The E30-chassis BMW 320is is one of the more interesting footnotes (or chapters) of the fabled platform, offered only in Italy and Portugal as a means of building a true sports sedan that also effectively beat a taxing structure that levied heavy fees on cars equipped with engines larger than 2.0L in size. Taxes were greatly reduced for vehicles with engines of that displacement or less, making the S14 engine from the celebrated M3 a viable option for creating a sportier model without the heavy tax burdens. Thanks to the 25-year rule opening up a whole new class of vehicles for importation, this rare 320is was brought into the country a few years ago, reconditioned, and is now up for grabs here on eBay with bidding just over $11,000 and the reserve unmet.

My longest-tenured hobby car is a 1987 BMW 325is, which is effectively what this car set out to be, with a firmer suspension, sport bucket seats, subtle aero enhancements, and other tweaks. But the 320is differed in a big way, being equipped with the high-strung S14 engine and close-ratio manual gearbox that accompanied it in the original M3. The bodykit and lowered suspension may tell you this is a more sporting model, but unless you know your BMW models inside and out, the untrained eye might suspect the venerable 2.5L inline-six, otherwise known as the M20 engine, is what resides under the hood.

The interior also looks like your standard sport package-equipped model, but the iconic M3 shift knob clues you in that this factory sleeper is equipped with the Getrag 265 close-ratio transmission with a dog-leg shift pattern. The seller notes that the dash has no cracks and that all comfort/convenience features work as intended. The 320is was originally imported to the U.S. and later brought into Canada, where it currently resides in the Okanagan Valley in British Columbia. The body is said to be in good shape with no major blemishes or rust, other than some early traces of trouble in the battery tray, a typical E30 weak spot.

BMW’s Motorsport division de-stroked the S14 engine just enough to sneak beneath the threshold for 2.0L cars, without much of a reduction in performance. I always wondered if customers in those markets had any idea what they were buying, as the frenzy for BMW’s iconic S14 engine hadn’t really taken hold like it has by now, with used examples of the engine fetching $10,000 or more. The seller notes modifications are limited to H&R lowering springs, Bilstein shocks, and a Supersprint exhaust, all of which are easily reversible if you’re a purist – and frankly, that may be a wise move considering the rarity and limited supply of this obscure model in the U.S. Find another one, as they say.