Nice write up. But having owned and E46, X5, and an M5, I disagree. The power difference is very noticeable. 95hp is a big disparity, especially when pushing around 5k lbs. A lot depends on driving style and where one drives. For me, I don't want to be merging and wonder if I have enough power to safely get in. Reliability falls in favor of the I6 but overall driving experience goes to the V8 which is why I bought the X. Either choice is a good one. One just needs to throughly check the vehicle before purchasing.

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'03 Carbon Black M5
'04 Silver X5 4.4
'04 MB SL500