For snobbery's sake, they should have made it a Z5. The leap from the first to second gen Z4 is bigger than the leap from Z3 to Z4.
The economy certainly must take some blame as people who still have money are holding onto it a bit more and there is no logical reason to own one. It is purely emotional.
I, for one, love my car and will get another one once my lease is up. The residual is just too high for me to purchase, but that's what happens when you get a great lease deal. I'll pick my next one up in Germany and get it outfitted exactly as I want it. The sticker was higher than my husband's M3. Now that he's modded it, his investment is much higher!
I take our third car (a Vdub) when I am visiting clients because I know what impression the car can give. I drive the heck out of it in autox and on mountain drives. I like that the car is rare but I certainly don't want it to go away. Doubt it will for some time as they knew this wasn't going to be another 3 series volume car.
2012 135i M-sport convertible - Euro Delivery 6/27/12
2009 Z4 sdrive35i Space Grey/Coral Red - gone!