The long version

There are two very different E46 M3s on the road right now: clean, low-mile coupes chasing CSL-adjacent collector money, and tired, well-used ones still doing HPDE weekends because their owners bought them specifically to wear them out. Values cratered in the mid-2010s and have more than tripled since, which has started pulling even the track cars toward garage-queen pricing whether their owners want that or not. The S54 still rewards being revved, and enough of this generation grew up wanting exactly that experience that the track-day contingent hasn't disappeared, just gotten more expensive to replace.