I picked up the Z3 M that I purchased from a private party on Tuesday, in Oregon. Prior to purchase I took it into a BMW facility for an inspection and rectification of any issues prior to the almost 10 hour drive I needed to take to get the vehicle home. This is a 2000 3.2L Z3 M with around 57,500 miles on it from a single owner, with the car having been well maintained. It probably did not hurt that the owner of the car was a female who was in her mid-40s at the time of purchase . . . . probably indicating that the car was not likely to have been abused.
At the dealership I inspected the rear frame from both the trunk side and the underside, with the technician who knew exactly what I was looking for. What he said to me was that this sort of thing is very rare in Z3s, however he had seen a number of them with e46 models. He also said that in his experience it comes from people who track or otherwise abuse their cars, with repeated jackrabbit starts, for example.
Various bushings were replaced on the car at the dealer 10 to 15,000 miles ago (need to review the voluminous records supplied with the car).