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I suggest you do some serious research into E46 M3's before taking the plunge. You do not just casually pick up a 70K mile specimen and drive it without making major repairs and/or expensive maintenance as well.
Don't get me wrong, the E46 M3 was the car I wanted more than anything in college (especially after I drove my uncle's six speed coupe...now that was awesome), but after seeing what has gone wrong with his M3, I wouldn't touch an E46 without some major coin in the bank and a service manual.
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