What's an M3 package on a 318i? (archive)

I am thinking of trading in my 1990 750iL for a 1993 318 (I have succumbed to gas prices!). The car does not carry a model designation to tell whether it is a 318i or 318is, but it is a 2-door. The registration says 318sa. The used car lot (it is not a BMW dealership) tells me the it is outfitted with M3 package. What does that mean and what does the M3 "package" comprise of? The car does have M3 badges on the sides. It has 69,000 miles and the dealer wants $11,700 for it. Is this a good price?

Follow Ups:

gas is down to 1.37 in MI, lowest in months, I'd hold out 20:10 4/02/2000 (0)
It means bend over The m police 18:31 4/02/2000 (0)
M3 package = body kit/suspension (eom) scott 18:29 4/02/2000 (0)

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