The base F150 is a “quality starting point” - I hate to be cliche, but it’s the benchmark for 1/2 ton pickups. What you’re saying is only partially true- perceived value vs aesthetic quality vs intended purpose etc. you mention an M3- also a $70k vehicle. It’s a $70k vehicle that in direct comparison to a raptor (you brought it up not me)- makes less power from a similar motor, can carry fewer people, is made up of significantly less material - which whether you think it or not - all that steel AL CU wiring tires stainless exhaust etc adds up, has only 1 drive mode (rwd vs 4 for the raptor), doesn’t have a full size spare, cannot tow a damn thing, cannot haul a damn thing, doesn’t have a bed, you mention seeing “used raptors on German car lots”- well, we ALL KNOW the raptor holds value infinitely better than an M3 or pretty much ANY German car save some Porsche models maybe or E-class wagons or G wagons?
So strictly going down a punch list of general capabilities & amenities when specd out to the gills the Raptor CRUSHES the M3. The only thing the M3 holds over a Raptor in reality is it’s quicker around a race track & has better handling (rides like shit on public roads), & has possibly MAYBE more “perceived value & prestige”- however resale values would argue in the Raptors favor in that regard IMO.
If you’d like to be fair & compare an M3 against another sport sedan I think the Chevy SS (well when it was being produced) or a Charger SRT8 is one helluva better sport sedan in terms of all our performance relative to comfort & practicality. So there’s that.
Alternatively you could argue that a stripped down F150 w/ 2.7EB + 4x4 is a lot of vehicle in terms of general capabilities for the price. And while I see your point that the “mighty raptor” shares its bones w/ a basic workhorse- the upgrades to get it to where it is fully loaded are numerous & many are unique to the Raptor alone- the Raptors engine is of common displacement & has seen use in a number of vehicles across their lineup BUT has more in common w/ the Ford GTs than it does a base 3.5EB & the M3s engine is very similar- it’s a pumped up version of something you’ll find in an x5 or 5 series base too.....the Raptors transfer case is unique along w/ suspension diffs a-arms spindles & sports a stronger/more stiffened frame etc etc
From 100 yards away I couldn’t tell ya whether I was looking @ a BMW M3 or a base 320i, BUT you sure as shit know you’re looking @ a raptor vs. a standard truck from 100 yds