Established in 1972, BMW M has arguably become the most popular performance brand among major premium carmakers. Indeed, its recent achievements validate this, with 206,582 sales last year, led by the i4 M50 and the M2 Coupe. Plus, the M2 won MotorTrend’s Performance Vehicle of the Year award, the M3 Touring was crowned WhatCar?’s 2025 Performance Car of the Year, and the Z4 M40i Handschalter secured BMWBLOG’s Car of the Year title.
Beyond these achievements, niche, limited-edition models such as the XM-Kith and the M2 CS have further solidified the M division’s prestige. They are BMW’s halo vehicles that highlight the marque’s performance pedigree and act as popular collectors’ items. Needless to say, in this article, we will look at the five rarest M cars and what makes them special.
BMW E46 M3 GTR Strassenversion
The M3 GTR Strassenversion is the rarest M car, with only 10 units planned and each priced at €250,000 (approximately $290,000 at today’s exchange rate). It was developed for homologation and featured a V8 engine (a first for the M3) that produced 380 horsepower and 269 pound-feet of torque, enabling a top speed of 183 mph.
For reference, the standard E46 M3 used a straight-six engine that generated 338 horsepower and 269 pound-feet of torque, achieving 0 to 60 mph in less than 5 seconds. Notably, despite the M3 GTR’s exclusivity, the E46 M3 is actually the highest-selling BMW M model of all time, with over 85,000 deliveries (56,133 coupes and 29,633 convertibles).
BMW E36 M3-R
The E36 M3-R is another homologated BMW on this list, and its production was limited to 15 units. It delivered 322 horsepower and 266 pound-feet of torque and went from 0 to 60 mph in 5.5 seconds. This made it the most powerful variant of the E36 3 Series.
As yet, the M3-R never got a strong following in the BMW community, a fact that can be attributed to two reasons: first, the E36 doesn’t possess the same stature as the E30 and E46 3ers. Second, the M3-R was homologated for Australian endurance racing, which lacks global appeal.
BMW XM by Kith
The BMW-Kith collaborations include the M4 Competition (150 units), the Vitality Green i4 M50 (7 units), and most importantly, the Frozen Techno Violet/Frozen Black XM (47 units; MSRP of $199,000). The latter is based on the XM Label, which holds the distinction of being BMW M’s first standalone model since the M1 supercar.
Admittedly, the XM is also one of the highest-depreciating BMWs, according to iSeeCars, losing 67 percent of its value over five years. Nonetheless, given that one of the Kith i4 M50s fetched $327,600 at auction, the XM-Kith may hold long-term appeal to collectors given its rarity and collaboration status.
BMW 3.0 CSL
The 3.0 CSL is the most expensive car on this list, thanks to its €750,000 ($875,000) MSRP and a valuation over $1 million in secondary markets. As the spiritual successor to the E9 3.0 CSL, it was launched to commemorate the 50th anniversary of the M division, and as a result, only 50 units were produced, each featuring an aerodynamic exterior, lightweight construction, and a powerful straight-six engine (the S58 with 560 horsepower).
That said, for those still seeking a more ‘accessible’ option, there’s the €500,000 ($585,000) Skytop. While not as hardcore as the 3.0 CSL, the Skytop’s design modifications ensure its status as a future classic, and it is powered by the M8’s S63 V8 engine.
BMW M4 Nurburgring Edition
Traditionally, BMW’s collectors’ market centered on Europe and the United States, but over the years, enthusiasts in China, Japan, and the Middle East have also become active in this domain. Accordingly, BMW recently introduced the China-exclusive M4 Nurburgring Edition—it is limited to 53 units and commemorates the Bavarian brand’s association with the Nurburgring racetrack.
The price? $150,000—which is approximately $19,000 more than the M4 Competition xDrive (on which the Nurburgring Edition is based)—but most units were sold on the launch day.
[BMW E36 M3-R photo was provided to use for editorial use by WhichCar.com.au by Wheels and BMW Australia]