Time to get rid of the the X5?

[wallieX5]

I have a 2004 4.4 with 116,000 miles that has been great thus far except when my wife drove it with a shaky water pump, recently. The water pump gave way on the highway and she pulled over immediately turning off the car.

I paid a little over $1k to get it fixed at an indy shop replacing the water pump and most of the things connected to it. The indy guy expressed concerns that there was no oil in the engine when I got it towed over. He told me to drive it for about 1000 miles to see if any problem develops.

Today, I was idling in traffic and I could see smoke from my side mirrors rising from the exhaust. It was enough to catch my attention when it floated past me in the driver's seat. I'm probably a couple of hundred miles shy of the 1000 mile.

I had originally planned to keep the car for a long time because it was mostly problem free and it still looked good but I'm starting to re-think keeping it especially if it's going to turn into a money pit which I have a very low tolerance for. I've read quite a few post that seems dealers are just throwing parts at the car to fix smokey issues.

I would rather not have another car note with this economy and all but not at the expense of paying thousands of dollars for a 7 year old car that is out of warranty.

Is it time to sell?