I have a 94 940Ti, and lately have been hearing an intermittent valve noise. It is related to RPM, but is much slower than I think it should be if it were just a valve.... it sounds like a mechanical click, and it varies with higher speeds. Seems to be much more prevalent at colder temperatures of the engine.
Additionally, since my car started doing this (about two weeks ago) it has gotten noticeably slower. It feels like it has the power of my 740!
Today I ran the engine up to about 2000 RPM and listened to the engine. When i put the stethescope onto the different parts of the exhaust manifold, i could hear some of the ticking. It was evenly distributed throughout both the manifold and the top of the valve cover. What could be making it tick like this and lose power? My initial guess was some sort of leak in the exhaust system, since that would impair the turbo, but where else (andïhow else) should I look? i didn't feel any exhaust when i was looking today...
Thanks for your help.
Aaron Singer

You hit the nail on the head: An exhaust manifold gasket leak. It is really hard sometimes, to be able to feel exactly where it's going. All your assumptions are virtually correct. If it was a valve problem with massive power loss, there would be a dead cylinder feeling accompanying it. As it sounds, you don't have that problem.
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Chris Herbst, in Wisconsin.

Would the exhaust manifold leak cause the ticking sound as well?

Ab-so-lutely.

But some B230F/FT engines are clicky anyway, especially after a long highway drive, or on a hot day. I have never found a reason why some are louder than others (despite attempts to identify and remedy the usual suspects), so I now say that some are just that way. I've had them both ways--clicky and utterly silent--and it has made no difference on longevity or power, or from what I could tell, anything but the sound.
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Chris Herbst, in Wisconsin.