Prices for the E30-chassis BMW M3 have thankfully begun to adjust a bit, particularly as it relates to driver-quality cars. This 1988 model isn’t presented as being anything other than a fair quality example, but it’s not entirely clear how healthy it is given the short description of being in good running condition “before parked.” Find it here on eBay with bidding over $25K and no reserve in place.

The M3’s paint shows as being mediocre at best, with some evidence of the clearcoat failing or lifting in places. Given these were once priced at the upper limits of sanity not too long ago, it’s refreshing to see examples with rough cosmetics staying below $30K. Combined with a likely economic slow down in the next few months, I’m counting on seeing cars like this selling for at or below the current bid price.

The interior is fair but I can’t figure out what’s going on with the carpet. If you decode the VIN, this left the factory with a Pearl Beige – otherwise known as tan – interior. I’m willing to bet the carpet sports a poor and/or failing dye job and the rest of the interior, which is fairly simple to swap, is from another car. Some folks will applaud this upgrade, but on a collector car, it’s a ding in my book to its originality.

The engine bay is grungy and doesn’t speak to fastidious ownership. Given the background of the photos shows a smattering of domestic vehicles, it’s safe to say this M3 hasn’t been stored at a specialist’s garage. These are not cheap cars to refresh, but the current thinking still supports buying a project at $30K with another $15K budgeted for a rebuild. How much longer that holds water is up for debate.