sounds like it coulda been 330, 323, or 325 with an identity crisis. I see tons of cheeseballs around here in 325's with m tags, body kits, or shaved tags. Sometimes it requires a keen eye. look for quad pipes sleek rims, and extremely pimp greenish hid lamps.
Even though i smack around e36's now, i would lose every time when stock... Which is why Cobb tuning makes me happy.
As for the E46 they also sport about 290wheel hp, so yea a stock wagon making 165 (on a cold dry day) has no shot, any distance and lead you got would be taken from you like a sucker from a baby.
hed blow your doors off