Does it steady out when you apply the brakes? Check the tie rod ends but it probably is the control arm bushings. I have replaced failed ones on 3 different e30s and e36s. I install the OEM centered style ones for an e36 m3, they have more rubber vs airspace so they last longer but don't coat any more. I think the e46 might use a slightly different one though, never done one of those.
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