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I need extended warrenty help for my 98 BMW

Discussion in 'General Automotive Discussion' started by Auraraptor, Apr 22, 2004.

  1. Auraraptor

    Auraraptor F1 World Champ
    Owner Lifetime Rossa

    Sep 25, 2002
    11,034
    MO
    It is a 98 750iL with 61,000 miles. I only drive it 4000-5000 miles a year on average.

    I do not care as much about price or limitations as much as quality. I just want it to be a very good warrenty that I can fall back on when things pop up. It has to be better then CPO or at least its equal.

    What are your suggestions?
     
  2. AnotherDunneDeal

    AnotherDunneDeal F1 Veteran

    Jun 2, 2003
    5,308
    N.Richland Hills, Tx
    Full Name:
    James Dunne
    Be very careful about the companies that send you info in the mail or hit your inbox on the internet. These are terrible.

    I would suggest you go to the BMW dealer and sit down with one of the finance guys and see what they have to offer. They usually have some they can sell that do not need to be CPO cars. It may require an inspection of your car by their shop to ensure that they are not going to warranty and existing problem. Usually a one to two hour maximum on the inspection will tell them all they need to know. They can sell them on the number of years of protection you need or adjust for miles or both. Say, something like a 3 year, up to 100,000 policy or 2 years, up to 100,000 miles or something like that. I know we have done it a lot. Some dealers will not do it unless the car is being sold off their lot but usually a franchise dealer will get it done. Anyway, it is extra profit for them when they sell it.

    Good luck.
     
  3. Mitch Alsup

    Mitch Alsup F1 Veteran

    Nov 4, 2003
    6,504
    Instead of buying a warentee, why not just set aside some money every month and stash it away in a bank account and use that if work is needed. The vast majority of the time, these longer warentees have negative value to the buyer.
     
  4. AnotherDunneDeal

    AnotherDunneDeal F1 Veteran

    Jun 2, 2003
    5,308
    N.Richland Hills, Tx
    Full Name:
    James Dunne
    Depends on what could happen to the car. The V12 is quite expensive to do any major work on. However, I do agree about the negative value. You will probably see a cost of something around $3,500 for a 36 month/up to 100,000 miles on the odometer warranty. And it will usually have a $50 to $100 deductible per incident. So you have to factor in, "will I spend more than $3,500 in repairs over the next 2 to 3 years if I am only driving it about 12,000 miles during that time total"?

    I would have a hard time suggesting that you go ahead and purchase one as I believe that if the car has been good up to this point and you have it checked out to see if it looks like it is going to be needing something, it might be best to set aside $3,500 in an interest bearing account and do as Mitch suggests. Pull out of it as you need it. You might just end up saving a bundle. It is all a roll of the dice as all insurance is........................
     
  5. LA Swede

    LA Swede Formula Junior

    Dec 5, 2003
    369
    SoCal
    you may want to stay with BMW warranty and stay away from less expensive companies like WarrantyGold.com etc. I remember thinking about a warranty for my Benz and read about one guy who saved a few hundred on the purchase of the warranty, over the Benz one, when he went to an internet company. The company went bust, and now he has no warranty... Not only did he lose the money he paid, there were no savings, but he also cannot buy the Benz warranty because his mileage is now too high, which it was not when he bought the internet warranty.

    Just a thought.
     

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