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I went through this decision process 4 months ago. I test drove both & the M3 won hands down. Then, after looking for 2 months for an 09 M3 without success, I priced an M3 & a 335IS conv. for a lease - they were $10 difference. A big no brainer! Plus, you talked about the improved gas mileage with an 335IS - Highway is 20 vs. 24. No a big difference. Good luck. No regrets ever with an M3.
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