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What did the modification do for you--I'll bet with the V8 the exhaust tone is nicer!
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Sorry, I should have been more specific. It wasn't on my X5, it was on my 330. As far as I know the 3 litre M54 is the only engine that has the muffler valve.
It sounds much louder on startup and the exhaust note is much more noticable at lower RPMs. I found no noticable effect on performance or mileage. Hey, what do you want for a free mod?