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What is the difference between an M5 Competition and an M5 Competition Package?

I am interested in purchasing a BMW M5 and I have seen some models with an M5 Competition Package. What exactly does the competition package add to the M5? Is it worth the extra cost?

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The M5 Competition Package adds a few performance enhancements to the standard M5, such as a more powerful engine and upgraded suspension. It also adds some aesthetic upgrades, such as unique wheels and exterior trim.

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