For years, we’ve been saying that Miata Is Always The Answer. Demand has remained so strong for the people’s sports car that prices for even the oldest ones are increasing, and it’s hard to find a decent one for under $6,000 anymore. However, there is an unlikely alternative for a more affordable price: the BMW Z3.
We’re not talking the M Roadster with its screaming 315-horsepower 3.2-liter inline-6 borrowed (and slightly detuned) from the E46 M3. No, we mean the original Z3, introduced in 1995 after Mazda proved there was a market for roadsters with the Miata’s initial success. It made do with a 1.9-liter inline-4 that made a modest 140 horsepower, plucked straight out of the 318i and the highly practical 318ti. Critics at the time called the Z3 underpowered, and for more than twice the price of a Miata ($28,750 when new compared to $13,800 for the Miata — remember, these were 1990s prices), the critics were probably right. BMW responded by adding the 2.8-liter inline-6 from the 328i as an option, bumping power up to 190 hp and pushing the Z3 into a more premium class above the basic Miata.
The original inline-4 Z3s were never particularly popular. Inline-6 versions hold their value well, but the inline-4 cars have not, and people seem to have mostly forgotten about them. The result is that, while nobody was looking, their values dipped below those of the Miatas they were created to compete with in the first place.
More for less
For example, check out this 1998 Z3Â IÂ found on Facebook Marketplace. It has 153,000 miles, and it shows in the minor scuffs and some missing wheel center caps. The cloth top is in good shape, but the plastic rear window is fogged and cracked. Early Miatas also had plastic rear windows that could suffer this fate. However, the seller says it runs and drives great, so you could hop right in and drive away with a refined German roadster for just $3,900. It’s not perfect, but I can overlook its imperfections at that price.
If an automatic is more your speed, this classic British Racing Green on tan 1997 model may be up your alley. That paint is less than stellar, which the seller admits, as well as some hail damage. However, the interior and top are in good shape, including the back window. The ad doesn’t mention the mileage, but the photos show an odometer reading of 112,467 miles. If you don’t mind the paint or are willing to fix it yourself, this BMW can be yours for $4,200. An automatic Z3 is typically much easier to find than an automatic Miata, so if you’re looking for more of a cruiser than a canyon carver, a Z3 might be a better choice for that reason, alone.
As a counterpoint, let’s look at this 1994 M-Edition Miata. “This car is perfect mechanically,” reads the ad. “It has never left me stranded. There are some cosmetic flaws shown but nothing major.” The light-colored areas around the rear wheel are bondo repairs to the car’s rust. I saw earlier photos, since removed from the ad, that showed the rocker panel rust and holes in front of the rear wheels typical of NA Miatas. One of mine had this same rust. Another photo shows a Hard Dog Hard Core Double Diagonal roll bar, and that’s worth something. This car has 235,000 miles, and the owner is asking $4,000, in the same ballpark as those two Z3s with far fewer miles. None of these cars is perfect, but Miata is a bit less perfect than either of the BMWs for roughly the same price.
Some nicer ones
Here’s a much nicer Miata, a 1997 that claims to be an STO Edition, but is Classic Red with a black top, not the STO Edition’s Twilight Blue Mica with a tan top. It’s possible the car has been repainted and likely the original top was replaced at some point. It has 141,000 miles and appears to need nothing. The owner is asking $5,500 for it.
Or, for $5,000, you could have a genuine James Bond car. This 1997 Z3 is a dead ringer for the car Pierce Brosnan drove (briefly) in “Goldeneye.” It probably doesn’t have Stinger missiles behind the headlights, but it does have a manual transmission with a new clutch, 157,000 miles, and seemingly nothing wrong with it. Even if you don’t care about James Bond movies, it’s a sharp looking BMW that costs less than a similar Miata. (I’m guessing the dog is not included.)
It’s also worth mentioning that at this price point, you can start finding some inline-6 Z3s that have high miles, need some work, or have a rebuilt title, which can be a gamble. I’ve stuck with the inline-4s here for more direct comparison to the Miata. But if you want a bit more power or love the sound and smoothness of a BMW inline-6 (I know I do), you can start to find them for the price of a nicer Miata.
I’ve owned three Miatas, and I’ve thoroughly enjoyed all of them. I’ve also driven several Z3s, and I like them, too. They’re heavier than the Miata, but they still handle well, which is what a roadster is all about. I’m a huge Miata fan, but considering the prices of both cars these days, a manual Z3 might end up being my next car.
