The e46 M3 is pretty much the car that got me into BMW.
I've had a e93 M3 and driven the new F80's, but I still dream about owning a e46.
I don't think it's underpowered at all and actually usable on the street and daily driving.
Stay away from SMG and hold out for a manual.
Since it's hard to come by a low mileage one, I plan on pretty much plan on throwing a couple grand of maintenance right of the bat if I ever do pick one up.
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