Getting the VANOS rebuilt (lets say from anyone online) just saves you the steps of rebuilding your VANOS sprocket (with the crazy pressing and fishing out of seals you can't see) - you are still doing all the removal and installation yourself and have to figure out all the crazy tools and set the timing right. If $500 let you avoid the whole procedure, it would be worth it, but it just lets you skip the rebuilding step.

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