Having had a good drive of both the E46 M3 and the new M3 it would be the M3 for me hands down. The engine is incredible for NA in the E46. Just need to find a good one.....The 135i just doesn't have the looks for that sort of price tag.

That faults list for the E46 M3 is pretty sobering though!

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"A pregnant virgin, that's everyman's worst nightmare" Homer