[E34_518i]

is $3075 a good deal for 7-year 1000000-mile BMW's own extended warranty?

I got several quotes from BMW dealers, both local and online. The $3075 was the lowest that I got. It's for my 2023 M2 and the quote is for the BMW "Platinum" plan that's supposed be the highest level for BMW's own extended warranty. It took me a long time to finally find a finance manager was willing to go that low. (probably helps that it's now the end of the month and he needed to fill some quota?)

It will essentially cover me for 3 extra years after the original warranty expires. My thinking is that if anything major breaks, the bill will most likely be $2000 or $3000. So if I use it just once during those 3 years, I basically break even. (if not, BMW wins, but I still have the peace of mind those 3 extra years)

Or is it wiser to save the $3075 and take a chance?

[JABCAT]

So you're asking if $3,075 is a good deal for a 3-year/50k warranty.

1. How long do you plan to keep the vehicle
2. How many miles will you drive
3. Can you perform maintenance & general repairs yourself

Generally it's advisable to put that $3k in an investment account, or pay yourself a "maintenance/repair" allowance every month, put it away for if/when you need it. The other issue with buying it now is it kicks in immediately, so you're basically paying for coverage you already have. If you decide to sell or trade before the end of your factory warranty, you receive just a pro-rated refund, so you lost that money.

[kamendex]

Statistically speaking, if you hold that money you are better off if you believe there is a greater chance of not having a major problem than having one. If you got the plan you would need to have not one, but two major issues since having one would just break you even and be the equivalent of not buying the plan at all. TLDR, don’t get it. If an extended warranty didn’t favor the company over the consumer, they’d never sell it.

[M_Power Rob]

Originally Posted by E34_518i

is $3075 a good deal for 7-year 1000000-mile BMW's own extended warranty?

I got several quotes from BMW dealers, both local and online. The $3075 was the lowest that I got. It's for my 2023 M2 and the quote is for the BMW "Platinum" plan that's supposed be the highest level for BMW's own extended warranty. It took me a long time to finally find a finance manager was willing to go that low. (probably helps that it's now the end of the month and he needed to fill some quota?)

It will essentially cover me for 3 extra years after the original warranty expires. My thinking is that if anything major breaks, the bill will most likely be $2000 or $3000. So if I use it just once during those 3 years, I basically break even. (if not, BMW wins, but I still have the peace of mind those 3 extra years)

Or is it wiser to save the $3075 and take a chance?

A million miles???

[E34_518i]

Originally Posted by M_Power Rob

A million miles???

sorry about the typo. I meant 100000. (one hundred thousand miles)

[///M TOWN]

Sounds reasonable to me

[OldButSmooth]

Originally Posted by E34_518i

is $3075 a good deal for 7-year 1000000-mile BMW's own extended warranty?

I got several quotes from BMW dealers, both local and online. The $3075 was the lowest that I got. It's for my 2023 M2 and the quote is for the BMW "Platinum" plan that's supposed be the highest level for BMW's own extended warranty. It took me a long time to finally find a finance manager was willing to go that low. (probably helps that it's now the end of the month and he needed to fill some quota?)

It will essentially cover me for 3 extra years after the original warranty expires. My thinking is that if anything major breaks, the bill will most likely be $2000 or $3000. So if I use it just once during those 3 years, I basically break even. (if not, BMW wins, but I still have the peace of mind those 3 extra years)

Or is it wiser to save the $3075 and take a chance?

Is this warranty scheme underwritten by BMW itself or a third party? I ask as I was recently contacted by a law firm regarding a class action relating to additional warranty that I purchased when taking delivery of a Range Rover. Evidently, the Range Rover extended warranty was underwritten by a major insurance company, hence, there may have been issues regarding the extended warranty and the honouring of same...please check the terms and conditions regarding this additional warranty to ensure it is actually BMW rather than a seperate entity.
Good luck

[Ronin76]

Originally Posted by E34_518i

is $3075 a good deal for 7-year 1000000-mile BMW's own extended warranty?

