I had the same thought process as you m4medic. I've had 2 Porsches in the last 8 years (06 Boxster S, 2009 Carrera). In July I ended up ordering a 2014 Carrera S with 7spd manual - it's an October allocation.
For perspective, we have an 13 f30 328 which I absolutely love- fantastic car ; my wife drives it mainly.
For me it is absolutely no contest- the 911S especially the new generation 991 is in another league. It is the benchmark pure sports car. No other pure sports car offers what it can in a 2+2 package. (Okay there is the GTR but its not everyone's cup of tea). I used my 09 911 daily for 4 years and it was very practical for me. My 5 year old son fits comfortably in a booster in the back seat. I had winter tires on it and was excellent in the winters. 4 years and 98,000km with no issues. It was a base 911 and was not that much more than a fully loaded M3 at the time factoring the discount I got on it during the height of the financial crisis. Put a smile on my face everyday for 4 years!
By the way, a Carrera S starts at $112,800 in Canada. You really don't need to add almost 40k of options in it!!
I would say if you can afford both, definitely go for the Carrera S. You only live once and I know I would have regretted not pulling the trigger on the 911. The manual transmission with the sport chrono option now has the auto rev matched downshifts in sport plus mode. Motor trends best drivers car for 2012 (S) and 2013 (4S).
I know the M4 will be a fantastic car and as far as value for money it is definitely the better deal from a financial point of view.
If you can afford either, get a lightly optioned Carrera S (pick the performance options and skip the useless options that make Porsche the most profitable car company) and the smile on your face every time you get in the car and start the engine will be worth the price of admission.
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