the waistgate is a swing valve inside the turbo that is held shut untill boost is achived. then it opens as needed to let the extra exhaust gasses bypass the turbo to maintain the set psi.. The bov vents the pressure inside the intake manifold when you let off the gas or shift,
research the exhaust, a cat back system probably wont be to loud.. for better performance, id get a downpipe, but thats just me..
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