I got several quotes from BMW dealers, both local and online. The $3075 was the lowest that I got. It's for my 2023 M2 and the quote is for the BMW "Platinum" plan that's supposed be the highest level for BMW's own extended warranty. It took me a long time to finally find a finance manager was willing to go that low. (probably helps that it's now the end of the month and he needed to fill some quota?)

It will essentially cover me for 3 extra years after the original warranty expires. My thinking is that if anything major breaks, the bill will most likely be $2000 or $3000. So if I use it just once during those 3 years, I basically break even. (if not, BMW wins, but I still have the peace of mind those 3 extra years)

Or is it wiser to save the $3075 and take a chance?

This is something I have been thinking about as well. Prior to looking into getting the G87 I was really set on a Cayman GTS 4.0 or a CPO 991.2. Over on Rennlist there is a monster thread on the Fidelity Platinum Warranty (basically bumper to bumper) that the guys over there were buying. The coverage seemed to be pretty solid and they spoke highly of it. The newer the car and lower the milage would get you the best price (understandably so).

I spoke to one of the guys who were selling that warranty and I got a quote for $3,530 for 120 months and 100k miles with a $250 deductible. I really thought about getting this but what keeps sticking in my head that bothers me is kind of what JABCAT said. The 1st 4 years are already covered by BMW. So in a sense I am paying for the 1st 48 months and I won't be able to use it because the car is already covered under BMW.

I decided I will probably pass on the initial purchase BUT will look at it again as I get closer to the end of the BMW new car warranty. I do plan on keeping this car for 8 to 10 years so I would like to have some peace of mind and and bumper to bumper warranty would give me that. I know going this route I risk the cost increasing because the car will be older and will have more miles (I think when you pass 20k miles the price moves to the next price range) but that is something I am willing to accept. I know there are guys in this forum and other car forums who are against these warranties but everyone's risk threshold is different. I am more risk adverse and this will make me feel better but again, I think I will wait on this purchase.

[Bret]

Originally Posted by Ronin76

I do plan on keeping this car for 8 to 10 years so I would like to have some peace of mind and and bumper to bumper warranty would give me that. I know going this route I risk the cost increasing because the car will be older and will have more miles (I think when you pass 20k miles the price moves to the next price range) but that is something I am willing to accept. I know there are guys in this forum and other car forums who are against these warranties but everyone's risk threshold is different. I am more risk adverse and this will make me feel better but again, I think I will wait on this purchase.

I have yet to see an extended warranty that makes financial sense.
They range from extremely profitable for the dealerships to outright rip-offs. Most everything that you have written here confirms that buying an extended warranty is an emotional decision and not a financial one. If you can't feel good about buying the car without having an extended warranty, then what your gut is telling you is that you're overextending yourself financially. If you're doing that, at least do the smart thing and don't double down by making a bad financial decision. Instead, save money while your car is under warranty so that you'll have enough for a major repair if you ever need it. If you don't, you'll be in better shape when it comes to purchasing your next car.

[Ronin76]

Originally Posted by Bret

I have yet to see an extended warranty that makes financial sense.
They range from extremely profitable for the dealerships to outright rip-offs. Most everything that you have written here confirms that buying an extended warranty is an emotional decision and not a financial one. If you can't feel good about buying the car without having an extended warranty, then what your gut is telling you is that you're overextending yourself financially. If you're doing that, at least do the smart thing and don't double down by making a bad financial decision. Instead, save money while your car is under warranty so that you'll have enough for a major repair if you ever need it. If you don't, you'll be in better shape when it comes to purchasing your next car.

I am pretty sure that is what I said when I stated that I will pass on getting the warranty when buying the car as it would be wasted money.

[Pickle of the Turk]

1- These are attached to the car's VIN, not dealer. You can buy it direct from "My BMW" and any official dealer will have to comply with it.

