$26,500

Overview

The E46 M3 ran from the 2001 model year through 2006, and the 2004 represents a specifically desirable configuration within that production run. BMW’s S54 connecting rod bearing concern — a documented quality issue that affected a portion of cars built from early 2001 through approximately mid-2003 — does not apply here. This car was produced on March 1, 2004, and delivered May 7 of that year. For a buyer who has done the research, that date matters.

The SMG-II transmission fitted to this car shares its internals with the six-speed manual Getrag 420G but adds an electrohydraulic clutch actuator and steering wheel paddles. Shift times in sport mode are faster than any manual transmission of the era. For a buyer who has driven a well-sorted SMG, this is not a compromise — it is the point.

Media

History & Maintenance

The car was built at BMW’s Regensburg facility on March 1, 2004, and delivered to its first owner on May 7th of that year. The car currently resides with the second owner who acquired it in 2007 with approximately 35K miles. The current owner states the car has been meticulously cared for and estimates spending approximately $20,000 in service. He averaged about 2,600 miles per year, and notes it’s always been garage kept and seldom ever saw rain or snow. The car was never tracked or driven hard – the owner describes himself as a car enthusiast but not a hard core driver. Reflecting on his ownership experience he says it’s been an amazingly reliable car and describes it as more of a drivers car vs a grand tourer – like his new Audi RS5. He describes the M3 as “an incredible feeling of being connected to the car and the road – it’s a really easy car to have fun with.”

BMW Downtown Denver managed all dealer-level service through May 2021, completing both stages of the Takata airbag recall and the SMG system work. Since 2023, Paddock’s Imports — a Denver independent specializing in European marques has handled all maintenance, executing a thorough round of engine and cooling system work that brings the car fully current. The current owner is unaware of any current maintenance needs. The big 3 have not been done (Rod Bearings, VANOS system overhaul, and Rear Subframe reinforcement). A complete set of dealer invoices and Paddock’s shop records is included with the sale.

SMG hydraulic pump replacement documented (BMW Downtown Denver, 2017–2018)
Both Takata airbag recalls completed — driver (2017) and passenger (2021), N/C
Water pump, thermostat, water pipes, and seals replaced (Paddock’s Imports, 2023)
All four oxygen sensors replaced (Paddock’s Imports, June 2024)
Valve cover and gasket replaced (Paddock’s Imports, June and December 2024)
Six NGK DCPR8EKP spark plugs (Paddock’s Imports, June 2024)
10W-60 full synthetic oil — M-Series specification, maintained throughout
D2S xenon headlight bulb replaced (November 2025)
Driver’s inside door handle replaced (November 2025)
Complete service documentation included with sale

Features

Six individual throttle bodies with drive-by-wire electronic throttle control; double-VANOS continuously variable valve timing on intake and exhaust camshafts
19” Style 67 (Polished/Double-Spoke) 19x8 front and 19x9.5 rear
Continental Extreme Contact tires. Front: 225 40 19 Rear: 255 35 19 – Approximately 2,000 miles of wear
Harmon Kardon Hi-Fi stereo system with navigation
Driver and passenger heated and power adjustable seats
M leather multi-function steering wheel with paddle shifters
Parking distance control (PDC)
Dynamic stability control

2004 BMW M3

Fundamentals

VIN: WBSBL934X4PN58138
Year: 2004
Generation: E46 (Third Generation M3)
Engine: S54B32 3.2L Naturally Aspirated Inline-Six, 333 hp / 262 lb-ft (US spec)
Transmission: SMG-II 6-Speed Electrohydraulic Automated Manual
Miles: ~86,000 (last documented: 85,886 mi, November 2025)
Exterior: Carbon Black (Schwarz) Metallic
Production Date: March 1, 2004 — Regensburg, Germany
Title: Clean
Consignment: Yes
Location: Denver, CO
S54B32 3.2L naturally aspirated inline-six.
8,000 rpm redline; 333 hp and 262 lb-ft in US specification
SMG-II 6-speed electrohydraulic automated manual
Nappa Black leather interior with brushed aluminum trim
Factory optioned cold weather package
Recent stage two paint correction

Heritage

BMW introduced the E46 M3 at the Paris Motor Show in October 2000, powered by the newly developed S54B32 engine. The S54 was conceived as a ground-up high-performance unit built on the architecture of the preceding S50, with a bore increase to 87mm, compression raised to 11.5:1, six individual throttle bodies with electronic drive-by-wire actuation, and a double-VANOS variable valve timing system on both camshafts. In US specification the engine produced 333 horsepower and 262 lb-ft of torque, with a redline of 8,000 rpm. At the time of its introduction, the S54 had the highest specific output — exceeding 100 horsepower per liter — of any naturally aspirated engine BMW had produced for a road car outside the McLaren F1 program.

The S54 won the International Engine of the Year award in 2001 and claimed the top honor in its displacement class for each year of its production through 2006. Approximately 86,000 E46 M3s were built over six model years, in coupe and convertible body styles. On track, the M3 GTR — a racing variant built to meet American Le Mans Series homologation requirements — won the constructor, driver, and team championships in the 2001 ALMS GT class.

The E46 generation holds a particular place in M history because of what came after it. The following E90/E92 M3 used a naturally aspirated V8; subsequent generations moved to turbocharged inline-sixes. There is no direct successor to the S54 engine or to the driving character it produces. Many M enthusiasts consider the E46 the last M3 built around the ethos that defined the nameplate from its beginning: a road car with a racing engine and a chassis to match, weighing as little as the engineers could manage, with no driver-assistance architecture between the wheel and the road. That argument has only grown more persuasive with time.

Interior A

The cabin presents cleanly. Black leather upholstery shows normal age-related wear consistent with careful use over twenty-one years — light creasing on the bolsters, no tears, no significant blemishes. The SMG selector and steering wheel paddles are intact and function correctly. The instrument cluster, HVAC, and electrical systems operate as expected. The driver’s inside door handle — a known E46 failure point — was replaced by Paddock’s Imports in November 2025 and is fully functional. No odors noted.

Exterior A

Shwartz Metallic paint presents well for a car of this age and the recent two stage paint correction gives new life to the original paint.. Body panels are straight and panel gaps are consistent. The M-specific wide-body flares, front apron, and rear diffuser are intact with no cracks or repairs observed. Xenon headlamps are functional; the D2S bulb was replaced in November 2025. Normal stone chip accumulation on the front fascia is consistent with active use and appropriate for the mileage. No rust observed.

Mechanical A

The S54 runs cleanly and pulls strongly through the rev range. The SMG system is functional; the hydraulic pump was replaced at BMW Downtown Denver and the system has operated without fault codes since 2018. Both Takata airbag recalls have been completed. Nothing out of the ordinary observed during evaluation.

Photographer's notes

The car looked sensational for the photoshoot and was equally fun to drive. The interior was in remarkable condition and denoted an owner who clearly took care of it. On the open road it felt just as fast and no less fun to drive than any manual transmission of its era. An E46 M3 in this condition — documented, with a production date outside the bearing-concern window, will make a great addition to a collection or enjoyed as a dialer driver.