I've become friends with one of the techs at the dealer. I asked him what to expect as far as oil consumption on my 550 and he said that with the turbos, I should expect higher "consumption" becuase of the higher crank case pressure. I don't think the single turbo on the 535 engine will have as much pressure but it should be greater than a non-turbo car. So, I would expect the same to hold true. Turbo cars just end up squeezing more oil out (not actually burning it) than non-turbo cars.
On a side note, he and I did my first oil change at 1,200 miles. It was black as can be. He said whatever I do, DO NOT WAIT 15,000 miles to change my oil. BMW has not come up with some break through way to make oil last longer. Your engine gets oil dirty. That dirt causes wear. He said stick with 3-4K oil changes if you plan on keeping your car. He said 15,000 miles is becuase BMW is paying for it and not because the oil is lasting longer. If it costs $85-$100 every 3-4K miles, I will gladly pay that to ensure a cleaner engine. The problem was that BMW was slapping on these 100K warranties on certified pre-owned cars that came off of leases. What they found was that people would get sticker shock from the oil change and say "This is a leased car, I'm never paying for another one of those expensive oil changes again" and they would get cars turned in that had only had one oil change. BMW started including the "free services for 4 years" to combat the issue of having sludged engines that were being warrantied for 100K. So, expect to pay for 2 changes for every "free" one if you plan on keeping your car for the long term. 9 quarts of BMW synthetic 5W30, BMW (Mahle) oil filter, certified tech changing my oil on his time....my total cost $85.
2011 550 (M Sport)
1970 2002 - first car