BMW FInally Gave Us A New Clown Shoe, But Not The One We Wanted

BMW has unveiled the Concept Speedtop, which is basically a wagon with two-doors. While part of its name is “Concept,” BMW also announced that it will be available for purchase in a small series (70 units), equipped with the most powerful V8 the German brand currently makes. So that means the plug-in hybrid powertrain used by the BMW XM Label, which produces 738 horsepower. Or it might be the most powerful non-hybrid V8, used by the previous-generation M5 CS, in which case you’re looking at 627 hp.

The Speedtop will be a sublime car either way, but it’s not exactly what we wanted. In the press release, BMW mentions a color gradient on the roof, light beams, custom luggage, leather headliner, and a bunch of other things you’d expect to find in a Rolls-Royce. Now, we understand that this is a fantastic business model. These limited cars have a much higher profit margin. Only 50 units of the BMW 3.0 CSL were made, and those cost $780,000 a pop. The Concept Skytop and Concept Speedtop will likely start at closer to a million and BMW will have no problem selling every unit.

But what about us normal folks? When BMW unveiled the Concept Touring Coupe based on the Z4 in 2023, we were 100% sure the beloved clown shoe would return. Now it has, but unlike the previous two models, it’s out of reach for 99% of the population. Why can’t we have a relatively affordable clown shoe, Bimmer? Let’s explore the history and the reasons below.

The Z3 Coupe Was Misunderstood

What Was BMW Smoking?

The BMW Roadster made its debut in 1995 as a direct reaction to the success of the evergreen Mazda Miata. BMW only offered four-cylinder engines during its first year on sale, and the six-cylinders followed a year later. The four-cylinders were never sold in the USA, and that’s a good thing. The Z3 was at its best when equipped with a 2.3, 2.5, 2.8, and 3.0-liter naturally aspirated inline-six and a manual gearbox.

BMW then shocked the world by putting a fixed roof on its small roadster and selling it as a coupe. The car looked stupid, with most saying that it looked like a bread van or a clown shoe. But the criticism stopped as soon as people got in to drive the car. The fixed roof added even more structural rigidity, and the coupe was only available with six-cylinder engines. It was not a car for posing in, that’s for sure. It provided a Viper-like driving experience, with a long hood and a loose rear-end. The Z3 Coupe soon found favor with people who enjoyed driving above all else.

BMW sold 17,815 units in total, of which 6,291 were the gnarly Z3 M Coupe. If you’re looking to buy a used example, go for the updated 2001 model. That’s when BMW switched from the S52 engine to the S54 used in the E46 M3. They are rare, however. Only 1,112 M Coupes were made with the S54, and American models produce slightly less power because the catalytic converters were closer to the engine.

If you’re interested in buying one today, you’d need between $60,000 to $80,000. One of the very last models off the line went for nearly $160,000 in the UK, where these models are even rarer.

BMW Nailed The Difficult Second Album

Same Recipe, But Even Better

The second-generation clown shoe took its sweet time to get to the market. The Z4 Roadster went on sale in 2002, but BMW waited until 2006 to put two different versions of the car on sale. You could opt for the more sedate 3.0si Coupe, which was available with BMW’s terrible SMG gearbox, or the full-fat M Coupe, which was only available with a manual.

The Z4’s design was arguably even more contentious because it was designed in the Bangle era. To our eyes, it looks much better as coupe, and it has aged beautifully. It was still an angry little car, however.

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It received the most powerful version of the M54 available at the time, and it had double the torsional rigidity of the roadster. The Z4 M Coupe only weighs 3,230 pounds, which is roughly on par with the current Mazda Miata. Naturally, BMW uprated the brakes and suspension, but the modification that shows the M department really cared was the steering. Electric power steering was slowly seeping into the high-end market, and it was standard on every version of the Z4 apart from the M Coupe and Roadster. BMW M’s engineers simply said it wasn’t communicative enough, ripped it out of the car, and put a hydraulic system back in.

By the time production was done, BMW had built 17,094 Z4 coupes. Of those, 1,815 M Coupes were sold in the USA. Despite being so rare, the average selling price currently sits at $32,500, and mint examples with low-mileage are selling for $42k. That’s a lot of car for not much money.

Why Did BMW Get Rid Of The M Coupe?

It Wasn’t Needed Anymore

The second-generation BMW Z4 switched from a soft top to a folding metal roof, which kind of made the coupe a moot point. In addition to that, BMW had launched the 1 Series Coupe for those who wanted a fixed roof and two doors. A third-generation Z4 Coupe would have been grand, but it would have been a niche too far, much like Mercedes-Benz’s CLS Shooting Brake.

Still, it is a pity that one of the best M models ever has never received a successor. Sure, this new concept is a spiritual successor of sorts, but unlike the Z3 and Z4 M Coupes, it won’t be within the realm of affordability for a large chunk of the population. Accounting for inflation, these models would have sold for the equivalent of $80,000 today. Granted, that’s a large chunk more than the M2 and M4 Coupes, but we like to think it would have been a more hardcore and focused sports car. But, hey, could have, would have, should have, right? Instead, BMW went and built the XM…

What To Do?

Well, if there’s one thing we’ve learned from all of this, it’s how cheap the Z4 M Coupe is these days. The Z4 M Roadster is even cheaper. It appears as if the used market hasn’t picked up just how brilliant these cars are, and a part of me doesn’t even want to publish this until I go out and buy one myself. As mentioned, the average price of a used Z4 M Coupe is $32k, and we found several Z4 M Roadsters with roughly 30,000 miles on the clock selling for Toyota GR86 money. The GR86 is a sublime car, and it will come with more gadgets and a warranty, but as a driving experience, it’s a few steps behind these hardcore BMWs.

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My advice is to go out and buy one right now. The unveiling of the Concept Speedtop is going to focus attention on the Z M Coupes again, and their value will inevitably spike.