My first drive of the M3 CSL was entirely appropriate. It was a car magazine’s performance car of the year shootout, at Anglesey race circuit. The weather was dazzling, with the Irish sea shimmering in the foreground and the looming mass of Snowdonia off in the distance.

Equally dazzling was the calibre of competition. Lined up in the pitlane ready to play were, amongst other things, the Ferrari 360 Challenge Stradale, Porsche 911 GT3 RS, Mitsubishi Lancer Evo VII and (rest in peace) TVR’s T350. So the right setting, the right cars, but… the right driver?

I went from car to car, and found myself slightly daunted by the limits of the 996-generation 911 GT3 RS, entranced by the 360 Challenge Stradale’s operatic V8 and flighty tail, and positively terrified by the wayward T350, a car so disjointed in its dynamic behaviour at the limit that fellow test driver, former professional rally driver Robbie Head, warned everyone present of the dangers of taking it for a hot lap or two.

Somewhere in the middle of all this was the M3 CSL. A nod to the historic 3.0 CSL (Coupe Sport Leichtbau) of the early ‘70s, its new front air damn, novel carbon-fibre roof, light forged aluminium wheels and Michelin Pilot Sport Cup tyres all signalled that once again the CSL was engineered for hard driving, and the rest of the spec reinforced that impression.

Released in the summer of 2003, the CSL was the sharpest tool in BMW’s box at the time. With the V8-powered E39 M5 bowing out and the wild V10 E60 still a year away, the CSL was left to fly the M flag – and it flew it with purpose.

How the M3 CSL lost weight

At first glance, you might have wondered what all the fuss was about. The power bump from the regular M3 was modest – just 17bhp extra from the 3.2-litre straight-six. But the CSL was never about numbers on a spec sheet. It was about the things you felt – and the things BMW had taken away.

Gone were the comfy leather sports seats with their electrically adjustable lumbar and side bolsters. In their place came tight, fixed-back Recaro buckets wrapped in grippy cloth and Alcantara – a switch said by BMW’s engineers to save nearly 50kg. Out went the sound insulation, electric gizmos, and all the little frills that softened the edges of the standard M3. Even items like suspension arms and the wiring harness were lighter. The result was a 110kg weight saving, giving a kerbweight of just 1385kg. As a result, the CSL felt raw, focused, and up for it.

Underneath, the suspension had been thoroughly reworked. Lower front ride height (by 10mm), stiffer springs, revised camber, quicker steering, and those Michelin Cups gave it bite, while the electronic top speed restrictor would be removed by BMW if the customer had a racing licence.

At Anglesey, the M3 CSL endeared itself to me as soon as I left the pitlane. The carbon airbox made the sort of spine-tingling induction noise that only the 360 Challenge Stradale could come close to matching on the day, and that quicker-geared steering was a definite improvement over the standard E46 M3’s already none-too-shabby setup.

That larger air chamber rammed more air into the engine, an effect said to be worth about 10bhp, while a different camshaft and modified exhaust valves lent a hand, taking power to 355bhp at 7900rpm and torque to 273Ib/ft at4900rpm.

As someone who always enjoyed the classic front-engined, rear-wheel drive layout and melodious character of the standard M3, BMW would have had to have made a spectacular hash of things for the CSL not to be more exciting still.

Feeling the difference

Gerhard Richter, the man in charge of M at the time, put it best. When asked what targets they set for the CSL, he simply said: “Emotion.”And that’s exactly what it delivered. Not just speed or grip or numbers – but feeling.

And sure enough, what it gave the driver was feel, and from that came confidence to attack the track or road and drive the CSL right up to the limit of adhesion. From here, you could play with its balance, feeling as you pushed the chassis from a neutral state into power-induced oversteer, making that Variable M Differential earn its keep. It worked harder everywhere, and that suede-rimmed steering wheel, spot-on driving position and Recaro seat felt perfect for the task.

What wasn’t quite so perfect were the brakes. The rear discs were the same size as a regular M3’s, the fronts only slightly larger, and given the performance on tap they tended to let the side down when you really started leaning on the middle peddle.

The other gripe was SMG. BMW’s decision to run with its new gearbox technology was understandable – the hope it would have a halo effect on adoption across the brand. And on a hot lap of the Nordschliefe (7 minutes, 50seconds, which was 30 seconds faster than an M3 and six seconds quicker than the Porsche 911 GT3) it would shave precious tenths off a time. But out on the road, where running at ten tenths is neither sensible nor possible, the Getrag SMG system could be irritating.

M3 CSL values

At launch, the CSL wasn’t universally loved. The price jump over a regular M3 felt steep to some, and early resale values reflected the hesitation, while the full UK allocation was never sold, BMW GB reducing its tally from 500 to 422 right-hand drive cars. Prospective buyers at the time recall dealers offering substantial discounts, on the quiet. Prices for used CSLs would go on to fall to less than £30,000 within a decade.

But fast-forward two decades, and the story’s changed. Of cars sold at auction, the average value since 2020 sits at £82,641, according to tracking site The Classic Valuer. The CSL is now a benchmark. A Noughties icon for collectors. A car that people remember not just for how fast it was, but how it made them feel. It wasn’t just a lighter M3. It was a reminder of what an M car could be – when the brief was simply to build the most exciting driver's car BMW knew how.

Earlier M3s, notably the E30, feel their age when you push them hard. Later M3s, such as the successive GTS editions, have delivered more speed but I don’t think they captured the thrill of driving as well as the CSL. Other acclaimed M models – we’re looking at you, M2 – miss the mechanical connection you feel in the CSL.

In fact, having driven the latest M4 CSL, I don’t think any M car quite captures the magic of losing yourself in the pleasure of fast driving as well as the E46 CSL.

2003–2004 BMW M3 CSL technical specifications

Price new: £58,455
Price now: £82,641 – browse The Classic Valuer
Number built: 422 UK / 1383 worldwide
Engine: 3246cc 24v straight six
Power: 355bhp @ 7900rpm
Torque: 273lb ft @ 4900rpm
Gearbox: Six-speed sequential manual, rear-wheel drive
0-60mph: 4.7sec 0-62mph
Top speed: 155mph
Fuel economy: 23.7mpg
CO2 emissions: 287g/km

Driven or owned a BMW M3 CSL? Share your experiences and views on whether it would be in your dream car collection – leave a comment below.‍

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