Also check the center mounts of the sway bar... as the rubber ages it can let the bar creak through it. BMW does not want them to be greased, (as the rubber is not designed for grease)but I could suggest removing and cleaning/greasing them (just the inner part the bar goes through obviously) for diagnosis sake with a smear of vaseline/petroleum jelly.

Otherwise it could be the shock tops or any of the ball sockets of the control arms, lower ball joint etc.

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X5 pics

RIP 4.6is.....

2003 4.6is