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I've owned my 2008 550 for over two years and am getting ready for a 2013 3 series. I'll give a summation:
Pros:
Endless torque and power band. Quicker to 60 then my 911. Really a highway cruiser.
Solid handling. Feels like its made out of one solid piece of steel.
Looks. Ive said before, I like the e 60's if you get the sport package on the later 550's, you get many of the same body trim as the m5 including 19" wheels.
Seats. Hands down the best I have ever sat in. Easy to look over until you feel how other makes lack in support.
Cons:
A summer only car even with snow tires. Not a big deal unless you live in the snow belt and it's your daily driver.
If its out of warranty, repairs get expensive. Reason I'm selling my 550 although I have had no issues at all.
Wheel issues. These low profile tires beat up the rims in areas of poor roads.
I've got more but wanted to be brief. I really like my car and am having a hard time thinking of selling it. You can jump in this car, drive 4 hours, and feel completely relaxed. Notice I didn't mention I drive? Really a non issue.
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