Jump LinksBMW treated the first-generation X5 as a work in progress, and the company didn't immediately launch a truly performance-oriented version of the new SUV. However, the automaker eventually decided to offer a much sharper version of the vehicle just before the next generation arrived. The X5 4.8is was the result.Today, an X5 4.8is remains quite attractive and gets even more sensible as you spend time with it. The model never pretends to be a modern super-SUV, but the BMW does have everything you need for everyday use. Plus, there's a big V8 and real road presence. It's also quite rare and seems to be priced below what its story might otherwise suggest. BMW's First Serious SUV Punch BMWThe first-gen X5 (internally known as the E53) was BMW's first foray into SUVs, and the 4.8is pushed the formula furthest before the next generation arrived. The 4.8is was an evolution of the earlier 4.6is and was BMW's attempt to finish the first chapter of its SUV experiment with a proper exclamation point.The 4.8is doesn't just represent another trim level with larger exhaust tips or bigger wheels. The model deserves a place in the company's history, with a stronger identity than some aged performance crossovers. Some buyers are also starting to look more closely at its value proposition, as there aren't that many of them around. The 4.8is Still Feels Quick BMW Much of the appeal of the 4.8is comes down to the old-fashioned V8 beneath the hood. This is simply an engine that gets on with its capable job and has a personality that's built around easy, muscular acceleration for everyday life. With this engine to help you, you shouldn't need to chase the redline to conduct a pass, or even think about what the transmission is doing. Instead, you can simply enjoy relaxed daily driving without any hint of strain.In the world of this X5, you can easily deal with everyday challenges like a freeway merge, but you can also feel far more connected to the task at hand when you hit your favorite back road. It's a lot more connected than the average luxury SUV of this period, because BMW tuned it with a driver's perspective in mind.You may also be pleased to hear that the 4.8is doesn't rely on some of those modern and often unwanted theatrics. Its performance feels meaningful in a refreshingly analog way, making your normal commute feel a bit more interesting or a wet, chilly morning feel a bit less annoying. While the earlier 4.6is may be the better-known market reference point, the 4.8is may be the more complete vehicle. It's the one that tightened the formula and finished the original X5 performance story in style. The E53 X5 In Daily Life BMW While the E53 X5 may be a little older now, it still behaves like an SUV in the ways that really matter. Owners get a good blend of utility and driving engagement, and the cabin feels intuitive and pleasant enough. In other words, it's the sort of package that's perfect if you just want a vehicle that can help you with your grocery runs, take a colleague to an airport, or handle the occasional long road trip without compromise. On board, you're sitting high enough to see the road clearly but without too much real estate all around you. The vehicle doesn't feel cumbersome like many other SUVs, so you don't have to panic if you inadvertently turn down a narrow cul-de-sac.BMW did not add its iDrive capability until the next generation of SUVs, and for many buyers, that's a good thing. After all, it means that the E53 X5 has a far simpler dashboard with fewer distractions and frustrations when you simply want to get on your way.So, in essence, this is a five-seat SUV that has enough cargo room for daily life and enough utility to justify itself as more than a toy. Even though it may not be class-leading in terms of sheer space, it does have an extra dose of character that many used SUVs lack. The Ownership Reality BMW You may think that a 4.8is is a charming proposition, but remember that it is an older V8 SUV, so you'd need to take a close look at its condition and history rather than fall in love with the badge on the tailgate. Vehicles like this can quickly turn expensive if a previous owner has neglected them, so pay close attention to maintenance and wear. It's best if you narrow down your candidate vehicles based on whether a previous owner understood the type of vehicle that they had and cared for the vehicle appropriately. If a service history is patchy, then the inexpensive price may go up in smoke once the first round of deferred maintenance starts to show up.Fuel economy would be a trade-off from a 4.8is, though, as this naturally aspirated V8 from the early 2000s is never going to get decent figures versus modern competitors. When new, the 4.8is returned just 14 miles per gallon city, 20 mpg highway, and 16 mpg combined. Just remember to go in with your eyes open, but at the same time, remember that a well-cared-for performance SUV like this can still feel deeply rewarding, especially at a sane used-car price. What The Market Says Now BMW Some research shows that the earlier 4.6is models are quite affordable. You can find clean examples for around $7,000, although there are certainly lower asking prices available.The 4.8is goes for a premium, with average prices around $10,000. If you're shopping as an enthusiast, the low cost is quite encouraging. It means that someone can certainly find the right vehicle for an amount of money that doesn't require a trust fund. While the very best cars may no longer be bargain-bin finds, they're still quite interesting used BMWs with a story. The Vehicle That Completed The Chapter BMW The first serious BMW X5 was the 4.6is, and it still deserves attention. However, the 4.8is is probably the better choice because it represents the endpoint of the original E53 performance project. This is the car BMW built after learning what the formula needed. The company was able to give it a more complete, more satisfying feel, both on paper and on the road.The BMW X5 4.8is gives you enough speed without becoming ridiculous while adding just enough practicality to make the combination work. It's got history without becoming obscure and should be the sort of SUV that appeals if you need to live a normal life with a family, but definitely want a vehicle with a pulse.It's a bit of a stretch to say that BMW's first SUV was an enthusiast icon, but the 4.8is does represent a nice surprise for those who care to look. It's a fast and muscular vehicle that's eminently usable, and it's starting to age into a kind of quiet significance. If you can find a good one, you'd get far more than just an old performance SUV. You'd actually be getting the final and most polished version of BMW's first-gen X5 formula.