BMW Z4 M Coupe (2006 - 2008) review: a forgotten M car for £15k

The BMW Z4 M Coupe was the last in a short-lived burst of genuine M-cars based on BMW’s line of Z-badged sports cars. The bullish Z3 M Roadster had arrived in 1997 and was followed by the unconventionally-styled Z3 M Coupe in 1998, and after the Z4 replaced Z3 in 2002, M versions followed four years later, with both roadster and coupe arriving in 2006. When production ended in 2008, coinciding with the launch of the second-generation Z4, BMW never saw fit to offer an M version.

That makes the Z4 M a special car before you even consider its mechanical make-up. Small tweaks to the coupe’s distinctive styling – created during Chris Bangle’s tenure as BMW’s design chief – pumped up the looks, while an E46 M3-sourced 3.2-litre straight six, M3 CSL suspension, and a more aggressive setup than the standard model gave it the right M-car credentials. 

> Used BMW M5 (F10, 2011 - 2016) review: a 550bhp super saloon for £20k

Like its Z3 predecessor, reception to the new M-car wasn’t universally warm, but the Z4 M’s stock has only risen in the decades since its launch. Today, it’s easy to overlook the odd dynamic deficiency for its striking styling, the 8000rpm shriek of that S54 engine, and the relatively old-school and engaging driving experience that subsequent Z4s have failed to match. That it also happens to be great value, with prices starting from only around £15,000 (surely a state of affairs that cannot last) makes the Z4 M Coupe even more appealing.

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For

• Chris Bangle styling has only got better with age
• BMW Motorsport inline six remains one of the great engines
• Currently fantastic value, but probably won’t stay that way for long

Against

• Choppy ride can make British B-roads busy work
• Can be difficult to trust what both axles are doing
• Sits in the highest pre-2017 tax bracket; £760 a year

Price

£15,000-£25,000 (2025 value)

evo verdict 

Only a notably firm ride and steering that doesn’t quite match that of a Porsche Cayman hold the BMW Z4 M Coupe back as being one of the all-time great M cars, but if you accept its limitations, the Z4 M is also currently one of the best-value BMW M models on the market. Its styling has only got better with age and the S54 inline six is a stark reminder of what we’re losing as the industry heads towards turbocharging and increasingly electric power; you’d be justified in buying the Z4 M for its looks and powerplant alone.

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Engine, gearbox and technical highlights

• M3-derived inline six revs to 8000rpm red line
• Rear-wheel drive, manual ‘box, LSD; does things properly
• More rigid and a sharper setup than the roadster

At the heart of the Z4 M is BMW’s S54B32 engine: a 3.2-litre, iron-block, undersquare inline six with twin cams and fed by six individual throttle bodies. It’s effectively the same engine you’d find in an E46 M3 or later versions of the Z4 M’s predecessor, the Z3 M Roadster and Coupe.

In its Z4 application, the S54 was good for 338bhp at an impressive 7900rpm, while BMW’s Vanos variable valve timing system ensured it wasn’t short of torque either, with 269lb ft at 4900rpm. The latter admittedly doesn’t sound high in today’s turbocharged era, though with 3.2 litres to call upon and a weight figure (1420kg) the Z4 M is far from anemic.

While BMW had been playing around with single-clutch automated manual gearboxes at the time, and was just starting to investigate dual-clutch transmissions, the Z4 kept things simple, with a six-speed manual being the only option. Being an M car, a limited-slip diff was also standard.

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The mechanical specification was otherwise typical BMW, with a steel monocoque and plenty of aluminium in the suspension components. Some of the suspension was nicked from the M3 CSL, as were the brakes, but crucially there were a few differences between the coupe and its Z4 M roadster counterpart too. Firstly, the body was twice as rigid. Secondly, the steering ratio was a little quicker (and like the roadster, but unlike regular Z4s, assistance was hydraulic rather than electric), and the spring, damper, and anti-roll bar settings were all a little different too - making the hard-top a more serious driving machine.

Driver’s note

“The engine is so linear and responsive, and the exhaust on this car gives it a really distinctive rasp. I couldn't help revving it out and changing gear just for the hell of it.” – Yousuf Ashraf, Senior Staff Writer, evo’s issue 339

Performance, ride and handling

• Engine is the star, with a crescendo of power towards the red line
• Still feels quick, and sounds fantastic too
• Choppy ride remains the Z4 M’s biggest black mark

The Z4 M was a polarising car in period, its firm ride and relatively muted steering feel falling short of the standards set by the Porsche Cayman. Fast forward a couple of decades and these kinds of deficiencies are easier to overlook thanks to the BMW’s fabulous engine and unique feel. It’s still not as involving or finely resolved in its behaviour as a Cayman or more focussed Lotus Evora, but it remains fast, capable, and packed with character.

