The E9x M3 is the last naturally aspirated M car BMW will ever build. The S65 V8 revs to 8,400 RPM and makes 414 hp from 4.0 liters. No turbos, no forced induction tricks. Four individual throttle bodies and a flat-plane-inspired firing order that sounds like nothing else in the segment.
Three body styles split the lineup. The E90 is the four-door sedan. The E92 is the coupe and the one most people picture. The E93 is the retractable hardtop convertible, heavier by about 200 lbs but still running the same drivetrain. All three got a 6-speed manual or the SMG-III automated gearbox (later cars offered the 7-speed DCT, which is the one you want).
Rod bearing wear is the elephant in the room. The S65's rod bearings are undersized from the factory and can fail without warning. Budget for a bearing replacement if the car hasn't had one. This is non-negotiable, not a "maybe someday" job.
Suspension-wise, the E9x responds well to adjustable coilovers and upgraded sway bars. The rear subframe bushings go soft over time, and solid or stiffened replacements tighten up the whole rear end. Wheel fitment is generous. Most builds run 18x9 front and 18x10 rear with 265/35 and 285/30 tires. Square 18x9.5 setups work too if you want tire rotation flexibility.
The aftermarket for these cars is deep. Headers, intake, and a tune wake up the top end. Exhaust options range from Akrapovic titanium to budget-friendly Borla setups. The S65 rewards bolt-ons more than most modern engines because there's no boost curve to manage, only airflow.