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FWIW - I came from the E36 M3 and the twins are pretty close to that experience. As much as the naysayers think the E36 was the weaker of the M3 line, it's hard to get past the "best handling car at any price" award from Car and Driver.
With that being said the E46 M3 is only a marginally better car IMHO than the E36 line.
It's heavier - much, much heavier than the E36 and obviously more than the GT86 cars.
So you will feel that weight going into turns and coming out. Then there's the reliability and build quality. If the E46 didn't have that wonderful motor, there's not much else to brag about. If you are thinking of that car, consider an E36 with the E46 motor transplant. Going prices are around $10k and you'll get some fairly cheap maintenance over that car's lifetime than any E46.
I'm a BMW CCA member pushing 20 years. And that's just my opinion.
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