Congrats for coming over to the dark side.
I was a former owner of 2011 550xdrive and the car was totally solid with only 1 issue and other than that, it was a great car.
As you know, all parts for German made cars are expensive and if something breaks, it is easily thousand of $. Therefore, if you intend to keep the car for a few years, it would be a good idea. Try to negotiate for the extended warranty price with your dealer.
As for mods, common ones are wheels, exhaust, suspension, tune, etc. Once you figure out your budget for mods, then go from there.
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