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For more than 30 years, the BMW 3 Series has set the standard for entry-level luxury sedans. Despite the best efforts of age-old rivals like the Mercedes-Benz C-Class, Audi A4 and Lexus IS, the 3 Series continues on as the undisputed benchmark in the category. This level of dominance is owed in large part to the variety of configurations that comprise the 3 Series line, including the multifaceted Sport Wagon, a fuel-sipping diesel, and an all-new Gran Turismo hatchback. To make the nameplate more accessible, the newly available 320i trim delivers 3 Series prestige at a buyer-friendly price. As for coupe and convertible versions, they will migrate to the forthcoming 4 Series platform, leaving the 2014 BMW 3 Series with an all-4-door portfolio. This is the story of why we named it one of the 10 Best Luxury Cars Under $40,000 for 2014.