I would sell both BMW's. I don't know your economic standing, but if you and your wife don't make a combined $300,000+ a year, I would not advise you to keep such cars. In the interest of saving money, I would never buy those because they cost a lot more to fix, maintain, and they both guzzle gas, and a two kid family does not need such room as the X3 provides.
I would suggest you replace both of those inferior cars with brand new or near new two of the following: Civic, Fit, Yaris, Corolla. The cost of ownership of any of these cars is a lot lower then your BMW's, drink a lot less gas, give nearly the same space (you'd be surprised when you ride in one), cost a lot less to insure, are more reliable, and durable, and are made with higher quality then even the $100k BMW's.
You can maybe get two of those cars I listed new for what you might get when you sell both BMW's.
If you want to save money, provide safe transportation for your family, and want the best reliable and durable car that will have the highest longevity, stay far, far away from german cars, and embrace the Japanese cars I listed above.
PS. I owned several BMW's and I have had nothing but problems with them, and the cost to fix and maintain is wildly high.
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