With a price difference of about 3.3% (M3 @ 60k, RS 4 @ 62k), it seems as though price does not play a role here.
What else should not play a role to you are the opinions of others. Having driven the M3 and not the RS 4, I can only speak for one car. You're on an Audi forum though, so expect biased answers. I would expect the same if you were on M3post.
Both can be had as sedans, while only one can be had as a coupe. If you want a two-seater, the decision should be easy. If you're going for a sedan, you're just going to have to go take some nice, long test drives on the same day and figure out which is more practical to you and which suits you better, ergonomically and economically.
Cheers, let us know which you end up with.
(Have you thought about the S5?!)
-Tom
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