I don't know what's up with CA but that seems just nuts, especially with those miles. I just saw a '99 M3, 14k miles, $34.9g obo at a Lexus dealer. Not a CPO, but it looks cherry. Could probably get that one for around $32k. There's also a black CPO '98 M3 Convertible in my area with 32k on the odometer for $37.9g.