[Finnegan]

I don't have enough experience with either of these specifically from a repair/reliability perspective to comment fully. I do know that an older car will need more TLC, and often need extensive repairs and reconditioning to keep running and be safe. That can very easily eat up any potential savings--and possibly cost a bundle.

Once you're experienced a car with the power of a Z4 (any model) going to a lower powered car can be difficult. The Miata has your current ride beat on handling, but can you live with the very low power levels? Same with the 240Z--it had good power for it's day but it's a far cry from the M or 3.0. And rear drum brakes. Not the safest thing around either. Z3s have hit an age where there's a lot to do in terms of repairs (which are costly on BMWs), so the Miata wins there.

The other thing to consider is that you'll be paying close to 10% tax on these purchases. It's not much (1.2K) but it's still a cost that you probably already incurred on your current car.

I like the 240Z and the Miata though. I've had a thing for the 240Z since it came out, and the Miata is, well, a Miata. A brake rotor on a Miata will run you 12 bucks. Yes, really, 12 bucks. Engine, about 2 grand. So if you have to repair it the costs are far less than a BMW of any ilk.

I'd say go take a good long test drive in an older Miata. Speaking for myself I couldn't do it--I'm addicted to power, and despite its handling prowess I come down a bit more on the side of power.

The S2000 is another option you didn't mention. Like the Miata, it's a great handling car, but you get a high-revving engine, a good power/weight ratio, LSD, great clutch/shifter, and Honda reliability. These can be found in the low 20s, maybe less if you go for an earlier MY. I'd seriously add this to the list if you want top-down fun, handling, and a bit more power (plus revs, did I mention revs).