Much thanks ages944
This is a very substantial post. I've read other related threads in this forum but were not conclusive. I hope you've identified the culprit. I printed out the link (per 330i model) and cant wait to show this at the dealer. The first time I took it to the dealer he just added a pint of oil and told me to drive the car hard and the noise will go away... which did when the car engine warmed up.
Yeah the sound I hear is exactly the same as you describe. Nothing wrong with the car handling but its so annoying to listen and think that a car so new would make such noise. Maybe this is why people turn their heads at traffic lights
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cheers