E36 M is a project car unless you are in high school.
I considered a project car but I wanted a bike more so I got one. I don't regret that decision AT ALL.
I love my E92 and I definitely love my new Beemer so I'm a pretty happy camper. I'm taking it out to a show in Vegas in June actually. 770 miles of awesomeness.
If it was my decision, E36 as a project or do what I did and get a bike.
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E92 '08 335Xi 6AT - Cobb AP3 Tuned by MAC Autosport, Original Prototype Xi DOCRace 6266 Single Turbo Swap, VRSF CP w/Synapse BOV, VRSF 7" FMIC, BMS Cowl, H&R Coilovers, Renn Motorsport RS-51's, Stoptech Stage 2 Slotted, xHP Stage 3, Earl's Racing Oil Cooler, Turner Boost Gauge, M3 Lip Spoiler.
Standing Mile Record Holder for Xi over a mile high: 168.2MPH @ 5512'; The Colorado Mile hosted by The US Mile.