Given that the Porsche is not an S model, I say M3. It has 70 more hp, and comes with free maintenance. And Porsche maintenance is not cheap. I think the Porsche would probably make a better track car, with its fixed roof, lighter weight and better handling. But as a street car, I think the M3 is the better choice.
If that were an S model with its 385 hp, I would change my mind.
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New Car: 2008 335xi Coupe
Earlier Car: 2004 STi (got stolen)
Earlier Earlier Car: 1995 Mustang GT (416 whp and a blown engine)
Really Much Earlier Car: 1988 Mazda 626 TURBO
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