Just went throught the carmax process on my 05 4.4L Sport w/ 109,500 miles. $8K offer. Note my brake pad sensors are lit and someone rubbed some paint off my rear bumper. I would expect a dealer to offer a bit more say $9,500. I will probably list it somewhere between 13,000-14,000 privately (after I address the issues above).

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2005 BMW X5 4.4 Sport Upgrades:

Dinan Cold Air Intake
Dinan Stage II Software
Akebono Euro Cermaic Pads
Brembo Rotors
Titan Silver Metal Gauge Rings
DICE IPOD Module
Hardwired Passport 9500ix Radar/Laser Detector