condition, modifications, documentation, and specification.