The mirrors that you find in the RV/ trailer place are of very similar to what you are showing but nowhere near $200 and are of good quality. You are right, I do not think you need it though. I don't use my X5 to tow but I had a Jeep Grand Cherokee that I used to tow my 22 ft travel trailer and never had the need to use the tow mirrors. Now, I have a 1 ton truck to tow my trailer.

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2011 X5 xDrive35d: Vermillon Red, Cold Weather Package, Premium Package, Premium Sound Package, Rear Climate Package, Sport Activity Package, Technology Package, Comfort Access keyless entry, Heated rear seats, Rear seat entertainment

2008 535xi Sport: Platinum Grey/ 6 sp. Manual/ Black Nappa Leather / Sport Pack / Prem Pack / Prem Sound Pack / Cold Weather Pack / Nav / Logic 7

Retired BMW:
2004 E53 3.0
2001 330ci