Should I give up on my X5?

[dreamliner]

I have a 2006 X5 3.0 which needs major repairs. It can't start (it actually does start, but dies almost instantly) and is giving me several lights at the same time (check engine, engine failsafe, 4x4 light, brakes light). I had it towed to an independent service shop and they told me they'd take a look at it. They also told me it was likely going to be an expensive repair, but can't give me any details until they find out what's wrong.

At this point I'm considering just selling this car for scrap or selling it to someone in non-running condition because the repair costs will likely exceed the value of this car.

Do you think it's a good idea? Or should I eat the repair costs (even if they likely will be over $3000) and keep driving until something else goes wrong?

Also, anyone know of what could be the problem?