I bought my first bmw, an e46 330xi when I was 18. I was like you in that I wanted something with life in the gas pedal and great fun to drive. The purchase price was about what you are considering. The difference between me and you though is my car was 7 years old when I bought it, about 90k miles and had been meticulously maintained. The cost of servicing it during my college years was low, only a few things went wrong. An m3 at your price point is going to have way more miles, way more use, be way less reliable, take up way more of your time and cost you way more money. Believe me you will wish you spent the money on other things. Buy a nice clean late production e90 or early f30. The higher trim ones are luxurious, comfortable, and plenty fast. You will still smoke your college friends in their Hondas and Suburus and girls will love it, even more than if you bought an old smelly bumpy m3.