The Z4 comes prewired for an alarm, but do not have it already installed (stupid decision by BMW to do this, IMHO). However, your clown nose is factory set to flash as if there was an alarm installed. It will start flashing about a minute after you've locked your car.
I ended up having the factory alarm installed shortly after I bought the car. It won't deter the professional thieves, but at least it will give you just a little piece of mind deterring the amateurs.
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