Potential 2007 4.8 purchase - but what's the catch?
 

Here are the specs:

2007 (08/2007) 4.8i CPO
39,077 miles
Tech package
Sport package
Premium package
Cold Weather package
Panoramic sunroof
Almost mint condition, according to online photos
No accidents or any negatives (per carfax), 2 owners (1 lease, 1 personal)

Dealer is asking $35,999. KBB CPO value is at $44,500. All the other 2007/2008 4.8's the dealer has are over $40k.

There has to be a catch here. Carfax says it's been on the market at the dealer since October, 2010. If there is no catch, what are the odds I can talk them down to $32-$33k? I have financing secured already so I just need to walk in and write out the check.

Any input is greatly appreciated.

I would pull the service records. A CPO should provide them

So what are you saying? If there are no specific issues serviced, then that doesn't tell me anything. If there are specific and/or substantial service records...it means there are new or serviced parts on the vehicle so that isn't necessarily a bad thing.

Elaborate?

If there are many repeat visits for the same problem, or many visits without a successful resolution, it tells you a lot.

Examples would be flat batteries, transmission shifting, and so on.

Do you think I can ask whichever sales person I am dealing with for the service records? If they agree to provide them, should I trust that the sales person is providing the complete service records? I've never really dealt with this type of approach and I want to make sure I go in there with the proper ammo. It's always been the numbers game and getting financing. This time I have my financing already so it's all about the price and the vehicle.

Recognize that KBB values are absolutely worthless. KBB trade in is about what you should pay for a dealer non-cpo.

Get a PPI done, even if they just did a CPO. Dealers lie, you have no recourse once your buy it.

Edit: Ask the salesman for the records, he will probably say no. You can ask to see the CPO checklist- THAT they are required to provide to the buyer.

I would be friendly with the sales rep, and ask him to walk over to the service counter with me, and with the key. I would ask the service advisor to scan the key, and hand me the printout. I would also ask for a copy of the CPO checklist.

If a dealer didn't want to provide me with the records, I would thank him for his time, and tell him I was leaving now to go find another dealer. And then I would leave.

I realize that but it's still SOMETHING to go on. Between the KBB values and the fact that the dealer's other similar vehicles are 6k more than this one...it's at least a yellow flag.

Based on that, are you implying that sometimes they skip over items on the checklist or may notate an issue but still pass it for CPO?

The CPO checklist won't have things on it that make it fail a CPO, since they have to forward it to BMW to register the warranty. The importance of having it is later, if something is broken, you can point out that they certified it wasn't broken, so it should be their dime to fix it.

And note that Ard doesn't imply much, he comes right out and says it. ;) Ard is very direct, I tend to give them the benefit of the doubt a little more. The common theme with both of us, I think, is that we agree it is your responsibility to check what you are buying, and to document everything to the greatest extent possible.

And if they do give me service records and nothing is a repeat fix?