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I'd say it really depends on what you can afford. The BMW Performance intake is a top quality part and looks great, but I'm not sure how much power it really adds.
I did mine a couple of weeks before I put the exhaust in, and my theory was that they would work together to wring as much performance out of the NA engine as possible, without messing with some potentially shady 3rd-party tune. After install, the engine seemed a little more eager to rev, and the engine sounded even better at high (like 4500+) RPM's. That said, the exhaust offers a much, much more dramatic improvement in sound (but at the same time, I could see how it MIGHT be too loud for some folks).
Anyway, at close to $700, the intake is not cheap. I have no regrets about the purchase, especially since it's an easy DIY install, but I don't consider it a lot of bang for the buck. It's nice to have, but if you haven't done any suspension mods yet, I would definitely start there.
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