I am buying my first BMW! Fell in love with an M3.

The dealer has two M3 cars on the lot. I have a deposit on one but he told me about another one today. Now I'm not sure which is the best one.
One is a 2004 M3 (Silver Gray Metallic) with more warranty and nicely equipped but not loaded. The price is $41,883 and I have a deposit on it. It has an SMG transmission which is different for me because I usually have a clutch based manual. But it responded well in both modes. The technology is awesome! This was previously a lease vehicle and has 36970 miles on it.

The other is a 2003 M3 (Carbon Black Metallic) with only one month left of warrany. Again very well equipped and has quite a few things the other did not have like navigation and heated seats. This one has a 6 speed manual for $38,494. Drove a bit rougher than the other car and had more engine noise at speeds. It comes with the extended engine warranty because of the corrosion problems. It is a one owner car and has 37562 miles on it.

Both are nice cars though I am leaning towards the 2004 model due to more warranty and no corrosion issues.

They are both CPO which can be extended for maintenance and warranty. Since this is my first BMW purchase I'm feeling a bit unsure. Both of these cars are awesome handlers and take corners, oh so sweetly. These cars really make me want to drive.

Any thoughts on these two models would be appreciated. One of them is coming home the end of this week.

Thank you,
Kate

The E46 M3 is a great car so either way you go I'm sure you will be happy. I would go with the 04. The SMG is nice especially when you are in traffic. Now if the car is going to see track time the 6 speed would be the better way to go. The navigation and heated seats are nice to have but you can deal with not having them. I also would be nervous about getting a M3 with any kind of engine noise unless it’s something along the lines of a pulley trying to go out.

I would personally go with the newer one. Either should be good, but the 2004 sounds like it should be a little less problematic. I disagree with 01L2Cobra regarding SMG v. Manual. SMG is great on the track because it allows the driver to keep both hands on the steering wheels and allows for right foot braking. It is also much easier to be consistant with SMG then with the regular manual. For the amateur racer, SMG is a great option.

I personally have a Carbon Black M3 SMG and I've loved it since I bought it. Theres a good chance I'll be selling it soon for either a Z4 M Coupe or the upcoming E92 M3 (V8, 400+ hp, 7sp SMG).

Another alternative to the E46 M3 would be the new 335i. Its a little less powerful, but its quieter and more refined. Possibly a better daily driver then the M3.

yeah the Ms are for racing.. or more sport-centered drivers

I disagree with 01L2Cobra regarding SMG v. Manual. SMG is great on the track because it allows the driver to keep both hands on the steering wheels and allows for right foot braking. It is also much easier to be consistant with SMG then with the regular manual. For the amateur racer, SMG is a great option.
I just had problems with the SMG I drove. It seem that I was able to shift it a little faster than what the SMG would do. Could just be personal preference.

I personally have a Carbon Black M3 SMG and I've loved it since I bought it. Theres a good chance I'll be selling it soon for either a Z4 M Coupe or the upcoming E92 M3 (V8, 400+ hp, 7sp SMG).
I have been thinking about a Z4M myself, but I’m thinking about the vert. I love the looks of the Coupe but it’s actually heavier than the Vert but it does have better balance, the Vert is a little ass heavy. I just hope that they don’t load the M3 down with all the same electronic nannies as the M5. The all of the Ms seem to be getting to loaded down with pointless electronic gizmos. I don’t even use the half the stuff in my E36. The OBC was great at first but now I hardly ever use it. I just think it would be great if BMW offered a base version that didn't have all of that stuff.

Another alternative to the E46 M3 would be the new 335i. Its a little less powerful, but its quieter and more refined. Possibly a better daily driver then the M3.
The 335i has been showing remarkable gains with just a tune and exhaust. The have been seeing 330whp with just those minor mods. The 335i really needs a LSD, if it had that it would be a real killer car.

M-3's are great cars, there is nothing like it for pleasure or for speeding around. I personally like the car without the SMG because it gives me a sense of power and for my legs to do something.
Good luck on your choice.