There is very little information on this car out there because so few of them are sold. Highly priced it is not quite exotic car territory but pretty close. None of the regular sites have anything in their reliablity databasis, and the not data normallized Car Complaints website has little as well. It talks about the roof mechanism having problems over time (the #1, #2, and #3 issue with different wording). So if anything is going to go wrong, is the portable roof mechanism. After that, the steering sticks in the 2003 model year are the leading problem.
Here is the link to Car Complaints and the page pertaining to the model you are considering:
https://www.carcomplaints.com/BMW/Z4/
Best of luck.
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