The world of modern collector cars shows no sign of slowing down, as hulks like this classic 1989 BMW M3 go to show. This one is sitting on eBay with bids over $12,000 already with the reserve unmet. There is no engine, but it does come with a transmission, and the seller further notes the only other parts missing are what you see in the additional photos, that of the lights, grills, and front bumper. It’s amazing that cars like these were relatively worthless a few years ago, at least when they showed up in this sort of condition, but all of those rules of engagement have changed. Find the M3 here on eBay and located in Garden City, New York.

Now, I like the E30 – heck, it’s the longest-tenured car in my garage, with my 1987 325is living here for over 10 years now. The collector car marketplace has been sweet on the E30 M3 for a while now, and it’s easy to understand why. It’s a track car for the street, built in limited numbers and with all of the upgrades from the factory you could ask for. Fender flares, sport seats, firmer suspension, limited-slip, and a high-revving S14 engine under the hood. For years, however, it was just a used-up sports car, or a track-day beater. All of that has since changed, and likely, for good.

The seller’s car is likely one of those vehicles that years ago was deemed relatively worthless except for its exotic engine, which got yanked to be put in a more deserving chassis. You’d never do that now, even if the engine was blown, as the value in rebuilding a numbers-matching example is far higher than it ever was. A clean E30 M3 will easily pull $50,000 if it comes with documentation and even more if it has paperwork and low miles. The seller’s car occupies a new space where if it is rust-free and has at least some of its drivetrain included – in this case, the transmission and rear end – it looks worthy of restoring or at least creating a very desirable track car.

It’s hard to say for sure whether it has underlying cosmetic issues, but given it is in New York, you have to tread carefully. The floors are not immune to rust and the trunk can allow water in if the seal fails. Sunroof drains get blocked and water can collect inside the door jams and under the carpet. But if this car is rust-free, it’s absolutely worth restoring, especially if you choose to go the easy way and drop in an S50 or S52 engine from an E36 M3 – then it could be a very reasonable proposal to bring this forgotten E30 M3 back to life.