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Let's see. You live in Santa Barbara. If you have a lot of twisty roads or want to drive twisty roads, get the boxster. And I would never get another boxster unless it was an S... and even that will be a little underpowered around town IMO.
Now if this vehicle is going to be your sole daily driver in town and you don't have a lot of twisty roads to navigate, the M3 will have gobs of torque and be a lot of fun as a DD, plus it has back seats and a nice sized trunk. I love my 550i and wouldn't trade it for a boxster as a DD no matter what sized motor the box had in it. It's wicked fast compared to a 2002 box S, and and M3 would be even faster, unless it's a really old one.
Either way, maintenance and repairs on both models will not be cheap. They're German.
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