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Having driven the Z4 extensively before buying my Boxster, I will say that it's a solid car, fast, has the predictable handling and steering that you expect from BMW, but it's become too refined, closer to a Mercedes SL than to a Boxster. I'm a huge BMW fan, I've owned several, and I actually went in with the intention of preferring and choosing the BMW. But it just didn't excite me like the Boxster did.
Cost of ownership, the BMW definitely beats out the Porsche 100 times over, at least if my experiences with the 3-series, and 5-series models are any indication. And that's even factoring in my relatively few problems with the Boxster compared to many owners on this board. Especially w/ the 4/50k free scheduled maint.
Bottom line, if I were to recommend a 2-seater to my mother or sister, the Z4 would edge out the SLK for top pick. But for someone desiring perfect 2-way communication with his car, the Boxster beats it hands-down.
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