Why would you need to? The X5 M50d is a great car to drive as is.
I'm pretty sure that this car would appear on the restricted car list for a P1 driver.
So don't attract any attention
My suggestion is to debadge it, the cops wouldn't know the difference between the M50d and a stock 3.0L
Get your parents to register and insure, as a P1 driver the insurance company will hit you hard.
Enjoy your car!
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