The original M3 has the least power. The newest one has the most.
I heard the new V8 weighs less than the Inline-6 used in previous era M3's, giving it a better weight balance ratio.
There's no automatic F1-style gearbox on earlier models, so opt out if you can't shift.
The early M3's are a raw, power hungry and smaller car than the ones you see today. If you are not ready to search for rare parts or aren't used to the dealings of older vehicles, your best bet is to buy a post-millennium car that still sees regular service at a BMW dealer.
Any M3 is great, depending on the previous owner. The general consensus is if you aren't a BMW lover, you'll be troubled to enjoy a half-wrecked younger kid's M3 that he had no intention of keeping for the long-term.
Be weary of rebuilts. One kid got a 2008 M3 from Mom & Dad for Graduation, and didn't make it two city blocks before putting it sideways into a brick building. That's the type of background these cars have.
Sincerely, to use my judgment to help you with that decision, is irrelevant. Start at the beginning, go for a passionate drive in an E30 M3, and see if you can handle the limited luxury style of race car it is.
If the ideal is luxury and speed, move the a newer one. Refinements happen every year regardless if there is a change in overall design, as it is with every car.
Do your research. Maybe you are big on rare versions, and in that case would be oriented to seek out such models as the M3 CSL (Coupe Sport Lightweight), which has a carbon-fiber front splitter and roof to reduce weight.
But honestly, unless you drive on the race-track, most of the rare models are for purists and you will be hard pressed by BMW fans when you spill your coffee and bagel inside a 1 in 1000 model.
The current generation M3 is amazing, a technological marvel. Still, the previous one is toting one of the big guns, having a horsepower per litre rating similar to ferrari and such, and bested only by the Honda S2000.
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