something closer to 38. Remember, most of us on this board already have an M3, and forget what it is to feel like wanting one bad, or at least the feeling is diluted, so the posts on this board might seem lower. I paid more then i probably needed to last may for an M3/4 5 spd estoril that had 4,800 miles. With the M3 reputation, there should be no problem coming across a buyer willing to pay more for it. With new M3 almost 2 yrs away for someone not on lists, and people not willing to pay $80,000 for them to "investors", people are buying 330s and audis and other cars to keep em busy, why not your m3.
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