SCM Analysis
Detailing
Vehicle: | 1988 BMW M6 Coupe |
Years Produced: | 1987–89 (Euro version, 1984–89) |
Number Produced: | 1,787 (5,859 sold worldwide) (US & Canada) |
Original List Price: | $58,720 |
SCM Valuation: | $33,810 |
Tune Up Cost: | $800 |
Distributor Caps: | $40 |
Chassis Number Location: | Driver’s A-pillar and door jamb |
Engine Number Location: | Boss near oil filter |
Club Info: | BMW Car Club of America |
Website: | http://www.bmwcca.org |
Alternatives: | 1993–95 Porsche 928 GTS, 1986–88 Ferrari 328 GTB, 1986–88 Ferrari Mondial |
Investment Grade: | D |
This car, Lot 145, sold for $55,000, including buyer’s premium, at Bonhams’ auction in Greenwich, CT, on June 4, 2017.
“The BMW M6 is one of those wild, wonderful cars that throw the scales of automotive justice totally off balance. This car doesn’t make any sense, for three important reasons: money, money, and money. Average folks just can’t understand spending $58,720 for anything that doesn’t have at least two bedrooms. Car guys rightly point out that you can get this brand of supercar performance for a heck of a lot less. The M6 shouldn’t generate the rave reviews that it does — but it does, and we love it.” — Car and Driver, July 1987
History of the E24
BMW’s E24 6 Series has a storied history. It was launched in 1976 and replaced the venerable and classic Wilhelm Hofmeister-designed CS coupe.
Bob Lutz influenced the E24’s development, and Paul Bracq designed the car. Early models used hand-made Karmann bodies fabricated by the famed Osnabrück-based coachbuilder. Over its 13-year production run, the E24 was sold in several configurations and underwent countless refinements and upgrades.
The E24’s evolution represents a case study of the German mantra of continuous improvement. The E24 began life in 1976 attached to the E12 5 Series platform. In 1982, the car had a radical makeover and was upgraded to the next-generation E28 5 Series chassis. To the casual eye, the 1981 and 1982 E24 6 Series appeared almost aesthetically identical. Under the familiar, elegant skin, these cars shared almost no common mechanical parts. Other changes in 1982 included a more sophisticated engine, a stiffer chassis, firmer suspension, more advanced electronics and a new interior.
An exercise in style
The iconic “shark nosed” E24 maintained the silhouette of the classic CS, but it was far larger, wider and more modern. When comparing the CS to the E24, the stylistic evolution is reminiscent of how the Dino evolved into the larger Ferrari 308/328. The 6 Series ultimately became BMW’s flagship model of the 1980s, and it served as a launch pad for leading-edge safety technology, such as ABS and airbags. In 1983, the high-performance M635CSi was introduced at the Frankfurt Auto Show and went on sale in Europe as a 1984 model. When the M635CSi finally made it to America as a catalyzed 1987 model, it was marketed as the M6.
The auto press swooned
In July 1987, respected Car and Driver automotive journalist Csaba Csere gave the new M6 glowing accolades:
“The core of the M6’s attraction is its magnificent 24-valve, double-overhead-cam, sextuple-throttled 6-cylinder engine. Not only is this powerplant silky-smooth, but it offers unparalleled throttle response as well. There are no quirky intake tuning peaks or lagging turbos to dilute the pure linearity of its output. You simply press the throttle and it makes power right now — all the way from idle to nearly 7,000 rpm. Coupling this engine to a slick-shifting gearbox through a buttery-smooth clutch makes for a superb powertrain that a skilled driver can orchestrate the way Herbert von Karajan does the Berlin Philharmonic. Although it’s old-fashioned in some respects and certainly no bargain, well-heeled enthusiasts will find the M6 one of the most attractive cars on the market.”
Laden with options
The U.S.-spec M6 was a slightly detuned version of the M635CSi, but it came fully optioned with every conceivable factory extra.
Unique features included a twin air-conditioning system that was capable of freezing rear occupants to death. Nestled between the cocoon-like rear seats was an innovative beverage chiller for Bavarian beer.
The sumptuous eight-way power seats were hand-stitched soft Nappa leather. The state-of-the-art audio system had eight speakers and turned the M6’s cockpit into a concert hall.
