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I have a dent at exactly same spot right now... it's not as big though, only around the size of a tennis ball. I hit either a snowbank or curb while I was turning around.
I went to an authorized bmw repair shop in Toronto and the estimate for repairing the bumper is around $620 CDN (I didn't need to replace the bumper). To replace the front bumper, the cost is around $1300.
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