My experience with the E36 (though mine is 325i not M3) is that maintenance is not bad at all. Chassis frame is typical European-car stiff. Sound-deadening is typical European-car quiet. Any car has its weak points. Both S2k and E36 M3 have their merits. It depends on what fits you best.

Since you know the S2k already, I'll try to list what you might miss the S2k for if you got an E36 M3:

- drop-top feature, obviously
- light and nimble nature
- quick steering ratio
- close-ratios direct-feel tranny
- ergonomics, hint: driver's controls aren't where they "should" be with the M3
- not peeling out just the outermost treads off the front tires (unless you get full suspension for the M3)
- ability to stuff tons of tires under the fender well
- it's more than just a souped-up sedan

 

I was in the same situation before I bought the S2k. The E36 M3 has been my favorite car ever since I the first time saw it more than 10 years ago but I decided to go with the S2k mainly because it's hard to find an E36 that doesn't have high mileage which was getting near the end of it's road. Like others have mentioned maintenance will more than likely be an issue with an older car especially without the reliability record of the Honda. The S2k is also my only car and DD so if you're gonna be dependent on getting to work or school solely with one car I would suggest the S2k.

 

I drove an E36 M3 for 10 years. Loved every minute of owning it except for repair shop visits. In the last 18 months I had bazaar stuff like the ABS pump go out. The was $2k. I baby my cars. The car only had 53k miles on it and I bought it new. I spent 18 months trying to find a car that I would enjoy owning as much as the M3. When the updated 04 S2000 came out I took a spin and I knew I was buying the S2000. The M3 was/is a great car. Awesome performance and practicality. Insane repairs bills. If you are a great mechanic then go for either. If you are like me and need to pay for repairs then buy the S2000.

 

I had a '99 M3 coupe for 2 1/2 years. I bought it new and broke it in properly. The engine didn't run smoothly until warmed up and then it was sweet. The 5 speed tranny is easier to perform the "money shift" (mechanical overrev) than the S2000. I always felt that it needed a 6th gear for the highway although that was prob just me not being used to a high revving engine at the time.

The clutch pedal on most of them squeak and it is hard to get rid of. I had mine in the dealer for squeaks and rattles a few times. The water based paint is easy to scratch and isn't durable.

The conv. M3s are prone to cowl shake. The coupe is the way to go for an M3. No automatic trannys please.

Overall, for the money (40+K), it just didn't do it for me. I sold mine to a fanatic after about 15K mi. He took it and changed out everything with Euro motor, tranny, brakes, wheels, seats, etc. to make it essentially a Euro M3. The last time I heard from him he called and asked me if I ever had the car repainted, because the paint was coming off. I got the car with 12 mi. on odometer and it was always in garage with a car cover. No repaint whatsoever.

In summary, I am much happier with my S2000.

 

Thanks everyone for your help. I took a 1999 E36 M3 for a spin earlier today. It was a great car, but didn't give me the excitement that the S2K gave me. The torque was a nice feel, but other things like the sloppy gearbox just took away from the driving experience. Even my dad said that he had a more fun time in the S2K . Plus I really don't have the time or money to be fixing all the problems that would come with the BMW. Guess its back to the S2000 for me .

Now its time to make the hard decision between AP1 or AP2 haha.

 

How about an E46 330i? That seems to be pretty close to the E36 M3, but with better reliability. I have an E46 325i and for the past 2 years I ahve never had a problem with it.

I can't compare the 2 cars yet...my S2000 is still stuck in Customs here in Asia!