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I just ordered a 328i from a local dealer (I'm in Portland) and used Costco first to see what I could get, which was a quote for about $800 over invoice. I probably would have taken it, too, but after a little time firing off emails to other dealers, ended up taking a better price quote elsewhere.
I bought my previous vehicle using Costco as well. In both cases (thanks to incentives) have managed to wind up with below invoice prices.
I say give it a shot. You don't have to settle for their first quote and can always negotiate down from there.
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