The Z Series is built for this - the E85 Z4 3.0si with the N52 is the sweet spot: robust engine, classic styling, and sensible values (£5,000–£10,000). The G29 M40i is the modern alternative - 340 hp, B58 bulletproof reliability, and the last manual Z4.
The Z3 M with the S54 is a rising classic - the ultimate Z3 and a future investment. The Z8 is the ultimate BMW roadster - a six-figure classic and a genuine investment. The Z4 M with the S54 is the modern classic - the E86 coupé is the rarest and most desirable.
The Z Series is a weekend car, not a daily driver - the Z4 E89 with the N52 is the most practical, but the Z3 and Z4 E85 are cramped and loud. The G29 is more refined but still a two-seater. Buy the Z Series for the weekend - buy a 3 Series for the daily.
A cheap E89 N54 is not a cheap Z4 - it's an expensive one with the first year's bills prepaid by nobody. A £6,000 E85 3.0si with N52 is the bargain; a £5,000 E89 N54 without HPFP history is the trap. The Z3 2.8 with M52 is the classic budget choice.
The E85 Z4 3.0si with the N52 is the modern keeper - the N52 is robust, the chassis is magnificent, and the values are only going one way. The G29 M40i with the B58 is the future keeper - the B58 will outlast the car around it, and the manual gearbox makes it a future classic.