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Your mid pipe(w/cats) costs upwards of $2,500 from BMW. You can buy an N55 mid pipe(no cats) for about $450 list. Probably under $400 is you shop around. I wouldn't cut out your cats. They are high flow cats.
Really IF you want a louder exhaust... I would replace the rear exhaust section. But they aren't cheap either. AK, AWE, Dinan, SuperSprint etc.
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