If it was me I'd be slightly nervy about either E36 M3 as a rat car - as potential bills could be high IMHO (I ran an Evo for a while, which was pretty solid to be fair, but poss not so many of these about nowadays in good shape)
IMHO E36 328i likely to be cheaper to run/insure/fuel and perhaps owned by less of a boy racer/chav... E46's are pretty cheap also. (and much better in a crash)
Depends what out there and what turns up tho..
My rat cars have tended to be old Golf's - have a couple of lovely mk2's at the mo! (the 1.3 doesn't quite have the speed of an M3 though, with a mighty 55bhp ;-) .. but I do find it strangely enjoyable to drive... almost the complete opposite to the CSL.
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