+1 to tech71...however you forgot such fun stuff as the valley pan gasket on the V8 (M62) motor, along with the timing chain tensioner and guide service, and the always enjoyable ABS control module. Ask me how I know about these...I just finished the Timing Chain service (with the major help of a much more skilled mechanic than me) at 205K. Have changed my share of fuel pumps, cooling system parts (whole system actually), Air springs, and have been chasing oil leaks for almost the entire life of the car(at least I know the engine still has oil in it, I think I would start to worry if it didn't leave a few drops on my driveway every day!) My '03 just turned over 210K and has been a great vehicle, but I am ALWAYS fixing something. If you don't mind doing the work yourself and have a source of cheap parts, its not too bad. I live near a u-pull yard that usually has an E53 in it. I get notified when BMW's are put in the yard and when an E53 shows up, I go collect parts such as:
-Door Handle Carriers
-Various clips/screws/molding(inner &outer)
-Headlight assemblies(Usually not in good shape)
-Switches/Climate control units/etc for the interior
and anything else that may look like its in good, usable shape.
The wheel speed sensors go out on a regular basis so I have gone to Amazon for the cheap ones, I am at the point now where its not really worth it to spend too much on it anymore.
To Vespa: My wife liked the E53 so much that she bought a used E70 (55K) and I am AMAZED at the improvements made between the 2. The E70 is bigger and heavier, but does not feel that way. We have the turbo 6, it is more powerful than the V8, gets better gas mileage, and handles SO much better than the E53. That being said, we continue to drive the E53 as much as we can to keep the mileage down on our other vehicles...and I just keep fixing it.
Yes the older ones are cheap, and if you don't mind fixing them, they are a good car to have!