Has anyone bought or looked into getting a commercial conversion on an X5 or and X3?  I've seen one or two for sale on Carzone the odd time and you see a good few ads in Car Buyers Guide, etc. for companys that will do it for you but never a price.

Is there much savings to me made and is the depreciation hit much higher due to the conversion?

The rate of VRT on a commercial is a lot less than the 30% on a passenger version, but they are supposed to be converted in a way that means that they can't be easily converted back to a passenger.  I think that means things like that the rear seat mounts need to be welded up or cut out and that the rear windows are sealed and covered permanently.

I'd say depreciation in the short to medium term would probably be a bit better than the passenger versions simply because of the lower initial purchase price but in the longer term buyers would probably be looking for and expecting above average wear and tear and prices would drop accordingly.