It used to be a safety system on early cars as they did not have break pedal gear release. I also though it did something on the X5 but on testing a few things first before I remeoved it, I discovered it didnt do anthing! BMW most likely kept it in production to save costs as this type of gear knob has been in production since around 1995!

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Do Not Go Where The Path May Lead, Go Instead Where There Is No Path & Leave A Trail