2- Imho get the maintenance plan instead of warranty. The extension plans cover the brake rotors and pads, so it instantly makes it worth it for me. Having the big 50k service cost $0 was great when it looks like it would've cost close to $2k when the extension to 50k was only $1k, plus the three sets of pads I've had since the car was built makes it worth.

Though, check #2. The maintenance extensions cover the brake pads/rotors on my 330i, might be different for M cars.

[JABCAT]

Originally Posted by Pickle of the Turk

1- These are attached to the car's VIN, not dealer. You can buy it direct from "My BMW" and any official dealer will have to comply with it.

2- Imho get the maintenance plan instead of warranty. The extension plans cover the brake rotors and pads, so it instantly makes it worth it for me. Having the big 50k service cost $0 was great when it looks like it would've cost close to $2k when the extension to 50k was only $1k, plus the three sets of pads I've had since the car was built makes it worth.

Though, check #2. The maintenance extensions cover the brake pads/rotors on my 330i, might be different for M cars.

3 sets of brake pads? I don't think I've ever gone through 2 sets of brake pads on any vehicle I've owned. I've also never had to replace rotors in less than 100k mi. That said, rotors & pads aren't expensive, nor difficult to change yourself. Not something for which I'd pay dealer markup.

[BroDoze]

LOL

I’m replacing the stock pads before I even drive the car.

[Charles B]

Accounting 101 - extended warranties are pure profit. Bank the money if you can.

[lutfy]

Price out if the Geico plan works for you.

I got one for my LR Defender. It was marginal (per month), is transferable IF the buyer has Geico as well.

7/100k but must be purchased during 15 months/15k of ownership.

https://www.geico.com/auto-insurance...own-insurance/

[ajaj96]

My dad pays about 7k a year for his Aston Martin warranty, so from my experience 3k for 50k is a good deal lmao.

[ourlee]

Aston Martin tax lol. Where’s our Aston pic?

[JaserNY]

Originally Posted by lutfy

Price out if the Geico plan works for you.

I got one for my LR Defender. It was marginal (per month), is transferable IF the buyer has Geico as well.

7/100k but must be purchased during 15 months/15k of ownership.

https://www.geico.com/auto-insurance...own-insurance/

Yep I’ll second this, Geico seems the best from my experience. The price varies by car (my Honda was $75/6mo, X3 $125/6mo, M440 $150/6mo). I’ve never had to use it but it’s good and cheap for peace of mind.

[c1pher]

I have owned 39 cars in my lifetime. I have never needed an extended warranty. I bought a few and then realized it was a waste. You don’t get the money on resale either if you sell before the warranty period is over. Maybe a private sale may pay more because of it, not 100%.

[DutchBoysRacing]

I got the extended warranty for 7 years. I think it really depends on your usage. I can't imagine for a car that's only a daily driver it would be worth it.

This is why i bought it, no idea if it makes sense or I am just justifying it.

I track the car about 10-14 times a year. That is a lot more abuse on the power train than the average user. So I am way more likely to run into issues in year 4-7 when the warranty is active. Best case scenario is my engine goes pop year 6 or 7 and I get a freshie to tune and abuse. I also daily the car around town but most of my miles are running errands and driving to the track.

I know BMW probably won't cover issues that happen on the track.

[JABCAT]

Originally Posted by DutchBoysRacing

I got the extended warranty for 7 years. I think it really depends on your usage. I can't imagine for a car that's only a daily driver it would be worth it.

This is why i bought it, no idea if it makes sense or I am just justifying it.

I track the car about 10-14 times a year. That is a lot more abuse on the power train than the average user. So I am way more likely to run into issues in year 4-7 when the warranty is active. Best case scenario is my engine goes pop year 6 or 7 and I get a freshie to tune and abuse. I also daily the car around town but most of my miles are running errands and driving to the track.

I know BMW probably won't cover issues that happen on the track.

Definitely read the fine print on the BMW extended warranty/service contract. Most are immediately void if any modifications are present or if you track the car.

[W///]

Originally Posted by M_Power Rob

A million miles???

Hell yea it's worth it for that