The ride still feels choppy even today, and the UK’s roads certainly haven’t got any better in the intervening period – the Z4 M still works best when it’s running along a smooth surface. The steering has more weight than you might expect, and a darty feel and by today’s standards, feedback isn’t too bad. Grip at either axle doesn’t quite match an equivalent modern sports car, and the rear axle in particular can be difficult to trust, though stick with it and the Z4 M is both entertaining and rewarding.

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It’s the engine that remains the star of the show though. The S54 has a multitonal quality, with a distinctly different sound and feel at low revs, through the mid range, and towards the red line, even offering just a hint of McLaren F1 as you home in on the limiter. Throttle response is electric thanks to the individual throttle bodies and the power delivery is just what you’d hope from a naturally-aspirated engine, feeling increasingly energetic as you pile on more revs.

Make use of both ‘six-pot and six-speeds and BMW claimed 0-60mph in five seconds flat, while top speed was the usual electronically-limited 155mph. A modern BMW Z4 Handschalter will beat that acceleration figure (getting to 62mph in 4.6 seconds), but entertaining though the latest manual Z4 is, it can’t match the Z4 M’s driver involvement.

Driver’s note

“The ride can be a bit lumpy and I didn’t always trust what the rear was doing. Sometimes it slides quite progressively but other times it snatches and fights for grip. On a bumpy road it's a wild ride, but I had fun trying to tame it.” – Yousuf Ashraf, Senior Staff Writer, evo issue 339

MPG and running costs

• High CO2 means hefty tax bills
• 30mpg on a run, but under 20mpg if you’re enjoying the performance
• Careful maintenance needed to keep everything in good condition

When new, BMW claimed combined fuel economy of 23.3mpg, rising to 32.8mpg extra-urban and dropping to 15.5mpg around town, and CO2 of 292g/km. The latter figure is worth mentioning because it currently results in a vehicle tax bill of a hefty £760, probably one of the larger annual bills you’ll have to face with Z4 M ownership.

The touring economy hints that longer trips won’t be too painful however, and owner forums seem to corroborate the official figures – 30mpg is realistic on a run, and 25mpg in mixed driving. With a 55-litre tank you’ll max out at around 300 miles in mixed driving or 360 miles at motorway speeds if you play fuel-light bingo. Make that a real-world 250/300 miles if you’re not draining the tank dry before every stop.

Parts commonality with several other BMWs means servicing isn’t extortionate, though specialists recommend relatively short 6000-8000 mile oil change intervals to keep the S54 engine sweet, and gearbox/diff oil changes and spark plugs at every second service. BMW also recommends valve clearance checks at every “inspection 1” and “inspection 2” service. The on-board computer will tell you when it’s time for a service, though as these cars age, there’s certainly no harm in slightly more frequent servicing.

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Interior and technology

• Low-slung seating position provides a proper sports car feel
• Quality was criticised at the time, but doesn’t feel too bad today

Having access to that engine in a low-slung sports car feels like a real privilege, and is undoubtedly part of the Z4 M’s appeal. Rather than an upright saloon, you drop into the Z4’s seats, in a position that feels barely forward of the rear axle, with a large bonnet stretching out in front. It’s pretty evocative, though visibility can feel a little restricted.

The cabin itself isn’t wildly different from that of the regular Z4; BMW hadn’t yet mastered the art of making its M-car cabins feel genuinely special, though the M-badged gearlever and steering wheel (the latter round, and not yet excessively thick), plus figure-hugging (and electrically adjustable) seats put you in the right frame of mind.

The basic architecture is endearingly simple by modern standards, though not as driver-focused as BMWs from the prior decades, twin hooded dials aside. BMW offered a retractable infotainment screen back in the day, perched atop the dash, but it’s worth bearing in mind that it’s not going to have modern functionality. That’s something the aftermarket can fix if you need it, up to and including entire modern touchscreen units that replace the central air vents.

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Prices and buying options

The BMW Z4 M Coupe is currently one of the M-car bargains. At launch in 2006 it was priced at just over £41,000, making it a couple of grand cheaper than a Porsche Cayman S, and like the 987 Cayman the last few decades have seen values tumble to the point that it’s now genuinely affordable.

Whether you’d want to spend as little as £15,000 on a highly-strung M-car that’s likely had some hard use is another matter, but the option is there. Spend more though and you’ll improve your chances of getting a car with more fastidious maintenance in its history, and even the best cars don’t cost much more than £25,000 – that’s mid-range supermini money these days. That also made it the cheapest of the cars we included in our six-cylinder sports car test in evo 339.

Options were few and far between when new, so this is very much a car to buy on condition and, if you have the option, your preference from the handful of colours and interior trims offered in period.