I've currently got a '93 964 and had a '91 E34 M5 that I was forced to sell, to make the move. I miss the M5 dearly, but do not regret making the move. I've only driven an E36 M before and haven't had the privilege of owning one, but I'll try to help out here...
Maintenance-wise, I think you'll find that day-to-day costs are fairly similar between a BMW and Porsche. The Porsche will be slightly more, assuming you take your cars to an independent or do home maintenance versus dealer service. Both marques require religious following of maintenance schedules unless you want to drop bucket-loads of money later, because you neglected maintenance until you needed repair.
When you come up for major services, the Porsche will cost more. The parts are expensive...period. Consider it like another step up in costs of maintenance. BMW maintenance is more than a Japanese car and the step between a BMW and Porsche is like that. Keep good care of your Porsche though, and the really expensive "repairs" will be far between. They are solid cars.
The main difference I've found between the two marques is that the BMW is an excellent all arounder. It's tough finding such a balanced package in any other car...especially an M car. It's comfortable, solid, smooth, seats passengers fairly comfortably, has good luggage space and packs a load of performance and when a clean example, gets its fair share of looks and compliments.
The Porsche is much much much more compromising. It's a true sports car. The older cars (pre-996) are bumpy, low and loud. You really only have space for one passenger and the trunk won't fit anything of notable size, like golf clubs or more than one banker's box. But damn...it's so much fun to drive. The steering is just that much more connected. The chassis talks to your butt in the seat that much more and shifting the transmission is that much more fun. As far as sports cars go, it's one of a short list of sports cars you can really truly drive on a daily basis. Corvettes are another daily driver sports car that comes to mind.
If you've had your BMW for a while, and have had enough time to really enjoy it, I would seriously consider moving forward and buying the Porsche, if everything checks out. I think everyone should own a sports car at one point or another. Many cars these days will be faster than a 964, but the driving experience is much more than simply acceleration. It boils down to the entire package and experience. I've driven STis that would spank my 964 and leave it for dead without thinking twice. But I would never trade my Porsche for one...the driving rewards in the Porsche, compared to the Mitsu and Subie...are undeniably more.
If your BMW is super clean, low mileage, etc., it will be a hard decision for you to give it up...because you just might not like the Porsche and you might not find another BMW just like yours. It happens. You may sell the BMW, buy the Porsche and think, "That stupid Repost Stan is a flipping MORON!" But...unless there is something truly unique about your BMW, all cars are replaceable. It's better to move on a try something new, than stand stagnant with that which you already know. It may be that you will own a 964...then truly understand what I'm talking about when I say "experience"...and that may make you long and work for something even more...like a newer Turbo variant or something with a prancing horse on the hood, etc.
A few last words of advice, a Porsche pre-purchase inspection by a reputable shop is money well spent. Avoid pre-1992 cars unless they've already had the "patch" work done. The early 964s leaked oil from the heads. Porsche thought they didn't need gaskets if the head and block were surfaced really really well. Wrong. The "patch" is putting in a gasket. Easy, but without the patch, you won't know if the motor is leaking from somewhere else. "All Porsches leak." But some leak from places that are more expensive to attend to. My car is currently leaking a little, the fix is dropping the motor to reach these stupid little rubber o-rings that dry out and get brittle. Once you do that, you might as well rebuild everything because it's going to cost $6,500 pulling all the crap apart to get that damn o-ring.
964s should also have the distributor vent kit installed. The motors run hot and can fuse the distributor parts together. The vent kit is a simple hose. You'll find references about it on the net.
Good luck!
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-Stan
Still Reposting, Still Pimping
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