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If you're seriously worried about snow, go with the C4/C4S. As someone else stated, its a complete no-brainer. What model were you looking to get? The 996? Depending on what your resale value is on the M3, you can probably pull off a 997 C4S without much loss. I've driven the Turbo in the snow with minimal issues.
To be honest, I feel like both the M3 and the Turbo were about the same height so there's your clearance question. There's a video on youtube with a Porsche Turbo driving around the parking lot with a decent amount of snow. "Minnesota Porsche Parking lot" or something. My driving experiences in snow were similar to that in the P car with snow tires.
Its a toss up. I personally think the M3 is definitely more "comfortable" with extra room here and there. The P cars on the other hand seemed a bit more barren but made me happy with its performance. Its a toss up. If I could afford to pick up a new 997 Turbo, I'd do it. Unfortunately for me, it seems I have a lot of expenses coming up my way. :P
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