should I buy theft recovery car?

so I found a 2002 BMW M3 in the color combo I like, all the options I want, under 20,000 miles... cost is $38,900... I wondered why, turns out it is a theft recovery vehicle.

it's being sold by an independent dealership (non-franchise) in Connecticut. I live in MA near Boston.

I'm guessing the warranty may no longer be valid since it's been stolen and recovered. I will run a carfax and see if I find anything on it. they have multiple pics on the website and the car looks mint, including interior. I'll be looking at the car in person tomorrow.

I can't drive it because it hasn't been inspected yet. should this raise a red flag? can I at least ask them to start the motor, etc. or maybe take a quick spin in a back lot somewhere? any other way I can convince them to let me test the car out?

also, will I still be protected by lemon laws, so the car could be returned if it's a total lemon?

any thing else I need to think of? I have no experience with this type of transaction so please let me know if this whole idea raises any "red flags".

thanks in advance for any / all replies; this would be an interesting way to pick up a nice car.

Ok, I just ran a carfax and it turns out it has a salvaged title. this is the only discrepancy on its carfax report.

what does this mean exactly? is it a total red flag, and should I not even think about buying the car?

thanks again.

Yeah any theft recovery will be a salvage title. Buying any car for that kind of cash w/out having it inspected AND test driving it would be pretty foolish and very risky.

Ask any specific questions on bimmerforums.com, those guys know everything about that car.

Good luck, great car.

It's probably a swimmer.

Big risk if it's a swimmer, especially if you need to replace the ecu etc.

Is there any way to find out what was stolen/replaced on the car. If the interior/rims were stolen then you're okay but you need to find out.

Two years ago my bro bought an integra typeR that was recovered and the only thing that was stolen out of it was the front seats, stereo and rims. He saved a ton of $$$.

the salvage title does not say "rebuilt" or "flood"

I checked the car over for obvious flood signs. none. it actually looks very clean.

still... I didn't exactly check the electrical stuff...

Best to pull off the door step covers and look for a dusty sort of brown haze.