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Only going to revive an old thread because I'm sure it will come up in searches a lot.
My search has shown the 135i to be the best double-duty option on the market. I had a hell of a time finding any E46 M3 that hadn't already been abused by some third or fourth owner with too much cash and not enough brains. E36 M3s are even harder to find, and neither of those cars comes with the modern comforts that the 1er does. I was disappointed to find the 1st generation (06-08) Cayman S had serious engine concerns on track and didn't want to deal with that. The 09+ are still $50K+ which was over my budget.
I think if you go into HPDEs with the expectation that you have a rocket of a car that simply is not engineered to corner like a 2,200 lbs Miata or Lotus, you'll have a blast. If you think you're going to have the fastest straight line and cornering car on the track, you are going to need a massive budget.
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