Reliability is generally good on these cars given you maintain them. I drive mine HARD on the weekends and it's still going strong. I'm also meticulous about maintenance.
As mentioned, if you go 6MT, the CSC is the weak point on these trans, but there are solid aftermarket solutions to rectify the issue. Good luck with your decision!
BTW, any pics of the E46? That's my favorite M3. My brother in law just picked up an '05 last night, ironically enough.
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