Sounds something like to me. In my e87 116d I get around 45-48 with a 30 main commute to work with a mix of a roads and motorway. One thing to bear in mind is that cold temperatures really effect diesel engines. Any thing below 5 degrees and its normal to see 10 - 15% reduction in economy. All of these are reasons why I have gone back to petrol in the shape of a 320i. No tractor noise, power throughout the rev range and still it should return decent economy, and with petrol being cheaper than diesel then I reckon running costs won't be too far off for me over 12000 miles a year. And that's neglecting the initial purchase price.
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