BMW recommends the use of their own anti-freeze/coolant but I've seen plenty of people run water-wetter or other products. As with everything there is a risk involved... but I doubt you'd ever see it materialize into a failure. Statistically you're just making it more likely that you MAY see a failure I suppose. Or on the flip side BMW just wants to sell their coolant.
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1997 M3 Coupe - BMWCCA I-Prepared #22
2006 M Roadster - 23,000 miles and slowly counting
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