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      09-29-2020, 04:49 PM   #1
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Longterm Ownership Question Re: Reliability and Extended Warranty

hello chaps,

so, how many of you are keeping your m35is beyond the factory warranty period of 4yrs/50k miles?

i financed my car because i usually keep my cars for about five or six years. i come from the world of lexus, so reliability and dependability have never really entered my mind because they've never been problematic. toyota/lexus truly does build indestructible vehicles.

anyhow, bmw is another story and i'm wondering how many of you are keeping your m35is and of those, how many of you are going to purchase a bmw-backed extended warranty. i got a quote today for 6yrs/75k miles for $3700 and 6yrs/100k miles for $4150. i have no perspective as to whether those are good quotes or total ripoffs because i don't have a whole lot of experience purchasing extended warranties. i'm still awaiting quotes from two additional dealers.

thoughts?

i will say, though, that of the three previous cars i've owned (yes, i'm relatively young at 35), i've only kept one for six years. the other two were ideally to be kept for six years but i became bored of them and got rid of them after three years and two years respectively.

everyone tells me that i should be leasing, but i feel like with leasing i can't do what i want to the car. i have to keep it pretttttty stock because it has to be returned stock for sure, so...
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      09-29-2020, 05:03 PM   #2
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oh, and the warranty quotes were for bmw platinum coverage, zero deductible agreements.
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      09-29-2020, 06:46 PM   #3
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Haha, funny questions. I'm 48 and this is like my 17th car. Don't ask how long am I going to keep it? Personally though, I would like to keep it 'in the family - wink-wink wife' if something better comes along so I can dump her minivan when I can afford it (post kids college - 3 more years).
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      09-29-2020, 07:00 PM   #4
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yeah, that's the thing that i'm afraid of that got under my skin with the previous lexus vehicle save for one -- they became boring after a bit and i wanted something new.

so this begs the question should i really honestly be looking at leasing my next vehicle? well, maybe, but where's the fun in that?

i have no spouse or children, so i'm held down only by my mortgage and that's not terrible, so i'm in a position where purchasing a luxury car is totally manageable.

but back to extended warranties -- i guess perhaps i should wait a year or so and then give it consideration? i feel like owning the car out of warranty would not be a wise move.
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      09-30-2020, 08:26 AM   #5
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Most folks will tell you the only one who makes money consistently on an extended warranty is the person who sells it. I struggle with the piece of mind factor, which should not be ignored. I leased this one (usually buy and hold) and I still sprung 500 for the extended maintenance in case I needed brakes. I will come close to recovering the cost through windshield wipers (who knew genuine BMW wipers could be so expensive) and if I need brakes I win. However the piece of mind of knowing I don't need to worry about that is important to me. As a finance guy by training I would suggest you start self insuring by putting away in a savings account the cost of the extended warranty divided by 36 (or 48) and hang on to that in the event of a repair you have the money and if you get rid of the car you have the money for your next car. Not unlike the concept of a HSA for medical once you have saved a year's deductible yo are basically covered going forward

Good luck and enjoy the car they are a hoot
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      09-30-2020, 08:59 AM   #6
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very good advice, rounderman . thanks so much for taking the time to post it!
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      09-30-2020, 09:10 AM   #7
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Quote:
Originally Posted by rounderman View Post
Most folks will tell you the only one who makes money consistently on an extended warranty is the person who sells it. I struggle with the piece of mind factor, which should not be ignored. I leased this one (usually buy and hold) and I still sprung 500 for the extended maintenance in case I needed brakes. I will come close to recovering the cost through windshield wipers (who knew genuine BMW wipers could be so expensive) and if I need brakes I win. However the piece of mind of knowing I don't need to worry about that is important to me. As a finance guy by training I would suggest you start self insuring by putting away in a savings account the cost of the extended warranty divided by 36 (or 48) and hang on to that in the event of a repair you have the money and if you get rid of the car you have the money for your next car. Not unlike the concept of a HSA for medical once you have saved a year's deductible yo are basically covered going forward

Good luck and enjoy the car they are a hoot
I agree that piece of mind is a big deal. I like the fact that between an extended service and warranty plans I have a solid period of time without many out of pocket expenses for my vehicles. I suppose over the years I have come out ahead more times than not. For me it is worth it and I purchased both extended plans for the 3 vehicles we currently own.
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      09-30-2020, 09:33 AM   #8
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Originally Posted by CajunBMW View Post
I agree that piece of mind is a big deal. I like the fact that between an extended service and warranty plans I have a solid period of time without many out of pocket expenses for my vehicles. I suppose over the years I have come out ahead more times than not. For me it is worth it and I purchased both extended plans for the 3 vehicles we currently own.
this is also good to know. i had an extended warranty on my previous car which i kept all of two years haha - it was a 2018 lexus is300 f sport, but i had a piggyback unit on it and i was worried that something might have gone wrong, but nothing did and i didn't keep the car long enough to see if it would.

i'm still debating on whether routing funds towards an extended warranty would be better than routing them into retirement savings. decisions, decisions, decisions! i mean, everyone who is anyone in finance will tell you that purchasing a car and keeping it longterm will make the most sense fiscally, but it can really become boring after a while to have the same car for year after year after year. so the question really comes down to whether or not i think i'm going to keep this vehicle for five or six years before buying another. i'm certainly not going to keep it out of warranty. it's a cool car, but it's not special enough to keep for the next fifty years. hah.
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      09-30-2020, 09:36 AM   #9
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another question, CajunBMW , how much did you pay for the extended warranty you have on your most similar vehicle which i suppose would be the 340i if you don't mind me asking? and what are the terms that you agreed upon?

