[Archie007]

I've had this car for less than two months (20 M50i) and just started hearing this loud squeaking sound when I'm turning the wheel. Happens both parked and while driving

Does anyone know what this could be?

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[Novvaa]

Power steering issue maybe?

[GCR]

That sounds like a ball joint on one of the lower arms, or possibly a sway bar link. Very unusual on a newer vehicle.

[Archie007]

Are either of those expensive fixes out of pocket? And is it gonna do further damage if I keep driving it (like to the Indy shop that's an hour away)

[MystroX5]

Spray water under and around that wheel and see if the noise changes or goes away. To me it sounds like rubber squeaking. Water might eliminate the friction.

[GCR]

Originally Posted by Archie007

Are either of those expensive fixes out of pocket? And is it gonna do further damage if I keep driving it (like to the Indy shop that's an hour away)

Certainly is drivable to your Indy shop for proper diagnosis. If it is a ball joint, it will be pricy, it's part of the control arm or tension rod. If it's a sway bar link, they are about $90.00 each from the dealer.
The control arms and tension rods are over $400.00 each. I've seen people inject a little grease into the noisy joint to quieten them down for a while though. Fairly easy with a grease needle, just don't puncture the dust boot. Work the needle between the arm and the boot.

[Archie007]

Just in case anyone else has this same issue in the future, it was a torn boot causing the ball joint to become noisy. They are replacing both of the control arms to fix it. Bought the car at a Ford dealership and it was "Blue Certified" which covered it for 90 days of 4k miles. They were great about it. Took it directly to the BMW dealership, covered both of the control arms, OEM parts and labor with no questions asked. Was about a 2500 dollar repaid all in