I went and looked at that car last week. It's a previous manufacturer buyback which means it was lemon lawed. They gave me a full history report on the car. The two parts that were deemed permanently malfunctioned were the DSC (dynamic stability control) and the idle regular valve, a common failure on a small number of m3's. They told me both parts were replaced before the car was auctioned off. I asked how they knew that. There response was that it was "announced over the loud speaker at the auction." I would call in the VIN to BMWNA to see if those parts were replaced. Even if they were, who's to say they won't fail again? Oh, plus this car will come with a lemon title. Big risk if you ask me. But if you are willing to take it, you could save a lot of money. I did sit in the car while it was idling and everything seemed fine. I didn't take it for a test drive because they make you get approved for a loan. I had somewhere to be and did not have the time. Caveat Emptor.
Offleaseonly is a great dealer. They are really up front about all of their cars. They didn't hide anything about the aforementioned car. All the M3's on the lot that don't have issues, end up going VERY quick because they are always priced right. I'm also in the market for an M3 and usually search using ebay, autotrader, here, and offleaseonly.com.
BTW, this was posted in the wrong forum. You are looking at an e90, not an e46. I just happen to stumble upon it