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Haven't driven them so I can't comment on either, although my Dad's considering the '10 Q7 diesel, mostly for its towing capacity. Seems like the Q7 is more comparable to the '06 Cayenne S in terms of size/capabilities, but not in terms of purchase price, which starts at ~$55k.
According to fueleconomy.com, the '06 Cayenne S gets 14mpg avg. and the '09 Q5 20mpg avg. Based on 15k mi/yr, 45% hwy/55% city, and gas @ $2.91/gal, the Cayenne's going to cost about $1,000/yr more to gas up than the Q5.
With 50k miles on the Cayenne and no more warranty, I'd be a lot more concerned about the repairs & maintenance cost than the gas. If the Boxster's r&m costs are any indication, I bet you'll average $2k/yr min. With the Q5 you have the balance of the warranty and I think all Audis have free scheduled maintenance for the first 50k mi. Combine that with the lower mileage and the Cayenne's going to be $3k more to run.
Of course a Q5 isn't a Cayenne S. If this were a decision purely about numbers you'd be shopping for another Honda or a Toyota. Maybe you should visit some Cayenne forums to get a better idea what you're going to be in for in terms of r&m.
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