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Per Carfax I'm the NINTH owner of my '08, and it's one of the cleaner and more well-sorted cars I've had.
I battled with the same question for a while: "Why did nobody else want to keep this car?" but ultimately a clean PPI, clean title, and clean car put those fears to rest, and I'm glad.
Some of mine is some quick shuffling around dealers or within a family, it seems, since it was the same area with very few miles added, similar to what Eja144 mentioned above. The rest? Who knows, but it obviously hasn't had much ill effect on the car, as any visual or mechanical inspection could tell you.
Plenty of people shuffle through cars every 6 months to a year regardless of how perfect the car is, so would I look at a car more critically if it had a thousand owners? Definitely. Would I cross it off my list? Not at all.
...I know, I know, spoken like the driver of a 9-owner M3, but I love the car and have had zero issues that I wouldn't have had with a 1-owner E92 M3.
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