The Z4 is a great car. I'm guessing you're looking at the 3.0i and not the 2.5i? I drove both and even the 2.5i was still fun. Whats the mileage on the one you are looking at? In terms of rust spots, bmw's are generally pretty good at not rusting. I would suggest looking at door jams, and bottom of fenders. The M54 engine is a great engine, although it makes less power than the new N52/N54 engines I really miss the bass rumble, and the roar it makes while taking the revs up. Its got a massive engine bay so working on it should be pretty simple, and easy to access things. I remember changing a waterpump and thought it was pretty stupid because there is a crossbeam right in front of it and you need to unbolt the crossbeam and push it forward and squeeze the waterpump out. I remember also trying to figure out a coolant loss issue in a Z4 and apparently theres a coolant line under the intake manifold that is hard to see, but only access is to take out the intake manifold. Like any other BMW, depending on mileage it will probably need suspension bushings at some point. If its an automatic transmission, depending on the mileage i would suggest replacing the so called "lifetime" fluid if you want the car to last. Stan's Transmission in Vancouver can do a great job for that. Let me know if you have any other questions, definitely some more info on a particular car would help.
Good Luck.
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-Rod
1995 BMW 530i
1990 Mercedes-Benz 500SL
2002 Ford Explorer EB V8 4x4
2005 Acura RSX Type-S (SOLD)
1999 BMW 540i
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