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Yeah I would avoid putting too much stock in what Carfax says about previous owners. Obviously there's some peace of mind with one-owner cars, but I'd more heavily weight mileage, pre-purchase inspection, and my own gut feeling about how the car looks, runs, and rides.
As mentioned above, Carfax numbers get inflated because they count transfers between dealers as changes in ownership. When I bought my e90, Carfax report showed 7 previous owners, but when I dug deeper, it turned out ownership transferred 3 times in about a year with nearly zero miles added to the odo in that time. All evidence pointed to the car being shuffled around between dealerships, perhaps with one owner who ran into financial trouble and had to sell it back to the dealer.
At any rate, the car is clean and solid, confirmed by both my local Indy shop during PPI and ACM while servicing the rod bearings. Drives like a dream.
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