While the M3 will be more fun without a doubt, i feel that the E46 would be the nicer car to live with day to day. It looks much better to the general public with a better image, and has a vastly improved interior.
I wouldnt bother with either though, when you could simply look at an E46 328 instead.
I wouldnt bother with either though, when you could simply look at an E46 328 instead.