E30 and E46 M3s have established a following so they command more than usual used car depreciation would have them. The only M car that has not seen this happen is the E36 and that is likely to it's status as "not quite a real M car". Same holds true of just about every 911 except the 996.
Yes, you can get more car for the money. The question is though, when you go to sell either car don the road, will you will probably get more for the M car than the other one.
'88 Widebody E30 track car (M54 swap in progress)
'00 E39 Touring with a manual tranny
-Both with inline 6s the way God intended-
'86 Toyota MR2 for ice racing