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I was actually to find a couple of non-factory hitches (Hidden and Uhaul brands) for around $200 for my X5. They're not as durable as the factory unit, but for almost 1/3 the cost, it'll get the job done for me since I'm pulling my motorcycle and its trailer, totaling maybe 600lbs. Either way, your price is still good, and since I'm guessing the X3 tows less than my V8 X5, your hitch should probably serve someone just fine for the X3's towing capacity.
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650hp 10 X5///M - Stage 2, Vibrant 1794's , gutted cats, custom intake, AC Forged 22's 325hp 98 BMW 740iL - ///M5 6spd, www.bavengine.com w/ Performance Option, electric fan, CF intake tube w/ heatshield, Mag 14816 w/ notched bumper, Bilstein/H&R Stage II/Powerflex
600+hp 02 Harley F150 - MHP900 Stage 3 engine, KB2.3, 8# lower, 60# inj, Walbro FP's
135hp 01 TL1000R - M4 full exhaust, K&N, Yosh box, -1/+2 gears, 2CT's
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