I have the '05 also. The only false alarms I've ever gotten was after changing my wheels from winter to summer set up or visa versa. It seems every time a wheel comes off I get a warning light. Other than that, it has been accurate. It does drive me crazy that it doesn't tell you which tire is low and I have to check all four.

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Current:
2016 X6 ///M Black Sapphire Metallic