[WiM235i]

I currently own a 2016 M235i and a 1995 M3. The '95 model has the same HP as the 96-99, but a little less torque. In reality, there was very little difference in actual performance. The steering is much better than current BMW's but the suspension is definitely much less supple. They make terrific track cars as they don't have all of the electronic nannies that hide your mistakes, and these older cars also don't have the instant torque of the modern turbo cars that can get you into trouble if you don't have a lot of track experience. Just like Porsches, the best one to buy is one that has been babied and meticuously maintained, or expect to have a fairly big bill to make the car reliable. I bought my '95 with 95,000 miles on it for $7,500. I have spent over $8,000 replacing old parts to make it reliable car. A partial list: entire cooling system, oil pump nut (crucial on these cars!), struts, shocks, springs, all suspension bushings, engine and transmission bushings, Brake hoses, external trim, brighter european lights, headliner, door seals, shifter linkage, clutch master cylinder and throwout bearing, and more.
Don't make the mistake thinking that a low mileage version will require less maintenance, as many of these parts need replacement due to age, not wear.
You won't find the old M3 to feel that slow, as it sounds better than the current turbo cars, unless you own a newer M2 or M3. The E36 is also much lighter than current cars which makes it feel very nimble. It is a lot of fun to drive fast, but is no where near as quiet and sophisticated feeling as my M235i. To sum it up, I couldn't live without either car, but the M235i is a much better daily driver.