Exponential bearing wear is the byproduct, but hitting the rev limiter every once in a while over the life of the car probably doesn't amount to much. It is the forced downshifts in a MT car where engine speed and gear selection don't match up, aka, the 'money shift' that can cause one-time event damage.

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2016 GMC Sierra 2500 HD All-Terrain, Duramax 6.6

2011 X5M Alpine White/Sakhir Orange, Eucalyptus, Spare tire!, Comfort, Soft Close, Tech, Rear Climate, Individual dash, Individual Audio, HUD, DVD, USB, Cold.

Gone:
2008 4.8i
2005 X5 4.8is
2004 X5 4.4i Sport
2004 X3 3.0i 6MT
2002 M5