with the 2.9 financing available from BMWFS and dealers willing to let you buy cars for $500 - $1000 over invoice, used M3's are a bad deal right now. I couldn't find an E90 used for less than what I'm buying a new E90 for (ED or stateside delivery, didn't matter). The used market is nuts right now in my opinion.
'11 E90 M3, Mebourne/Black/Fox Red/Black, 6MT, PP2, heated seats, moonroof, split folding rear seats, iPod/USB adapter, Technic harness, JL XD 6/600.
'02 E46M3, Imola/Black, 6MT, CWP, no sunroof, Ohlins, Eibachs, PFC DD rotors, PFC pads! HAT Clarus/Legatia speakers, 2 big amps in the back.
'05 X5 4.4i, Imola/Black, Premium, Cold, HAT Imagine 6.5's, Intravee iPod adapter