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There's always the Audi Q7 too...
Not to muddy the water, but we picked up a Q7 3.6 in March of this year for my wife. It's great. However, about the only time I drive it is when we tow the 911 to DE events. It handles great for an SUV, tows fine, plenty of room (including third row seats), and is at least $10-12K less than a comparably equipped Cayenne.
We we're thinking about a used T-reg or Cayenne before we got the Q7. Personally, I would probably get a '06 V8 T-reg in place of the '04 Cayenne S. I haven't priced them lately, but I suspect they're comparable. My understanding is that '04 was indeed the worst year for T-regs.
My biggest gripe with the Cayenne is the interior styling. I know it's a matter of taste, but I think the higher end interior in a T-reg looks a lot classier than that of a Cayenne (although with "Porsche Individual", I'm sure another $30K could make it better). If you want a sporty looking interior, I like the Q7 better than the Cayenne as well.
As we all know (or should know), these three share a lot. Therefore, it's not really plausible to say that one is a gem and another is a turd. They are all really "variations on a theme".
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