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If you want to drive it and drive fast take the 1M. If you want a car where people come and say "oooh" and talk to you about the car take the M3.
If you want performance take a brand new M2 or a M240i if you want to use it as a DD.
Personally I would always take the one which I consider the best driving machine and the M3 is not a fast car anymore.
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