I have an e46 m3 and honestly you can't really compared the two, yes the m3 will cost you an arm and a leg compared to the FRS but the M3 is significantly faster and handles every bit as well as the FRS.
If you can afford the maintenance on an M3 and don't drive an ungodly amount of kms every day, you really can't beat the M3's speed, comfort, quality and overall awesomeness.
If you don't believe me then drive them back to back, you will not end up with the FRS.
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