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Sure you can, there are a ton of M leases out there. If you think about it, most of the owners can be described as 'somewhat sound' financially. So what if leasing isn't 100% in thier favor, they can constantly be updgrading to the newest //M model every 2-4 years without absorbing the negative equity or the burden of selling the car.
Most aren't daily drivers so the mileage contstrictions are a non-issue, not to mention the penalty for overmilage on a //M lease is the same as a 325i.
If you hammer down on the engine every day, there isn't as much risk because by the time the punishment catches up to the car, you've already swapped it out for another one.
It might even make more sense to lease an //M than buy one
-BMW2006
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