Wow selling the R32 because he lost to an E46 M3?? Why. I mean if you got the money to burn? But E46's are not a problem for me. I have no problem with them. I guess if you want the luxury with some performance? they are one of the most beautiful car's ever in my mind.
But from what ive read about your post's you like to race. STi's and Evo's lightly modded are going to beat M3's all day long. I have a feeling your going to get pissed because the E46 Engine is pretty much maxed out on potential.
I say by a C5 corvette. You will save money and have much better potential for ton's of power. I agree the E46 is such a sweet car.