E46 M3 vs E39 M5, £8k budget

[themike888]

As the title suggests, which to go for?
Obviously two quite different cars in character, but as an ///M fan I really can’t decide which I’d like more, so it comes down to the sensible factors of running costs, reliablility, depreciation etc.
Now I’ve been doing my homework, and am quite aware of what to look for on each. I’m also conscious of the fact that the M5 may well be towards the bottom of it’s depreciation curve (for a while at least), but the M3 may well have a way to drop yet. (So perhaps an M5 now, and an M3 in a year or two? Would scratch both of the bucket list…..)
Now, I’ve only got a budget of around £8k, so I know I’ll need to be choose very carefully! Obviously I’ll be buying on condition rather than mileage etc. I've also planned on keeping a £2k war chest aside for anything needed, regardless of which I buy.
Typically, 90% of my driving is my commute to work, around 50 miles a day, dual carriageway all the way. Although of course taking the "scenic route" home and the odd weekend hoon happens from time to time ....
So, to the people of PH, what would be your choice?

[Krikkit]

I think I'd do one, then the other in a few years. As you say I reckon the E39 has reached the bottom of its depreciation for decent examples now, the E46 has a bit more to go.

[Gruber]

Krikkit said:

I think I'd do one, then the other in a few years. As you say I reckon the E39 has reached the bottom of its depreciation for decent examples now, the E46 has a bit more to go.

[V8RX7]

I'd suggest the M3 is a bit more fun and the M5 a bit more sensible.

However your logic of buying the M5 now and the M3 later can't really be faulted...

Except that you may want to keep the more sensible M5 as you get more sensible (older)

TBH it's a no lose situation.