It’s still amazing to me to see how certain cars have gone from once-cheap projects to borderline unobtainable in the same sort of condition that would have rendered them trash a decade ago. The E30 chassis BMW M3 is the perfect example of this, with driver-quality cars trading hands for $50K or more, and well-preserved specimens knocking on six figures quite often. This rusty, stripped-down example has already been bid to over $18,000 here on eBay and I doubt the seller will have any trouble unloading it given the current market for this factory homologation model.

The drivetrain, of course, is long gone, and if you were smart enough to stick a few of these in a warehouse after a local racing team was done with them, you’re sitting pretty at the moment. That exact scenario undoubtedly happened, with M3s like this being used like any other track beater, losing their original drivetrain along the way and having another inline-six from a later car dropped in. The high-strung S14 was also used in older models like the BMW 2002 by enthusiasts looking to build the ultimate OEM-powered hot rod. Who knows what the story is here, but take note of the rust in the lower sills.

Now, the seller is explicit in stating that there’s no interior and no drivetrain, and that the battered M3 comes as pictured. The car does show an interior, however, with a dash, full carpeting, door panels, and even the original audio system still in place. Yes, the factory sport seats are long gone, replaced by the standard buckets from a lower-trim model, but it’d be worth clarifying with the seller whether he has stripped all of these parts since the photos were taken. If you were starting with the pieces shown here, it’d instantly become a more manageable project.

Despite the gaping hole in the engine bay, plenty of bidders are still angling for a chance to own this battered M3. Why? Well, there are a few good reasons, all of them pointing to how you can’t really go wrong with it. If you decide to fix the rust, drop in an S50 or S52 six-cylinder from a later M3, and put it up for sale, there’s a good chance you’ll make some money on it. Or, go all the way back to stock with a factory-correct S14, which won’t bring the same money as a numbers matching model, but will still find someone willing to pay over $40K for it, I’d estimate. And if you’ve just always wanted to own one but don’t have $50K? Well, your ship has come in.