BMW's iconic M3 Coupe received a complete redesign for 2008 and beyond. Based on the new 3-Series Coupe, the new M3 has a revamped interior, exterior, and mechanical underpinnings. The M3 targets the Lexus IS-F, Audi RS5, and Mercedes CLK63 AMG.

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The car features a high-revving powerplant like the M3s of previous years, but this time the motor is a V8. It also features tuned suspension, a six-speed manual transmission, a carbon fiber roof, and all the exterior modifications typical of an "M" car.

The M3's V8 powerplant has two more cylinders than its predecessor, delivering 420 horsepower from 4.0 litters and maximum torque of 295 pound-feet at 3,900 rpm. In keeping with BMW's high-revving "M" tradition, maximum engine speed is 8,300 rpm. The engine is the lightest V8 in the world, weighing less than the previous M3's inline-six.

Reminiscent of the carbon fiber roof panel used on the M6 coupe, the M3's CFRP roof cuts unnecessary weight, and lowers the car's center of gravity. It also lets the roof edge appear flatter and thus lowers the perceived body height.

The production M3 is pictured with 18-inch wheels, though BMW is also expected to offer 19-inch alloys similar to the Y-spoke ones featured on the M3 concept.

Pricing

Pricing starts at $56,500. Compared to the previous-generation M3 Coupe, the new two-door is around $8,000 more expensive. Of course, it packs a whole lot more punch, too.

A premium package, priced at $1900, offers power folding mirrors, universal garage opener, digital compass mirror, BMW Assist, Novillo Leather interior and choice of three optional interior trims.

The technology package includes EDC, M Drive, Comfort Access, and a navigation system -- all for $3250.

19" wheels are $1200, Electronic Damping Control is $1000, and Extended Novillo Leather can be had for $2000 as a standalone option or $1000 with the premium package. Enhanced premium sound is $1900.

Buyers seeking an open-air experience can opt to delete the car's standard carbon fiber roof and replace it with a regular steel top and integrated glass moonroof.