ticking sound in 96 328

Recently purchased a sweet 96 328is. The car makes a ticking noise that sounds like its coming from the exhaust somewhere. It sounds like the catylic converters are hot or something. It is noticeable when the car is recently turned off, but if you listen carefully, you can hear it when the car is on too. Is the exhaust system going out? The car has 65000 miles on it. If it's the cat's, does anyone know of a california legal aftermarket cat setup?

I have a 96 328is as well and I noticed the ticking as well although it really didn't bother me, and I forgot about it. Shortly after getting the car the cat went bad and BMW replaced it for free since the cat is covered by warranty until 80k.... if it really bothers you have them check it out.