Make sure you expand your search to "All" locations, it's worth the drive. I found a CPO one (immaculate '99 M3 Convertible, 5-speed w/dove grey interior) with 30K miles for $31K 180 miles from here.
If you find a car in the snow belt, you will be in a good position to negotiate a great deal. Convertibles sit around on dealer lots "unloved" all Winter long.
I bought mine late last Spring from Baron BMW in Kansas City. With one month of negotiations, I got them to knock $4000 from the listed price. When I went to pick her up, there were 3 other immaculate E36 M3 convertibles sitting there on the lot, in the snow. Everybody wanted an X5 or some crap like that.
Dealer, on ebay actually. Bought sight unseen, but lot's of pictures and phone calls with the dealer, and lot's of research. Buying through ebay AND with a credit card also gave lot's of transaction insurance..
and it was actually in BETTER shape than the dealer claimed, just one little tiny chip barely noticeable...other than that and the darn hard to keep looking nice dove seats, it's damn near perfect.
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