Could be something simple. Try to figure out why the compressor is leaking. There are some repair kits available. Might just be a plastic hose leaking at the compressor.

The conversion question is a personal thing. I like having the air suspension. Some people prefer getting rid of it... While indefinite life would be nice, I am not going to complain about 15 year old parts needing maintenance/repair.

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David.X5
2001 X5 4.4i Sport
SOLD! at 160k miles