do you have a smart phone?? if so, download torque. its a bluetooth app that you can not only read/erase obd2 codes but you can also setup a virtual dashboard to view various information in gauge format...and you can also watch all the engine sensors in real time as well.

great for helping determine if a sensor is going out and such.

I bought my 2001 3.0 x5 on monday and used mine to check codes in the dealer lot, found a p0135 (o2 sensor bank 1 heater circuit) and used that to help negotiate the price down lower.

If it works on my 01, it should work on your 02.

NEW Wireless Bluetooth ELM327 Interface Obdii OBD2 Auto CAR Diagnostic Scanner | eBay

here's a youtube video review to give you a better understanding of how it works. and yeah, I've had mine for a couple years now and it works perfectly. Used it on SEVERAL cars.

just the first video I found, there's lots of them that show more features this can do.

https://www.youtube.com/watch?v=Ay-ZvTn3fLo