To keep costs low and to offer the E36 M3 for a price of only $35,800 in America, BMW cut big corners, resulting in a car that was slower, more basic and way less of an M3 than its European brother. Here are the main differences (in written form)

from Car Throttle https://www.carthrottle.com/post/8-ways-american-e36-m3-buyers-got-completely-screwed-over/
via Car Throttle
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