I owned a 2022 M5 competition that was lightly modded (secondary downpipes, exhaust, eventuri intakes and a piggyback tune. I now own a 2023 M3 Jahre edition.
Personally, the M3 with the carbon buckets is way more engaging to drive. It feels more special to me as well. I got more compliments the first day my fire orange Jahre was delivered vs the entire 8 months I had my donnington grey m5 comp.
Having owned both, I will say with confidence you will be much happier with the M3.
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