I have this same vehicle and have had some problems with my top as well. Apparently, it is pretty common as I was recently talking to a shop owner with the same model and I were comparing notes. First thing to check is that the two "nobs" in the trunk are not rotated. The two nobs I am referring to are located on the top of the trunk when opened and when moved, either drop or lower the compartment into which the convertible top drops into when lowered. If these nobs are not turned so that the compartment is available, the top will not work. I have always wondered why they even installed those, but I was told it was so that we could have that extra 3" of storage space if absolutely needed. If the nobs are in the right position and your top is still not working, you can manually drop or bring up the top by turning the red handle (also located in the trunk near the convertible top storage) so that it is no longer flush, but turned so that you can see the 'O' shape. This has been my only option when my top started acting up in the middle of a Florida thunderstorm. Fantastic timing these things have. I hope this was helpful. If you are like most others who own the z4, or any bmw (or even a vw), you know that the mechanics (engine, etc.) are great in the fact that they rarely, if ever, cause any issues, but silly things like the stupid cup holders (don't get me started) and eventually bigger, but still aesthetic, items liek the top are the first to go. Would still never trade the z4 for a sedan.
The first comment by Juli H was very valuable. Our top has stuck before and a swift strike with the fist seems to release the stuck top so it will open. If you can hear the motor running and the top is not moving the the trunk latches are not your problem, it is really stuck at the locking points and probably needs to be lubricated. I recomment some white lithium grease you can by in auto center of your local Walmart.
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YOU NEED TO GO VISIT THE STEALERSHIP. i AM SORRY FOR THE BAD NEWS BUT IT IS VERY REAL. IT DEFINATELY NEEDS TO BE CHECKED PROPERLY
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