We're used to seeing rare and exotic collector's cars sell for sometimes ridiculous sums but even we had a feeling this incredibly low-mileage 1988 BMW E30 M3 would ultimately go for a pretty penny. We weren't wrong.

Just last week we wrote about said E30 M3 up for sale on Bring A Trailer. At the time of the original post, the highest bid was $120,000. Well, that auction is now over and the gavel has slammed down. This 8,000-mile E30 M3 brought in a final price of $250,000. You read that right. A brand-new 2021 Porsche 911 Turbo S carries a lower starting price. Granted, not all E30 M3s are in this state of near-perfect condition, but the fact this one sold for such a high amount could possibly indicate the first-generation M3 market is about to explode.

In any case, this M3's now-former owner barely drove it, adding only 640 miles after buying it from the original owner's family in 2010. They continued to meticulously maintain it and the pictures are proof. The exterior, finished in Zinnoberrot (aka vermilion red in German), features M-specific side skirts, front and rear bumpers, and cool fender flares. Enthusiasts probably immediately noticed a few additions from an M3 Sport Evolution like the rear spoiler, front splitter, and even a tow-hook cover.

The interior is covered in gorgeous Natural Tan leather upholstery. Under the hood lies a 2.3-liter inline-four with an output of 192 horsepower and 170 lb-ft of torque. It's linked to a five-speed Getrag manual transmission that channels power to the rear wheels only.

The car was recently serviced and the sale included a bunch of extras like owner's manuals, factory wheels, the original factory spare tire (located in the trunk), and a complete service record history. Just 5,300 examples of the E30 M3 were shipped to the US out of a total of 17,970 built. It's not incredibly difficult to find one in good overall condition but few, if any, can match this one's overall status.

So, was the $250k price reasonable or is this simply an isolated case where the bidding got a little out of control? Time will tell.