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Well the wet tyre well will manifest in various electronic modules going wrong eventually but yeah the suspension could get quite spendy - the airbags are a few hundred each and if the compressor has gone as well it could be a grand in total. Probably double from BMW!
Basically what happens is every time you turn the engine on the compressor inflates the bags to set the rear ride height - you'll hear a whirring from the right rear (more noticeable with seats down). If either bag or the compressor is worn, after about a minute or so the relay that controls the compressor will time out and you get a text warning on the dash. My E61 is fine with up to 1 person in the back, any more (or a full tank/luggage for example) and I get the warning... Sometimes turning it off and on again will sort it. I did the bags when I bought it so it'll get a new compressor at the next service.
Great idea! Watch out for dodgy air suspension (test with passengers in the rear) and rear hatch wiring loom (lights and heated window). Sunroofed versions can have an issue with water draining into the spare tyre well, so check it’s dry in there too (and check idrive for service & fault codes).