First, make sure it's not just steam from the cold weather. Cold starts in our recent weather put out a white cloud that is more noticable than any other time.

If it's not steam, it sounds like bad valve stem seals, though this isn't a systematic problem for this engine. If the valve stem seals are bad, you should also experience a puff of smoke when taking off after a red light.

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95 E320 Cabriolet, 169K