Originally Posted by NHman
Are they providing a BMW extended warranty? If not, I would drive the price down to the upper 40's.
The toughest part is removing the emotional side of wanting it now. There will be other vehicles but you may need to expand your search radius. Plus, IMO, you are coming up to the prime season as a buyer for an M3. A lot of people switch the focus to winter type vehicles.
OP, I am in your area too, and keep tabs on what is for sale around here. Despite what any dealer might tell you, the demand for them here is high and comes with a premium.