We arrived at the BMW Z4 facelift drive event in Miami, expecting greatness. We didn't expect to find a priceless 2001 Z3 M Coupe. Finished in exotic Laguna Seca Blue exterior paint, this is one...We arrived at the BMW Z4 facelift drive event in Miami, expecting greatness. We didn't expect to find a priceless 2001 Z3 M Coupe. Finished in exotic Laguna Seca Blue exterior paint, this is one of just around 678 S54-powered coupes produced for North America. Arguably the vehicle that set a precedent for BMW to stuff an S55 under the hood of the original M2 , this desirable M vehicle of yesteryear packs the same legendary S54 under the hood as its contemporary, the E46 M3.
Well, kind of. While Z3 M Coupes and Roadsters produced for the 2001 model year featured the new (at the time) engine, it was slightly down on power. It produced 325 horsepower and 251 pound-feet of torque in the Z3. While an increase of 75 horsepower and 15 pound-feet over the old S52-powered models, it's still down 13 horses and 18 torques from the E46 M3. Hardly something you'll notice from the driver's seat – especially with a curb weight of just 3121 pounds.
More Than Skin Deep
But BMW tweaked more than just the under-hood hardware on the Z3 M for 2001. A new final drive accompanied the five-speed manual transmission. Notably, it's the only production BMW to pair the S54 engine with the slick ZF five-speed manual. This is a bit of a shame since it's considerably crisper than the Getrag box found elsewhere. Steps forward in the electronics area include dynamic stability control and tire pressure monitoring sensors.
Inside, the 2001 and later Z3 M Coupes got slightly different gauges mirroring those of the E46 M3. Grey, M-badged backgrounds add a little bit more motorsport theater to the interior. A new rearview mirror, now self-dimming, was also added. A new interior option, Laguna Seca Blue and Black Nappa leather, was added.
(Forty) One of a Kind
An S54-powered Z3 M Coupe is pretty dang valuable these days, and for good reason. Less than a thousand made it through production, and of those, only 41 sported Laguna Seca Blue finishes. Though it's undeniably a special color, almost every Z3 M Coupe is Only 338 Z3 M Coupes made it through production for the 2001 model year.
Today, finding one of these clown shoes – named, fairly obviously, for their unique shape – for under $45,000 would be a challenge. Notable sales on online auction sites place the value of these anywhere from $50,000 to over $100,000 . While that is more than a few sheckles above its original $46,000 MSRP, it's undeniably hard to cross-shop. Sure, you could get yourself a lightly used Cayman GT4 or load up a brand new M4, but neither of those things tout an uncanny resemblance to the Ferrari Breadvan (look it up). Nor were they designed with a complete disregard for mainstream appeal.
BMW's own website quotes a former board member who perhaps phrases it best. "This vehicle won't be everybody's darling, but it's a BMW through and through: sporty, powerful, dynamic." There's something charmingly subversive about the Z3 M Coupe – and it's a true testament to the oft-chanted "they don't make them like they used to."
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