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Stefan, I'm planning on financing the car as well. I'd recommend financing b/c once the car is paid off, you still have an asset and you can sell it for its remaining value because its not as though it depreciates to $0 or anything. Since you mentioned you're concern about a better 135 coming along, remember you can always trade it in if something better comes along (you may or may not take a hit on that depending on how much of the car you've paid for versus how much its depreciated, but at $1200 a month you should be okay).
That being said,if the rate over 4 years is 6.75%, and the rate over 5 years is 6.75%, IMHO why not do it over 5 years? With most if not all loans these days there aren't any early payout penalties and if you want to put lump sums on the loan to shorten the length and pay it over 4 years, you can do that too. While you may pay *marginally* more interest if you finance over 5 years but payout over 4, it'll put you in a better position if things get a little tight one month since your payment will be closer to the $900 you were going to lease at versus the $1200 you're talking about.
Thats my take.
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Le Mans Blue 135i
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