[pbanders]

As you can see from my sig, I have both a Boxster and a E36 M3. In the "real world" (a.k.a. driving on the street), the two cars are difficult to compare. The M3 is a more practical car, with more interior and trunk space. Within the confines of reasonable street driving, both cars have way more performance than is needed to have fun. M3 steering precision is renowned, though my Boxter's steering is excellent, too. Neither remotely compares to my 914's hyper-fast manual steering, however. The Boxster isn't as practical, but it's a convertible, looks great, and's more of a fun car.

The big difference for me is the motor. My old M3 hasn't got the ridiculous power levels of the E46 or the newest M3, but even with just 240 HP and more weight than my Boxster, the E36's motor is fantastic. Excellent low-end torque, smooth as slik, and a great sounding stock exhaust system. Yes, I have Tip on my Boxster, so it's not the same, but the BMW still gets the nod. The Boxster's motor is sweet, but lacks low-end punch. For most driving on the street, the low-end is more fun, IMO. I don't have an S, but I hear that it's not much better down low. A newer 3.4 would be much better, I'm sure, but you'd be comparing that to a newer M3, which has an insane motor (400 HP).

Where the two cars would really show a difference is on the track. I haven't tracked my Boxster, but I've driven the M3 and the 914 on the track quite a bit. The Boxster's handling is superior to the M3's (I'm talking stock cars here). Turn in is better, limits are higher, and most importantly, in right/left combos, the Boxster doesn't require the delicacy that the M3 does when shifting the loading. I'm also blown away by the Boxster's brakes. The M3 has really excellent brakes - the Boxter's brakes are incredible. Much more initial grab, less tendency to lock the rears on bumpy roads at the limit, better modulation and feel. I suspect my stock Boxster with Tip would be faster than my M3 on the main circuit at my home track, Firebird.

Once sorted out, gearshift in the M3 is excellent. I have no idea of what a manual Boxster would be like, I suspect it would be great. I have Tip mostly because the car was a good deal and my wife likes it. The M3 suffers from a number of chronic problems with shifting and the clutch, however. Clutch pedal squeek and groan is a common problem with the E36, and while improved pedal bushings are cheap, they're a PITA to install. A UUC clutch pedal stop greatly improves clutch travel issues, and removing the delay valve from the clutch reduces slippage and improves take-up. E36 M3's in '97 and '98 also have issues with a sticky 5th gear problem (lever doesn't spring back to neutral), a cheap part that required removing the tranny to replace ($$$). Another issue is the "money shift" problem on the track, where soft tranny mounts can result in missing 5th and jamming it into 3rd.

I haven't had my Boxster long enough to compare on maintenance, though I've already had to deal with the RMS. My M3 has 75K on it, and I've kept at every issue on the car and had it repaired. If you do it yourself, yes, it's going to be a lot cheaper, but it requires a LOT of maintenance and parts aren't cheap. SRS sensors fail regularly, door locks fail regularly, some minor interior trim problems. The motor itself is rock-solid on the E36, but the E46 had major issues with spun bearings that killed the motors. Like all BMW's, the cooling system is junk and prone to failures at around 75K miles. Most shops recommend preventative replacement of the radiator, hoses, and pump at around this mileage, about $2K. Rear shock mount rubber fails regularly, and usually all the rear bushings are shot by 70K. Rotor warpage is also common, though that's one problem I haven't had. At least they don't eat tires quite as fast as a Boxster. I've also had issues with some of the emission stuff on the M3, too: secondary air pump, evaporative fuel system, etc.