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I had one of the '95 lightweight models. I took out the original engine and replaced it with a brand new Euro 3.2. With good tires, it was a hell of a lot of fun. I thought it could've used slightly wider front wheels to tame a little bit of corner entry understeer but that's about the only complaint I had. The build quality of the E36 M3 didn't seem the same as the E30 M3s I owned but the E30 cars had their share of little niggling problems. If I had to fault the E36, I'd have to say the interior wasn't trimmed as well as it could've been. I also didn't like the hideous rear wing that they put on the lightweights, but I don't think the E30 M3 has aged well, either.
If I were considering any E36 M3, I would probably try to find a halfway decent car and build a hot rod out of it. I don't think a bone stock E36 M3 would be all that interesting.
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