If you like it I would just check if everything is up to date service-wise.

I have a 3.0 so I cant tell you what specifically to watch out for on a V8, am sure our more experienced members will chime in shortly on that.

I would maybe look if it has the cold weather package and cold weather CCV (not sure about the V8's but the M54's have a cold weather insulated CCV avilable).

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04 X5 3.0i auto
03 X5 4.6is