in Santa Barbara. Check spy shots out. These are the first photos we've seen of the new car, which is now wearing less disguise than ever. Based on the 2007 BMW 3-Series coupe, the car is distinguished by its wider fender flares and quad tail pipes. The front, side, and rear skirts are placeholders, and the makeshift hood barely conceals the big V8 beneath. The M3 coupe will offer over 400 horsepower, and will debut later this year or early next. Full images after the jump…