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"Punch" means the dealership reported the car to BMW NA as "sold" or "demo-ed"
Most likely 99% of 08 M3s are punched because dealership would collect 7500 trunk money to minimize their lose.
Most of case, you can buy at invoice -7500 (trunk money).
There are 2 different "punched" M3s are in dealerships.
Demo car- warranty started on the date they punched.
Speciality Demo car- Car is punched but warranty doesn't start until car is actually sold to the buyer.
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