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FWIW I purchased my new-to-me 2007 Z4 MR with 22k miles in late summer of this year. I complained of the same "ticking" noise - you can check my previous posts. I took it to a terrific independent shop, as well as the BMW dealer, and asked them about the ticking. They both said it's typical of the M/Vanos. The independent shop said if I wanted to get the valves adjusted in spring of 2013, they'd be happy to do it for ~$600 or $700. The BMW dealer told me to just stick with the maintenance schedule reminder. I think I'm going to have the indy shop do the valves in '13, along with possibly putting on a new, meaner exhaust. I miss the sound of a rumbling V8...need to get closer to it. I digress...!
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