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^^^^What he said.
Plus, make sure its got the 1200 mile (or is that Km?) oil change done. When I was looking around for one, albeit overseas, I would say one in 10 actually had that first stamp (its actually one of the first pages, right before the actual service book pages, so a full history can look like it had it done but actually got missed).
From my research at the time this was one of the single most important things to have done to the E46 M3.
Also it must have been very late 03 to have been the facelift model because I thought that came out in '04. Although to be fair, the only real visual change was the rear light cluster.
I also kept hearing horror stories about the Vanos, someone might be able to tell you more about that though as I believe there was a fix done by BMW.
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