Debating Extending warranty.

[MZWIE]

I have owned 9 BMW's so far. Started with 2002tii. So I will respectfully disagree. I stand by my statement.

Extended warranties are a scam and a waist of money. Send me your money and I promise I will come fix your car.

[champignon]

Originally Posted by e34m5

I have owned 9 BMW's so far. Started with 2002tii. So I will respectfully disagree. I stand by my statement.

Extended warranties are a scam and a waist of money. Send me your money and I promise I will come fix your car.

I think that this is a bit of an overstatement.

It is true, without any question, that extended warranties are a moneymaking product for those who sell them. If you total up all the money paid in to buy them, then subtract out the money paid out in repairs and some reasonable amount of money to administer the program, those who sell the warranties come out big. It is no wonder that appliance stores & manufacturers, plus car sellers and manufacturers, push these things as hard as they do.

On the other hand, if you buy the extended warranty from a reputable seller and it comes from a reputable company, the warranty can provide "peace of mind," especially when buying something like a used car.

In general, I don't buy them, but on occasion, I do, especially if the price is attractive. Carmax's extended warranties are not that expensive and if you choose a deductible that you can afford to pay, the price can even be reasonable. I have also bought them on some major appliances, which can be a huge nuisance to get replaced or get repaired with my schedule, especially in my main house which is in a rural area where I might have to wait 2 to 4 weeks to get an acceptable replacement delivered, whereas there are decent repair people who can come on short notice to fix those things.

You might react to this by saying, so what, just pay for the repair when it comes up? From a strictly financial standpoint you might be 100% correct, however you might also be faced with a decision as to whether the item is worth the cost to repair it, if something major goes out, for example on a 4.5 year old refrigerator. That kind of decision can be a huge time waster if you don't have the time to deal with it. So, when I buy a new and expensive Fridge or Dishwasher, I might decide that I just plain don't want to deal with it for the next 5 years, and pay up for that warranty, which might cost a couple of hundred dollars, rather than perhaps be faced with having to buy another one in 3.5 years, the whole process of which is totally uninteresting and time wasteful, at least to me.

[Mr Rooty Von Tooty]

Originally Posted by e34m5

I have owned 9 BMW's so far. Started with 2002tii. So I will respectfully disagree. I stand by my statement.

Extended warranties are a scam and a waist of money. Send me your money and I promise I will come fix your car.

I always get a kick out of statements like this!

The real issue here is why have you bought so many BMWs? It sounds like you kept buying them to avoid any repairs. Each of my personal cars have lasted me nearly 10 years each. In fact, I could have kept each longer.

I do notice that BMW owners do buy a lot of the brand. I can't see any good reason why, because the cars don't really change all that much from generation to generation.

Anyway, guys like you certainy keep BMW's accountants smiling!

[MZWIE]

I buy BMW's because in my opinion they are always technically ahead of the rest.

For your info. Every one of the cars I owned has been driven for over 150k miles. I've never had to do a major repair.

It appears you are a johnny come lately to BMS so I shall not be to bothered by your lack of experience.

If you don't like BMW's why do you have one.

[Mr Rooty Von Tooty]

Originally Posted by e34m5

I buy BMW's because in my opinion they are always technically ahead of the rest.

For your info. Every one of the cars I owned has been driven for over 150k miles. I've never had to do a major repair.

It appears you are a johnny come lately to BMS so I shall not be to bothered by your lack of experience.

If you don't like BMW's why do you have one.

I've owned two BMWs. A 1970 2002, and my current car. Also I deal in the collectible car market primarily German cars. I've had decades of experience with them, and I'm well aware of the various issues they have.

When I hear guys like you make an outrageous claim of having 9 BMWs putting 150K+ on each without major problems and never having to do a major repair on any of them in the entire period of ownership, I know you are a liar or suffer from delusions likely associated with schizophrenia.

What do you do for a living? Sell cars? I'll now refer to you as lying e34m5, because you'll always change or modify what you say to fit your distorted concept of reality.

[VRG_135]

$2100+ in repairs at the dealership ($1500+ at an independent shop?)
Well worth the expense.
Coil replaced
Transmission pan gasket leak
leaking oil filter gaskets

$0 cost to me, and got a loaner car.

[VRG_135]

Originally Posted by e34m5

I have owned 9 BMW's so far. Started with 2002tii. So I will respectfully disagree. I stand by my statement.

Extended warranties are a scam and a waist of money. Send me your money and I promise I will come fix your car.

e34m5, do you have life insurance?

[champignon]

Originally Posted by VRG_135

e34m5, do you have life insurance?

This is actually not a very meaningful question and it implies a lack of understanding about what life insurance is, and what it is not.

"Life Insurance" is really a cross between catastrophic insurance that pays out when a person (most commonly a young person) unexpectedly dies, and a savings/estate planning vehicle, with more of one and less of the other depending upon the particular design of the policy. Extended warranties are service plans guaranteeing the performance of a given (usually mechanical) product for a particular service period, which have deductibles and durations that are based upon the premium paid.

There is very little correlation in why a given person might benefit from "life insurance" vs. an extended warranty on a given mechanical product. There is a huge group of people who justifiably have absolutely no reason to purchase life insurance. These include people with no heirs or dependents, people whose money is better invested in another fashion, people with prior or current illness for whom policies can not be purchased at an affordable price. To imply that a person needing or choosing to buy life insurance should or should not purchase an extended warranty/service plan on a car implies very little to no understanding of either "insurance" product.

[PA135i]

Originally Posted by doublevanosrc

Those N54 injectiors are a bit pricey.

I believe the injectors were recalled .. so this would not be a warranty item.

$3500 is a big insurance payment to make. You will have a repair issue but not likely to total more than $3500.

