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I have just acquired a 2008 1.6 Cooper hatchback.

The vehicle seems to perform OK in urban areas, but when driven at a consistent speed of 70mph on the highway in sixth gear, it exhibited signs of difficulty. When I applied pressure to the accelerator, the vehicle emitted smoke from the exhaust and the malfunction indicator lamp (MIL) illuminated.

Opinions?

The potential causes for the issue might include worn piston rings, PCV valve malfunction, or faulty valve stem seals. It is possible that all three components are contributing to the problem.

What is the total distance it has travelled? Are you aware whether it has undergone a complete installation of the TC kit and a refresh?

Additionally, there seems to be a fine coating of oil on the air filter housing.

Possible causes for the oil leakage include a fractured rocker cover, a leaky PCV valve, a leaking PCV pipe, and excessive blow-by due to worn piston rings.

I will modify everything you said, with the exception of the rings. Is there a diagnostic test available to determine whether the issue is most likely related to the rings? Repairing them beyond my capacity.

Furthermore, considering the presence of oil, is it imperative to repair both the rocker cover and gasket, or is there a possibility that addressing the PCV (Positive Crankcase Ventilation) valve and pipe might remedy the problem? (assuming it is not in the form of rings).

The value is 145,000.

I presume that no modifications have been made to it.

What is the anticipated cost for the repair?

And for how long is it expected to continue in that impaired state?

I would refrain from operating the vehicle in limp mode since it is just intended to facilitate transportation to a secure location.

The addition of the new cover and gasket will greatly enhance the performance. It is advisable to only use an authentic BMW or Febi cover, since some inexpensive alternatives may have a substandard PCV.