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After much pondering, I'm considering something like a 97 or 98 BMW E36 M3 Sedan.
Not a bad choice!! I followed the same road.....sorta.
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To my amazement, the sedan has the same specs, same weight distribution, same horsepower, and same weight as the coupe. I even learned from cruising some forums that some track drivers prefer the sedan to the coupe because the central pillars help keep the roof from collapsing. Hopefully, that is not likely to be an issue for me.
Sedan vs. Coupe is a total non-issue. The racers typically use Sedan chassis to build World-Challenge, ETCC, BTCC, etc. cars for rigidity and better areo (roof line).
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1) It can be a rather expensive car to maintain, especially if you don't do the work yourself.
This is 100% NOT TRUE. The M3 was no more expensive to maintain than my C5 (less, considering it was easier on parts, in general). If you take it to a BMW dealer, they will charge you $800 to change the pads and rotors. If you take it to any one of many THSCC sponsors/supporters you'll get good work done for the same price as on any other cars. Parts costs are no more than for most Japanese and American sports/sporty cars.
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2) Finding a low mileage example is probably worth the extra bucks. Cars approaching 100K miles seem to start needing a bunch of expensive items.
Depends. There are 3 or 4 things that go wrong with these cars that need to be replaced at anything over 40k miles (i.e. water pump w/plastic impeller, radiator w/plastic tank, plastic thermostat housing, see a trend here??). In the VERY early 95 M3 coupes there was a valve spring retainer issue, but that won't affect any of the M3 sedans. Other than those things mentioned above, I don't see any reason to shy away from a highish mile car. I think mine had about 85k on it when I sold it, and I know Jimmy is over 100k now.
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3) I'll miss the torque. The handling is great, but the lack of power compared to 350 ft-lbs of torque in a Vette will be missed.
Don't be such a Corvette guy....

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For that reason, I have wondered about how reliable the Dinan supercharged cars are. Anybody have personal experience or stories about those? There seems to be enough of them around that a reasonable price on a supercharged M3 can be had, if you are patient. I just don't know if I'm biting off a maintenance and reliability nightmare.
I found that there are many other qualities of the M3 that made up for the lack of torque. Remember the thing revs forever, has a close ratio gearbox, and is fun and nimble in ways that your Corvette can only dream of (and I came from a C5, with more TQ, HP, and better handling characteristics, stock, than your C4). Supercharged anything that didn't come from the factory that way is never going to be as reliable, or as cheap to maintain as the stock version. So if you are really concerned about (1) and (2) then why go with a supercharger?? If it was me (and it's not) I would get one, drive it for a while, and if it doesn't have enough GRUNT for you, put it up forsale (it will sell, and not lose a ton of value) and start looking for that supercharged car.
Hope that helps.
-Matt