[MZWIE]

Originally Posted by Mr Rooty Von Tooty

I've owned two BMWs. A 1970 2002, and my current car. Also I deal in the collectible car market primarily German cars. I've had decades of experience with them, and I'm well aware of the various issues they have.

When I hear guys like you make an outrageous claim of having 9 BMWs putting 150K+ on each without major problems and never having to do a major repair on any of them in the entire period of ownership, I know you are a liar or suffer from delusions likely associated with schizophrenia.

What do you do for a living? Sell cars? I'll now refer to you as lying e34m5, because you'll always change or modify what you say to fit your distorted concept of reality.

Very mature on your part. Oh well.

[doublevanosrc]

Originally Posted by PA135i

I believe the injectors were recalled .. so this would not be a warranty item.

$3500 is a big insurance payment to make. You will have a repair issue but not likely to total more than $3500.

The one the dealer was pushing was $3500 but I passed on it. I found one for $2400 with no deductible and loaner car service which I'm currently pondering. I still have time since the original warranty doesn't expire til November of this year. Loving the feedback and comments on this thread so far.

[Mr Rooty Von Tooty]

Originally Posted by doublevanosrc

The one the dealer was pushing was $3500 but I passed on it. I found one for $2400 with no deductible and loaner car service which I'm currently pondering. I still have time since the original warranty doesn't expire til November of this year. Loving the feedback and comments on this thread so far.

Good man. Most of the so called deals in this world are all shit. If one looks a bit, one can find some amazing deals. The reason why most people pay too much is they can't believe there are better deals or lower prices! Also they are ball less!

[Gangplank]

This is an example of why I bought an extended warranty.

http://www.1addicts.com/forums/showt...7#post19857177

Personally I chose the Route66 warranty through my credit union

[doublevanosrc]

Originally Posted by Gangplank

This is an example of why I bought an extended warranty.

http://www.1addicts.com/forums/showt...7#post19857177

Personally I chose the Route66 warranty through my credit union

Yes the route66 is the best on I've found so far.

[Gangplank]

Yep. + fully transferrable if you ever sell the car.

[Hankdoll]

Originally Posted by Gangplank

This is an example of why I bought an extended warranty.

http://www.1addicts.com/forums/showt...7#post19857177

Personally I chose the Route66 warranty through my credit union

Route 66 looks good. My credit union offers Member's Choice. Reviews were good, but $7,800 for the "platinum" plan (60m/90k miles, $0 deductible). Oddly, the plan starts the day of purchase regardless if currently covered under manufacturer's warranty. This seems like a waste or a reason to wait until last minute. Is Route 66 like this too?

[Schalldampfer1]

Originally Posted by Hankdoll

Route 66 looks good. My credit union offers Member's Choice. Reviews were good, but $7,800 for the "platinum" plan (60m/90k miles, $0 deductible). Oddly, the plan starts the day of purchase regardless if currently covered under manufacturer's warranty. This seems like a waste or a reason to wait until last minute. Is Route 66 like this too?

I have Member's Choice and I didn't pay anywhere near that for the top line package which may have been called platinum also. My package was 4 years/50k miles $250 deductible for $2,800. Maybe opt for lower miles and add a deductible?

[Gangplank]

Originally Posted by Hankdoll

Route 66 looks good. My credit union offers Member's Choice. Reviews were good, but $7,800 for the "platinum" plan (60m/90k miles, $0 deductible). Oddly, the plan starts the day of purchase regardless if currently covered under manufacturer's warranty. This seems like a waste or a reason to wait until last minute. Is Route 66 like this too?

Not at all. Route 66 is less than half that, no deductible and starts when you buy the warranty.
https://www.penfed.org/Route-66-Extended-Warranty/

[Hankdoll]

Originally Posted by Schalldampfer1

I have Member's Choice and I didn't pay anywhere near that for the top line package which may have been called platinum also. My package was 4 years/50k miles $250 deductible for $2,800. Maybe opt for lower miles and add a deductible?

I'll go down the list and look for a less time with a deductible. Have you had to use it yet? Good experience? I still have a year left of factory warranty so I'll have to wait.

Originally Posted by Gangplank

Not at all. Route 66 is less than half that, no deductible and starts when you buy the warranty.
https://www.penfed.org/Route-66-Extended-Warranty/

That's good. I still think it's strange it doesn't stack with factory warranty like BMWs extended warranty does. It would be nice to lock in the price now.

[135ifanatik]

I recently bought my 2012 BMW 135i. It still has the 2 year BMW Certified Warranty and I purchased third party 4 year warranty. The extended warranty cost me ($1900) they gave me a good deal on it.

Overall, I get 6 years of warranty where I don't have to worry about any huge payments.. which I am very happy about.

I would highly consider it, but if they are charging you something ridiculous, I would probably not go for it.

[champignon]

Originally Posted by 135ifanatik

I recently bought my 2012 BMW 135i. It still has the 2 year BMW Certified Warranty and I purchased third party 4 year warranty. The extended warranty cost me ($1900) they gave me a good deal on it.

Overall, I get 6 years of warranty where I don't have to worry about any huge payments.. which I am very happy about.

I would highly consider it, but if they are charging you something ridiculous, I would probably not go for it.

Be careful that those warranties don't overlap; read the fine print. If they do, then you are double covered for the 1st two ears, and only have 2 additional years. You need to be sure your third party warranty starts when the CPO warranty ends. A close reading of your contracts will be needed to confirm that.

[135ifanatik]

Originally Posted by champignon

Be careful that those warranties don't overlap; read the fine print. If they do, then you are double covered for the 1st two ears, and only have 2 additional years. You need to be sure your third party warranty starts when the CPO warranty ends. A close reading of your contracts will be needed to confirm that.

Yes, I checked The other warranty expires in 2022.