To the casual eye, the U.S.-spec M6 appeared mildly different from the more pedestrian non-M E24 models. The addition of a larger front air dam and a subtle rear spoiler gave the car a low-profile, aggressive look.
The M6 came equipped with larger brakes and metric TRX BBS-style wheels. The side mirrors were color matched, which gave the aging E24 a more integrated and modern look. Despite these many enhancements, it was the small M badges on the grille and trunk lid that offered conclusive evidence that this car was no ordinary 6 Series.
A monster for the 1980s
For a car of the ’80s, the M6 had impressive performance. It could leap from 0–60 mph in 6.1 seconds and do the quarter mile in 14.7 seconds. Top speed was about 140 mph (the non-catalyzed, Euro-spec M635CSi was said to do well over 150 mph).
The M6 was an expensive German package of performance and luxury. The 1987 MSRP was $58,720 (about $130,000 in 2017 dollars). Production of the M6 ended in early 1989, and only 5,859 were made. Only 1,767 of these came to North America.
A car with a future
Our subject car realized a $55,000 price, including premium.
Finished in a highly desirable combination of black with gray interior, this M6 had color on its side.
A little research conducted during the Saturday pre-auction viewing showed that this was a well-used, three-owner car with no books and records. The overall condition was fair.
For a 30-year-old car with 75,000 miles, most of the issues were normal wear-and-tear items that could be corrected. The paintwork showed some slight variability, but the panels appeared crisp, and the overall fit was straight.
Both bumpers had scuffs, and the original TRX metric rims were replaced with shinier BBS wheels. The seats showed evidence that portions of them had been incorrectly reconditioned at some point.
Too much — for now
At first, $55,000 for a 75,000-mile 1988 M6 seemed like all the money.
In 2012, this would have been a $20,000 sale at best.
However, it is now 2017, and the recent market has spoken loudly. When you look back at the data over the past 18 months, the valuation of Lot 145 appears not too out of line with recent comparable sales.
Upon close inspection, recent auction results indicate a serious uptrend in E24 M6 valuations.
The first price jump came last year at Monterey, when Mecum sold a 25,000-mile M6 for $99,000, including premium.
This spring at Amelia Island, Bonhams sold a 7,000-mile, U.S.-spec M6 for $104,500 including premium.
Before 2016, most M635CSi/M6 examples sold at auction for between $20,900 and $38,500.
Our driver-quality M6 sold at about half the price of the investment-grade cars at Monterey and Amelia.
Given the current market, this outcome feels about right.
Welcome to the New Normal of the M635CSi/M6 market. The seller realized a favorable sale at Greenwich, and the buyer most certainly overpaid — for now.
The new owner of this M6 may not be wrong — but rather just a little early. Time will tell where M635CSi/M6 valuations go from here. Given the M6’s enviable pedigree (as well as the overall tailwind driving all modern classics higher), the M6 may represent an attractive alternative to an E30 M3.
Valuation is trending north
The key to understanding the first-generation M6 market is accepting the fact that decent examples of these cars are few and far between. These were complicated cars, and restoration costs still don’t pencil out — even given today’s favorable pricing trends.
Back in 1987 and 1988, most BMW M6 buyers wanted to drive and enjoy these cars. As a result, very few of them were mothballed and maintained. Most examples covered well over 100,000 miles and ultimately fell victim to deferred maintenance.
Driving the market higher is the fact that ultra-low-mileage, investment-grade examples of the M635CSi/M6 are like unicorns. Even cars with 75,000 miles are hard to find in acceptable condition.
The M635CSi/M6 is slowly emerging as the holy grail of first-generation BMW M-cars.
The M635SCi/M6 is a collectible car for many reasons — all of them legitimate. With the exception of the M1 supercar, the U.S.-spec M6 was the first consumer M-car for the North American market.
The hand-built M88 motor is dynamic and shares DNA with the M1. The timeless styling of the E24 is slowly maturing, and it’s aging well. The M6 is starting to occupy a place of stature among the small and exclusive club of collectible post-war BMWs. ♦
(Introductory description courtesy of Bonhams.)