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I have owned both the E36 m3 and the E46 m3 and both were very reliable IF they are properly maintained. I took the E46 to 125k before trading it in for an e90 335d. They both needed water pumps and t-stats and a fuel pump on the E46 during my ownership but I considered that normal maintenance items that I could do myself. The E46 checked out for the rtab issues and rod bearing recall before I bought it and was a blast to drive, as was the e36, perfectly weighted and highly tossable. Compared to my 335d, which was in the shop a ton before they sorted everything out, the M-cars were much more reliable. The M-car parts are more expensive across the board. If you find a well sorted e36 or e46 m3 I wouldn't hesitate to buy it, but they are both getting older now and will require normal maintenance. Both engines are superb and will last a long time if maintained. I now have an e90 335xi and I am worried a lot more about reliability in this car than I ever was in my m-cars, for whatever that is worth.
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