Of all classic BMWs, the E30 M3 might be the most overpriced. Sure, it’s rare and it’s beloved but the eye-watering triple-digit sales figures for some well-kept E30 M3s are getting out of hand. However, this specific E30 M3 Convertible that was just sold on Collecting Cars might actually have sold at a great price, all things considered.

The 1989 E30 M3 Convertible sold on Collecting Cars in Sweden is extra special. Not only is it a convertible model, of which only 781 were made, but it was also restored by BMW Classic, making it a near-perfect example that’s been cared for by the best people to do so. There won’t be any mechanical or quality surprises with this E30 M3 Convertible, which is why its £92,500 price tag doesn’t actually seem so bad.

With only 80,407 km (49,962 miles) on the odometer, this M3 Convertible is still quite fresh but it wasn’t kept as a garage queen. It was actually driven a bit and enjoyed, which is good. It’s painted in a gorgeous Macau Blue Metallic, with a black interior and a blue soft-top convertible top. I love how the leather has wrinkles and shows its age, it just makes the car seem more enticing, like it wants to be driven. It’s still in beautiful condition but it isn’t some perfectly preserved museum piece.

Under the hood is a vision of pure mechanical art. Without trying to complain too much about modern cars, if you pop the hood of the new M3, you just see a black engine cover. But peak under the E30 M3’s hood and you’ll find the S14 2.3-liter four-cylinder’s awesome “BMW M Power” valve cover, its exposed coil packs, fuel rail, and four individual throttle bodies. It’s the real deal, a proper motorsport-bred engine in the flesh, without any plastic covers. Every hose, wire, nut, and bolt is visible, the way it should be.

Paired to that glorious S14 engine is a five-speed dog-leg manual transmission and rear-wheel drive. The E30 is no speed machine, though. Its 197 horsepower isn’t exactly monstrous but it’s rev-happy nature and lightweight body make it a blast to drive. Plus, it can carry serious speed through corners, which is what made it such a successful DTM racer.

And that’s something to consider here. The E30 M3 was the last road-going M car to be built from a race car. So this E30 M3 is actually a drop-top race car, with a proper motorsport engine, a fantastic color combo, and a full restoration from the most qualified BMW restoration experts in the world. When you consider all of that, its price actually looks pretty good.

[Source: Collecting Cars]