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I picked up an '06 under warranty until September 2010, 24k miles on the clock, and I am glad to use it as much as I can. If it is still under factory warranty for another year (depending on the miles), I wouldn't necessarily worry about getting one with CPO, although if you are getting it from a BMW dealer I would insist that they include it with the purchase.
If you go elsewhere such as private party, you can probably get the X5 a bit cheaper, and then purchase an aftermarket warranty when the factory warranty expires.
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