You are here: Forums Sedans BMW 5-Series BMW 5-Series Extended Warranties

BMW 5-Series Extended Warranties

42 messages,  Last post on May 02, 2008 at 1:06 PM

You are in the BMW 5-Series Forum. Your Hosts are pat & karens

What is this discussion about? BMW 5 Series, Car Warranties, Sedan, Wagon

Messages Page 5 of 5 1 2 3 4 5 Prev Next Last

Go To Msg # Search This Discussion

#39 of 42 2001 BWM 530 warranty question by edbarry12 Mar 01, 2008 (8:34 am)
I have been reading some of the posts in this forum this morning, and there seem to be some very knowledgeable folks who answer these questions, so am hoping to get some help on a couple of questions.   My father is the original owner of a 2001 BMW 530 with just under 40,000 miles. He is going to sell it, and I'm interested in buying it. He has purchased 1 year warranties twice now from BMW, which have since expired, and he's been told by BMW that he cannot purchase another.   If I purchase this car I will do so only if I can also purchase an extended warranty. I called my local BMW dealer to see if I could purchase a warranty from them, and they said I could only purchase it if the car had originally been purchased from them. That is not the case, so I believe I need to get a 3rd party warranty.   I've done some reading on purchasing extended warranties that cover both wear and tear, as well as mechanical breakdowns. Does anyone have any advice on reputable companies that I can get a quote from? Any advice on the length of the warranty I should get? Can I even get coverage for this type of vehicle and, if I can, is it even worth it (ie will I get nickle and dimed in the fine print and not qualify for repairs)?   Any advice or experience is most welcome.   Thanks! Replies to this message: shipo (Mar 01, 2008 1:40 pm) dfrilot (Mar 02, 2008 1:09 pm)
#40 of 42 Re: 2001 BWM 530 warranty question [edbarry12] by shipo Mar 01, 2008 (1:40 pm)
Replying to: edbarry12 (Mar 01, 2008 8:34 am) Many folks, myself included, would advise that you simply "self insure" by taking the money that you would otherwise spend on the warranty and set it aside for unscheduled repairs. While you may not make out on any one car, the betting is that over years that you are a car owner, you'll come out well ahead in the end.   FWIW, the last car that I bought the "extended warranty" on was my 1989 Chrysler LeBaron GTC 5-Speed, and the warranty didn't even come close to paying for itself. Following that car we've had a 1993 Ford Probe GT 5-Speed, a 1995 VW Passat GLX 5-Speed, a 1995 Plymouth Neon Sport 5-Speed, a 1998 Dodge Grand Caravan Sport 3.8, a 1999 BMW 328i 5-Speed, a 2002 BMW 530i 5-Speed, and a 2003 Dodge Grand Caravan ES 3.8. The grand total of the extended warranties that my wife and I didn't buy was somewhere just north of $15,000, and against that I can account for some $4,200 in unscheduled repairs. However, that isn't the whole story. Of those unscheduled repairs, almost $3,400 of them came after the extended warranties would have expired (i.e. on the far side of the 100,000 mile mark), and that means that had I paid the $15,000, I would have recovered maybe $800 in "free" repairs (and that doesn't even take into account that many of the warranties had a deductable).   I maintain that self-insuring is by far the cheapest way to pay for unscheduled repairs. Sure, you may not break even on any one car, but over the course of years and a parade of cars, you'll come out WAAAAY ahead paying for your own repairs.   Best Regards, Shipo
#41 of 42 Re: 2001 BWM 530 warranty question [edbarry12] by dfrilot Mar 02, 2008 (1:09 pm)
Replying to: edbarry12 (Mar 01, 2008 8:34 am) It's going to be difficult and expensive buying a 3rd party warranty that's of any real value... e.g: reasonable deductible, good coverage, reliable company.   If you're buying the car from your father (the original owner) and you know he's kept up on normal maintenance, then I would not buy an extended warranty. You're probably buying the 530 at a favorable price - right? If so, take it to the dealer and have a complete service check done before you buy it. Split the service cost with your father... you both come out ahead.
#42 of 42 Geico extended waranty...no need for CPO? by petp May 02, 2008 (1:06 pm)
Im considering buying out my lease on my '06 5 series and was thinking of CPO'ing it...which of course BMW charges you for. But after calling Geico last night to compare rates of buying a new car they said my insurance policy already covers my current car for 6 years/100K miles from the date of service for any mechanical problems (with a $250 deductible).   What does everyone think of this? any experience with geicos warranty? Im not concerned with any little thing that might go wrong, like a broken seat or something, Im mainly worried about a major repair...like an engine or tranny failure, which would be covered under geico's policy.

Messages Page 5 of 5 1 2 3 4 5 Prev Next Last

Go To Msg # Search This Discussion

You are here: Forums Sedans BMW 5-Series BMW 5-Series Extended Warranties