Thank you everyone for the fantastic feedback! Looks like I will be going this route based on the unanimous direction! Now I just need to get a test drive and save a bit.

Anyone drive MKI versus MKII? I hear the MKII is better tuned for the street....

I think the only 2 things I would do to the car is SW by-pass and sport carbon seats if you can't get them in the US.

Maybe exhaust down the line but that's it.

I don't need the rear seats or storage the M3 offers. I have a mini for that.

 

michaeldorian- we have similar tastes in cars. I've had an E36 M3, 2 E39 M5's, '08 RS4 (chose over the E92 M3 after multiple test drives), and now a '07 GT3. Man, if you have another car as a DD and don't need the space, there's no doubt the GT3 is the superior car. It's just so much more responsive, raw, powerful, and so on. The steering, braking, throttle, shifting, all of it, has so much more feedback than the M3, which is what most of us are looking for in a sports car. But agree with others- I couldn't live with it as a DD. Although I haven't driven the .2 GT3, it's hard for me to believe that it's worth $40K more than the .1, which to me is unlike anything I've ever driven before-

 

The M3 is a wonderful car. It's just the weight really got to it. It put on a few too many pounds. It's great at times, but sometimes it just feels lacking. I can't pinpoint what it was, but something was off.

Whereas with my E46 M3, I never felt that. It was always fun 24/7. I think that is what the GT3 seems to be. E46 M3 with everything amplified and multiplied.

The GT3 would be for me, a 3 or 4 day per week car. Drive it to work on days where I feel spirited and weekend driving. If I need to go to the grocery store, run errands or know I'm going to be busy at work the Mini takes over.

The E92 M3 just feels to much of a compromise all the time. That is my gut feeling. Boy is it a good looking car though.

I can't wait to move to the dark side. Or should I say the light?

 

The new M3s are great cars all-around, but if I had to choose which one to buy, it would be the 997.2 GT3. The 997.1 GT3 is even "good enough"

 

E92 M3s are quite boring to drive. I'm not saying that it sucks, but it just doesn't have the raw racy feelings that the E46 had. I'd never sell my E46 M3 for one.... let alone a GT3

 

These cars are so different that I could never consider either one as a replacement for the other. The 997 GT3 is a better street car than my 6 GT3, no doubt about it. I would never consider my car for a daily driver. The new one could better server that role, but it would not satisfy me in that capacity. While not as edgy as the 996, these still remain relatively clearly focused cars. IMO, that focus is not a DD street car.

 

Doesn't both the 997.1 and 997.2 share the same PASM system? Looks like 997.1 GT3 can be had in the mid 70's to 80's now. That is a pretty significant price difference versus buying a new 997.2.

Is there really that much different between .1 and .2? Anyone driven both?

You can save the cash and go 3.9 later on.

 

Yes, there is a big difference between the 997.1 and the 997.2 GT3. I had a 2007 GT3 and I just got a 2010 GT3. There are a lot of improvements since 2007. It is a much better car. I also have a 2008 E92 M3. It is a great car but nowhere close to any Porsche. It has a different mission and is half the price of a GT3.

 

There is a significant difference between the E46 and the newer E92. Many BMW fans do not like the E92 M car. It is very fast but has become a junior sized M5----too insulated from the road. The last real track car is the E46 M3. You don't give up very much in terms of straight line speed from the newer car.

The E92 is heavier and it drives like a heavy car. The only advantage over a new GT3 is the price and the electronic DCT (BMW language for the PDK). I can't wait for a PDK in the GT3. Someday they will have it and at that point I will have one. Until then, I prefer my E46 M3 for the track. The E46 is a very balanced car and has a mild understeer. If you square the tire set up (275mm on an 18 inch wheel), the car becomes more neutral. I would argue the E46 is an easier car to learn to drive fast on the track. The factory brakes are pretty good but you should upgrade the pads for the track. I am running Hawk HP Plus.

One final point to consider; the M3 drops in price very quickly. A decent E46 M3 is in the mid 20K range. They are very common and their resale value reflects that.