First, you need to pull one front wheel and one rear wheel and see how much pad is left. You don't know from the light if you need front brakes, rear brakes, or both.

At the minimum, you need either front or rear pads, and either the front or rear sensor (they are not reusable).

I would change the rotors, as it often isn't worth the trouble to save them. Others will reuse them. There is a minimum thickness stamped on the back of the rotor. If reusing them, you will need to take the lip off them. Again, I would just replace them.

Personally, I prefer Axxis Deluxe pads and OEM rotors. Less dust, similar performance as OEM. You can get the Axxis pads from Zeckhausen Racing, a board sponsor.

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2007 X3 3.0si, 6 MT, Premium, White

Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue