I doubt you will see a huge price drop in used M3s. One, they only made M3 Sedans in 97 and 98. Two, a lot of people, me included, think the E36 body style is just fantastic and would never change it or own anything else. Three, the current M3 is about $55,ooo - can you afford what BMW calls affordable (I cannot)? If BMW makes the M2, will it have the performance and horsepower of the E36 M3?
The big question is: Do you like the car?
The next question is: Is the car mechanically sound and well taken care of?
I can tell you from experience that this opportunity will not come along very often. After a year and an Inspection II (BMW major maintenance), I couln't be happier with my M3/4. You wouldn't believe how hard it is to find an M3 5-speed. If you want a manual, don't pass a good one up.
The big question is: Do you like the car?
The next question is: Is the car mechanically sound and well taken care of?
I can tell you from experience that this opportunity will not come along very often. After a year and an Inspection II (BMW major maintenance), I couln't be happier with my M3/4. You wouldn't believe how hard it is to find an M3 5-speed. If you want a manual, don't pass a good one up.

I mean, you don't want to drive all the way to NC anyway :-)
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