cracks are re-bonded but for my small crack you can still tell if you're looking for it. As for the depression, that can be fixed to look 100% new. See my "dealer scratched my car" thread to see how my damage was... and now it's 100% except for the small crack which is about 99% fixed. All in all I think it was still better than getting a whole new fender replaced (people can tell if replaced as mentioned above and it also needs to be paint-matched which involves painting over the existing good parts to blend it as far as I know).

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'08 X5 3.0si - Alpine White / Saddle Brown interior
Specs: Sport Pkg, Premium Pkg, Tech Pkg, Comfort Access, Aero Kit, Style 433 staggered 20s on Conti DWS
Mods: Carbon 35 tint, LED angel eyes, GP Thunder 7500k fogs, H&R 20mm/25mm spacers, clear reflectors, gunsmoke-tinted taillights
Coded: Digital speedo, windows/sunroof/tailgate close via keyfob

X5 pics at Flickr