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Interesting thread, especially MechE's experience.
I have driven the E92 M3, 135i, 1M and GT4 extensively and own an S65 converted 1M clone. The only reason I don't own a GT4 is that it can't get into my driveway.
The second my renovations are finished the '1M' is gone! (although I'll be buying a new GT4). I'm amazed that this is even a comparison if it is true that in the US the 1M & GT4 are similar in price. Here in Australia the GT4 is still $160-200k while 1Ms are under $50k.
If you love the M3 I think you'll be disappointed in the 1M. Losing 160kg is significant but that low revving torquey motor just doesn't suit the car. A GT4 might be tall geared but it loves to rev and sounds glorious doing it. The GT4 feels tiny, low & light. It is razor sharp and actually gives feedback (instead of the quick but numb 1M steering).
There will naturally be a strong pro 1M bias here that I don't think is justified. I would strongly suggest test driving both the 1M & GT4 before deciding.
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