Thanks for the input guys. What if I could find an E46 with around 100,000 miles though. I've also had a hard time finding any 1991 318is online. Also would the e46 M3 be unnecessary, I will be doing a little autocross and an lsd would be useful. I don't like e36 M3's that much because I've heard the North American ones aren't that great.
What do you guys think the average cost for repairs and maintenance would be for an e46 per year?
Also what is your guys input on this M3:
http://sandiego.craigslist.org/ssd/cto/4699909430.html