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the equity on the lease depends on how much you got ripped off. a typical non-M car should sell 8-12% off MSRP. i have bought 3 BMWs to date, all were sold at about 10.5% off sticker.
if you paid close to full sticker price and/or took an inflated money factor, then sure there will be equity.
we can't tell you what to do because we don't know what you want. I currently have an X6 that was assembled before options started getting deleted. there is no chance in hell i'd take a new X6 because it would be junk. half of the options that i have on my car aren't available right now. dynamic handling package, massage seats, high end sound systems, etc, are all options that aren't on new cars. i'd switch brands before getting a new X5/X6. you can get a newer car, but there is a good chance that it will be worse than what you have now. that's my advice.
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