E30 M3 is the M car to have in my oppinion. The car was built from scratch as a race car and the chassis is sublime.
It was only built due to homologation reasons when racing in the DTM in Germany. I've driven one and they are truly amazing out of the box in THEIR day. Trouble is things have moved mostly in the power and weight department.200bhp is the norm nowdays therefore manufacturers are searching for a quicker by adding HP.
As a track focused car the E30 is very superb on a tight budget but they are getting old but are still very desirable.
I had a MK2 16V with 2 litres and 200 bhp and with all the right bits it was very quick on track and was quite a bit quicker than the heavier E3O..But the track was it's home even though I used it on road it wasn't the most refined road car ! It was the only cars I liked to compare to the M3 with a finely balanced chassis and revvy engine........mine revved to just under 8000rpm !!
I hear the new M3 is a very good handling car..in the right hands.
I recently considered an E36 M3 for sale at Munich Legends. It is white and has been especially prepared for road and track and is in white.Just the sort of thing for the ring.
For me though the M5 is the daddy for 20k it's exclusive comparing it to an M3 and it is just so complete. If I could cope with the high petrol price/consumption I'd probably one of these.Got to sort out their miserable brakes though !