I'm a little late to the discussion, but I'd like to say hello as a fellow Israeli. I searched for "israel" in the forum, and this topic was one of the results.
I've spent about a year reading through almost all of the MMM blog posts, but only just now joined the forum.
So, afraz, I wish you the best of luck getting in touch with your inner badass and continuing down the path of an Israeli mustachian.
And, yes, as others noted, your commute and consideration of the 1997 Z3 does fly in the face of balls-to-the-wall mustachianism.
On the other hand, even MMM and his family acknowledge certain non-mustachian behavior in their lives.
If, for now, you're tied to that car clown commute, and realize that it is one of the reasons to achieve financial independence, I understand wanting something like a Z3. But, I would recommend considering something possibly more reliable: a Mazda MX-5 (Miata).
My own similar decision came in 2012 when I replaced a 2007 Fiat Panda with a 2011 Fiat Panda for no other reason than the newer one has a sunroof. Like you wrote, it's sunny something like 330 out of 365 days here, so as far as I'm concerned, it's simply silly not to have a sunroof (or a convertible). :)
Even though my office is now within walking distance of where I live, and I do walk on days it isn't raining or expected to rain (distinctly nonmustachian of me), I have not sold the car. It is my luxury, but at the same time, a luxury that does not cost me a whole lot of money. And I have every intention on keeping it for at least another decade.
Good luck, and Shabbat Shalom!
jlajr