Congrats on the purchase, it's a good price you got.
The problems your X has are common and have been discussed on this board, so you will be able to find help here. And if you can do the work yourself, it won't cost you too much.

The X5 is a good car for towing, especially with the additional power of the 4.8is. I was towing my car with an extended E250 before, and the X5 is more stable and more powerfull, and obviously more comfortable. Have fun with your X!

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