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Maybe valve guide seals (different from valve clearances). I presume you've decelerated to 60/70k buy just closing the throttle, before putting your foot-up-it again. This engine vacuum could be enough to pull the oil past the valve guides. To give that theory a real test, find a decent hill to engine brake down, and check out the back when you re-apply the throttle at the bottom. Oil smoke is generally a bluish-grey colour, over fueling will be blackish with water being white (steam). Plain old grey could be just 'sh*t' getting blasted out of the exhaust, could pay to check that a muffler or cat hasn't disintegrated, but this would normally have some loss of performance (blockage) and/or some increase in noise.

All legal - woo!

put doggy treats all around the lip. ez

Cheers guys Didn't know what to think of the clutch price, whether cheap or expensive. I've just sold my E46 M3 couple of months ago to be sensible, realised I don't do sensible, so on the hunt it is. I'm just looking at this, and with a few k thrown at it, it comes up to the same price as those with less miles and don't need to do any work. HMMMM