A good diagnotic will always save you money. Very often people are trying to fix an issue themselves by throwing new parts into their car. The problem with that is that it is costly and not really a reliable solution. There are many diagnostic tools on the market, some generic OBD tools, but also more powerful tools which are BMW aware and will know how to interpret specific BMW codes.
Anyway today I came across this, a ELM327 Bluetooth OBD-II Wireless Transceiver Dongle. It is a simple OBD code reader (Nontheless an OBD system will provide a lot of useful information), but the fact it is so cheap and so handy (Bluetooth), makes it very interresting. Basically you can stand next to your car and read the fault codes from your iPod, or even Nokia phone for example since it the compatible software also run on Symbian.

Here is an overview of the functions:

• Works with all OBD-II compliant vehicles
• Wireless (Bluetooth)
• Software included for Palm, PDA
• Software included for Windows PC
• Software included for Windows Smartphone
• Supports ISO 9141, KWP2000
• Supports SAE J1850
• Supports CAN bus
Functions:
• Read diagnostic trouble codes, both generic and manufacturer-specific, and display their meaning (over 3000 generic code definitions in the database).
• Clear trouble codes and turn off the MIL (“Check Engine” light)
• Display current sensor data, including:
• Engine RPM
• Calculated Load Value
• Coolant Temperature
• Fuel System Status
• Vehicle Speed
• Short Term Fuel Trim
• Long Term Fuel Trim
• Intake Manifold Pressure
• Timing Advance
• Intake Air Temperature
• Air Flow Rate
• Absolute Throttle Position
• Oxygen sensor voltages/associated short term fuel trims
• Fuel System status
• Fuel Pressure
• Many others…

It can be purchased from here:

http://www.dealextreme.com/details.dx/sku.16921

Please read the comments made by the buyers, apparently there is a virus on the CD provided with the product.

Nontheless a friend of mine has one and it truely is a great product.
He advised me software such as ODBScope or Racechrono can work with this device too.

I am off to buy mine

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