Quote:
Originally Posted by MightyMouseTech
I have never bought an extended warranty. Companies sell this product to make a profit. The odds are in their favour.
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Quote:
Originally Posted by BayMoWe335
I have my own opinions on it, was curious what others did.
Personally, I never buy any extended warranty because they wouldn't sell them if they don't make money. I think they are 99% a ripoff.
I bought my 335i new. I think they wanted to sell me an additional 2 years for $3500 or so.
I've probably put <$1000 in my car out of pocket total (besides normal maintenance) since I purchased in 2009.
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Quote:
Originally Posted by KingOfJericho
Bingo.
I always shake my head when my friends leave the dealership having dropped $1,250 on a tire and wheel warranty without realizing they'll have to blow 4 tires or break three wheels before even breaking even on that deal. I ask them each time: If car insurance was 4x the price of your car, would you buy it? I didn't think so.
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Don't the companies make the cars to make a profit? What bearing does that have on whether or not it's worth it?
I'd always prefer to self insure. But for certain vehicles depending on what you plan on doing with them, an extended warranty can make sense.
I've had one M3 where an extended warranty which would have saved me a few grand. I had one M3 which i intended on selling before the warranty period was up and another M3 without extended warranty which was driven to 80k miles.
Current Range Rover Sport had an additional 3 year 40k miles warranty identical to the factory warranty along with wheel and tire replacement program for sale at purchase for $2800. Considering that i intended to drive it off road and keep it outside of the factory warranty period, it seemed like a reasonable gamble. Since it's transferable, it will help with a private sale. Yet if i don't want to transfer it, they will prorate the unused cost back to me upon selling the vehicle.
So far i've had two wheels either repaired or replaced at no cost to me. At $900 a pop for new OEM wheels, i'm fairly happy. Especially being able to use it as a selling tool when the time comes. All that said, this is the first time i've purchased one. The extended warranty on the M3 was given out by BMW over the early model E46 M3 rod bearing issue. But the vanos mechanicals get all bent up on that car and would have been $3500 to replace. (that was on top of the water pump pulley that broke off, punctured the radiator and warped all the other engine pulleys. Nice $2200 repair just a few miles out of warranty.)
Funny story about the VANOS.... the service advisor at BMW came out and told me that it wouldn't be covered by the extended engine and drive train warranty because it's not an engine internal. I walked him out to another E46 M3, opened the hood and asked him to point to the part that needed replacing. He said he couldn't show me because it was inside the engine. I just looked at him with my eyebrows raised.... and you could see when the light bulb came on. He said, hang on and went back to talk to the service manager. Came back and said, yes, it'll be covered. lol