If because of it's age and mileage it turns out to be the compressor is shot than I am going for coil conversion. At this point all the money and time to replace the air suspension wouldn't be worth it. Coil springs with kit run about 250 tops. The dash light is another story and not a big issue currently.
I am going to test the system tomorrow at the shop. Hopefully the compressor and system is solid and I just need the bags. Thanks

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X5 3.0 AUTO -2001 - 238,000 miles