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It sounds like I’m in the minority here, but I would go with 2-for-1 given the cars you have in play. More specifically, given the upgrade of the X5M over the Cayenne S.
I recently decided that - at least for me - the multi-car ownership arrangement is only preferable to the single car ownership experience if I drive my favorite car the most of the 2 cars. For example, until 2 days ago, I had a 2017 911 Turbo and a 2015 X5 35i as my weekend car and daily driver, respectively. While the 911 has been an incredible ownership experience and a true pleasure to drive, I simply didn’t drive it enough to justify continued ownership...i.e. I wasn’t driving my favorite car the most (no offense to my old ‘15 X5). With 4 kids and a dog, I just didn’t get the opportunity to drive the Porsche as much as I would have liked. I realized that I just wanted to drive my bad ass car everyday...not just on weekends. So my solution was to trade in the Porsche (which happened on Wednesday) and order an X5 M Competition (which also happened Wednesday...at least its in the “order bank”). Once my new X5 MC (MBB/SS) arrives in March/April, I will be driving my bad ass car everyday!
Obviously, if money and/or space were not limited resources for you, then the decision would be super easy - keep the M2, get rid of the Porsche and buy the X5M. Presumably, you are subject to such limitations - as am I - hence your quandary. Keeping my 911 and getting the X5 MC was just a bit too much to stomach...plus my car insurance is already insane with teenage drivers in the house.
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