[gprsh924]

From everything I have read on M3forum.net, the e46 is extremely reliable as long as it is well-maintained. The scheduled maintenance that pops up every 15K miles is somewhat expensive at $1-$2K, but other than that they are fairly bullet proof aside from common BMW weak spots like radiators and suspension bushings that start creeping up around 75K-100K miles. Also, the manual seems to be just ever-so slightly more reliable than the SMG. The big thing is that the SMG is not inherently unreliable. However, if something does go wrong there is a small chance it will be cheap and a greater chance it will be $$$$$$$$. Drive both before you decide though, as there a swear by both.