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BMW 7 Series, Sedan
#11 of 121 Extended Wty for 2001 740i??
Mar 02, 2005 (3:18 pm)
In advance I'm sorry for length of msg, but just trying to provide background:
We're very close to buying a 2001 740i Sport, 59K miles...to the best of my research, it appears to be clean title, 1-owner CA car, very good mech shape, etc. We would be buying it from a small wholsale operation that does have a very good reputation for both their sales and servicing of "high-end" German cars.
Now I'm finding out that hardly any ext wty company will do biz in CA...a couple will, but not many. Extended wty through dealer is underwritten by Assurant (they do the BMW CPOs) and will cost $4000 for 36mo/36k miles, $100 deductible. Coverage looks pretty comprehensive, and "clause #12" on their T&C's basically states any part NOT on exclusion list IS covered.
We've never had a BMW before, so we're wondering if we should just save the $4K and use down the road for possible repairs, or do we just go ahead and buy the Assuant wty.
Appreciate any advice/experiences/opinions/info....thank you!
#12 of 121 Re: Extended Wty for 2001 740i?? [brm49]
by kyfdx@Edmunds HOST
Mar 03, 2005 (7:09 am)
I'm not going to be very helpful here, but....
If you are buying a car that requires a $4000 warranty, you are just asking for trouble.. I'm not saying that a 740i doesn't require a warranty (it definitely does), but the price should be a tipoff that you won't have a really happy experience with that car..
3rd party warranty companies are always iffy.. Call around and see if you can find a repair shop that will honor that warranty, before you buy..
Or, look for an '02 at a BMW dealership that is CPO.. and has at least 3 years of warranty left.. BMW backs their own warranties.. I doubt this company has anything to do with them..
Sorry I don't have better news or advice.. I know this isn't the answer you were looking for..
#13 of 121 Re: Extended Wty for 2001 740i?? [kyfdx]
Mar 03, 2005 (11:30 am)
Thanks for the input. I agree $4k is pretty much rape, but, if you're unfamiliar with the situation in CA right now vis-a-vis auto extended warranties, then let me just sum it up by saying as of July 1, 2004, It Sucks.
Very few, and I mean hardly ANY companies will sell individual policies in CA due to the taxes and surcharges that the CA insurance commissioner imposed. The few that do get away with it do so by selling only online, therefore they are able to say the policy was sold in, say, Ohio. The "good" news with these couple companies is the wty is in the $2500 range for 48mo/48k...but the bad news is it's just major components and not a more comprehensive "bumper-to-bumper."
I have checked up on Assurant...they are insured and reinsured. They are the company that underwrites and administers the CPO wty's for BMW, among others...at least according to WarrantyWeek. http://www.warrantyweek.com/archive/ww20041214.html
I wish I could follow your advice to buy an '02, but right now they're too expensive (for me), plus I do prefer the looks of the '01. Another option is to buy an '01 from a dealer with a CPO, but most BMW dealers are so full of crap. They push CPO as a "6yr/100k" wty, when it's nothing of the sort. It's really a 2yr/50k once the original 4yr/50k expires (which is this year if not already), and although it only costs them in the neighbord of $1600-$1800 to CPO a car, they run their line of b.s. telling you that makes the car worth the add'l $2-$5K they tack on.
Obviously, my options are limited so ultimately I have to bite the bullet one way or the other. I either have to deal with a BMW dealer and pay considerably more, pay $4K for 3rd party wty, pay less for less coverage on wty, or don't buy wty and keep reserve fund for repairs. None are great choices, but it's a damn fine car, so NOT buying just aint an option!
#14 of 121 I know what you mean..
by kyfdx@Edmunds HOST
Mar 03, 2005 (11:39 am)
If my only two choices are:
1) Buy the car, keep $4K in the bank for repairs.
2) Buy the car, pay $4K for an extended warranty.
I'll pick #1... Just don't take money out of that fund for maintenance and wear/tear items..
And, once the fund is exhausted, it is time to sell the car.
#15 of 121 I just bought a 2003 745LI and I'm ecstatic!
Mar 24, 2005 (1:24 pm)
Luxury seating, premium sound distance control 35K miles....all for
I included some bumper-to-bumper maintenance (in addition to the regular 6 yr 100K mile warranty!
#16 of 121 Purchased
Apr 05, 2005 (4:11 am)
#17 of 121 Purchased 2005
Apr 05, 2005 (4:14 am)
Purchased new 745Li for 3k over Invoice. Appx $4.5k off. New 2006 coming out but new money rate will add almost 2% interest rate to lease cost so 2005 attactive even with smaller engine and no Bluetooth.
#18 of 121 Re: Purchased 2005 [mitch5]
Apr 08, 2005 (2:40 pm)
Interest rate on a lease SHOULD BE more attractive by the time the 2006's begin arriving around June 1st. First deliveries will obviously go to dealers as displays and were ordered quite some time ago. You're right about the difference in pricing, about 2%. I ordered a 2006 with the hopes that the 2005s will be gone for all practical purposes and BMW will make the 2006 rate more market friendly.
#19 of 121 looking at 95 740iL
Apr 21, 2005 (10:42 am)
Looking at 95 740iL from local owner. Have all of his service records from same service place as I use. Car has high mileage 255k. Clean in and out. asking $7500. What should I be thinking?
#20 of 121 Re: looking at 95 740iL [hprotzmn]
Apr 22, 2005 (9:59 am)
You should be thinking....
how much disposable cash do you have to pay for the obvious repairs/replacements in a 255k mile car?
Ball joints/tie rods/ struts
misc electronic bugs
Then take that number and add it to the $7500 to determine the true price.
Then add to that the time taking it to your mechanic, not having the car, aggravation...
and come to your senses.
The issue isn't how many miles that car has, the issue is how many miles does that car have left before major repairs are required. Not many from my personal experience.