Would you like that with or without a hard top? Your choices are an M3 Coupe ($46,545) or an M3 Convertible ($54,565). The new M3 Coupe was first available as a 2001 model in the spring of 2001; the convertible followed in the fall of 2001, also as a 2001 model. For 2002, the most significant change is that the waiting list is shorter. You'll pay extra for the pleasure of feeling the sun and wind on your face, but you'll also get Nappa leather cradling your body in the form of seats that are standard on the Convertible (and an $1100 option on the Coupe).

Both coupe and convertible come with a six-speed manual transmission (auto-matics are not available), huge ventilated disc brakes with ABS, and sophisticated electronic control of traction and stability. For safety, there are two-stage front airbags, side airbags in the doors, an inflating tubular head protection system, and a tire-pressure monitoring system. For your listening enjoyment, an in-dash CD player is standard in 2002.

The options list includes side-impact airbags for the rear seats ($385), Xenon high-intensity discharge headlights ($700), and a navigation system ($1800). Additional options for the coupe include Nappa leather, power moonroof, and power front seats. A cold weather package includes heated front seats, headlight washers and a ski bag.

The most spectacular option is the new Sequential M gearbox. It's similar in operation to the one used in the Williams-BMW Formula One cars that Juan Montoya and Ralf Schumacher drive. The sequential gearbox is operated either by the shift lever or with butterfly paddles on the steering wheel (one to upshift, one to downshift); it can be set to shift automatically or manually. The six-speed gearbox is technically the same as that used on manually shifted models, but there is no clutch pedal (nor is there a torque converter).
Advanced engine electronics interrupt the engine's power for just milliseconds, the control unit opens and closes the clutch, and changes gears electro-hydraulically. When downshifting, the system automatically double-clutches. Computer logic allows the driver to individually match the system's shift characteristic to his preferred driving habits in eleven driving programs. LED lights aid shifting performance. We have not yet sampled this gearbox, but it is designed to produce "a realistic Formula One experience," while reducing shift times (to 80 milliseconds) and the chance of a missed shift.

Car gazers who know a little bit about BMWs will recognize what this is: M3 means Magic. Even bystanders who don't know the difference between an M3 and a garden variety 3 Series Coupe might recognize that this car is hot. What gives it away: the deep front airdam with its vast opening, aggressive fender flares, the hunkered stance, massive low-profile Michelin Pilot Sport tires, the bulging hood (necessary to accommodate the engine), dual twin exhaust tips, even the horizontal air gills just below the windshield pillar. Still, these things actually look subtler than they sound on paper. But your speed as you blast by these bystanders and the sound of the engine might also be tip-offs. Maybe more like a telegraph.
One thing that came on early M3s is missing: a rear wing. There's just a teensy little spoiler on the rear deck. That tells us something, either about the aerodynamics of the M3 or the necessity of rear wings on road cars altogether. Because M3s are regularly driven at speeds well over 100 mph on the Autobahn, where they are perfectly stable, it can be safely assumed that with wings, teensy (okay, let's say subtle) is perfectly effective. For sure, the M3's understated rear spoiler sure looks better than some silly showy thing.

As for the Convertible, you lose the rear center seat to provide room for the top when it's dropped, but it's not much of a loss because that center seat is of little use anyhow. If you're willing to pay eight grand for sun in your face and wind in your hair ($6900 if you don't count the leather that comes with it), you'll be very happy with the top. It goes up and down with one button, no latches. It's concealed under a hard boot that looks like a soft tonneau cover. It has a thick lining for winter comfort. The glass rear window contains a defroster. Rollover protection bars behind the rear seats are automatically deployed if the car starts to tip. Can't ask for more than all that.

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The wheels are distinctive, although this particular style-call it ten-spoke, call it twin-spoke, call it twenty-spoke-sure looks dark in satin chrome, as well as busy. We're not sure if the wheels look confused or just strong, but we are sure the engine looks like it means business. Under the lightweight aluminum hood, the new S54 3.2-liter, double-overhead cam, inline-6 M powerplant is canted a few degrees toward the passenger side in order to fit under the hood. There's a big intake plenum, riding over six alu-minum fuel injector butterfly bodies that look like sidedraft carburetors on an old racing engine. The big matt black valve cover bears its M Power badge on top, and the muscular radiator fan squeezed behind the twin-kidney grille adds to the look of racecar plumbing.
After we were done admiring the engine, we were very impressed (though not really surprised) by the feel of the fingertip slamming of the aluminum hood. How can something that light make such a solid sound when it thunks down? How? BMW quality fit.