the offer from the one dealer (in the initial post) may seem like a good deal, but i'm not sure. i paid 2,200 for a platinum bumper-to-bumper warranty on the lexus for 8 years 100k miles i believe, so the bmw figures are considerably higher especially given that my vehicle is new and not at the end of its factory warranty life.
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      09-30-2020, 09:46 AM   #10
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Quote:
Originally Posted by Davy Jordi View Post
another question, CajunBMW , how much did you pay for the extended warranty you have on this vehicle if you don't mind me asking? and what are the terms that you agreed upon?

the offer from the one dealer (in the initial post) may seem like a good deal, but i'm not sure. i paid 2,200 for a platinum bumper-to-bumper warranty on the lexus for 8 years 100k miles i believe, so the bmw figures are considerably higher especially given that my vehicle is new and not at the end of its factory warranty life.
Let me check. I bought my current 340 new and the other one (an X1) as a CPO for my teen driver. We also have new Chrysler van. Fir my old e46 330 and an old Chrysler van I definitely at least broke even on the extend warranty, although fixing some of the issues where really expensive, so more likely than not it was probably financially a good deal. I think the maintenance plan is probably roughly neutral. As stated with wiper and brakes it seems to be ok. I think for the purchase of my 2016 CPO X1 I couldn't have paid more than a few thousand for the extended warranty and then a bit less for the extended maintenance. Hope that helps.
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      09-30-2020, 10:11 AM   #11
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Thanks - it does indeed help. I'll see if I can get the dealership to drop the prices some.
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      09-30-2020, 10:37 AM   #12
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I was offered a similar price as far as I can remember for extended warranty. My salesman did say that I could find better "aftermarket" ones after I declined and asked him directly if he thought there were better deals out there. I'm one to do everything myself.. and have not been unfortunate to have anything break that I would have needed my warranty for. They are in the business of making money, so if it was such a "good deal" then they wouldn't be in business anymore. One of my friends has had: headlight, comfort door handle, oil pan leak, transfercase, cv joint/axle, steering wheel joint All changed on his F10 5 series. Needless to say, he made out like a bandit on the warranty. Of course I had an e60 5 series and I did break an axle after 150K on my car.. BMW genuine axles are about $900 a side and to be replaced at the same time ($1800 plus labor!). I went with a different bmw parts store for $600 all in for both. Admittedly the axles were certainly not as beefy, but were GKN branded OEM. Of course, by then if I had an extended warranty, it would have expired anyways.

So.. headache free for 6 yrs 75K for an additional $4K? Not horrible, but in my case I would put it into investments, and my own labor is free Also to note for me I had to pay the warranty up front, it was not part of my package since it was an add on. I honestly don't see why they couldn't roll it all together to make it more attractive. I also got extremely good discounts by financing out my car. Even though I have a tendency to go through cars quickly, those are almost always bought second hand. the leased cars used to be for the wife/kid but once we got the X1 she decided she liked it enough that we bought over the lease and she didn't want another car. I myself think I'll hold onto this X2 for a while since my need for speed is slowed down and I am happy with it now. I will probably pick up another project car along the way for fooling around with.
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      09-30-2020, 10:49 AM   #13
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You are driving a luxury car, don't forget that. A non-car person would never understand why you drive a BMW when a perfectly good Toyota (or whatever) used is the sound financial choice. I am self aware enough to know I have wrapped some of my entertainment dollars into my car and I am fine with that. So getting bored and getting a new car while still being able to meet all your other expenses and save for retirement is what you are supposed to do. Life is short enjoy what you can today and keep an eye on the future.

With that said if you know yourself, skip the extended warranty for now, someone will be glad to sell you one when your manufacturer's warranty runs out if you keep the car that long
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      09-30-2020, 01:31 PM   #14
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Unless you know or plan to keep the car for years past the 4/50k warranty, the extended warranty isnt going to provide you much ROI. Some would say that you should look more into that as you get halfway into your ownership/warranty coverage or beyond, but warranty purchasing prices are typically going to be lower the younger the car is. Another thing to really dive into us is what the extended warranties will actually cover...or rather what the fine print exclusions are....take that and compare that you what X brand car has historically been known to have issues with or not.

Another option to consider is to become acquainted with independent service shops that specifically cater to X brand/type of vehicles. Aside from savings in regards to service, it may come in handle with repairs outside of warranty as well.

In the end extended warranties are essentially insurance/peace of mind that you may or may not need to exercise its usage. The ROI on it is subject and varies per person.

Leasing is subjective as well, it works better for some and not for others. I've had my fair share of purchased new, purchased used and lease....the past 4 have been leases. I like jumping into new cars every 3 years and I do mod my vehicles, but nothing irreversible or detrimental. Even when I was purchasing used cars, I would switch every 3-4 years anyways.....so in the end, it was just paying the depreciating of the vehicle during my time of usage...which is a way to look at leasing. Leasing also provide you the option to purchase the car at the end of the lease too...but it may end up costing slightly more than if it was a purchase in the first place, but thats the price we pay for having options to choose from.
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      09-30-2020, 02:16 PM   #15
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Quote:
Originally Posted by rounderman View Post
Most folks will tell you the only one who makes money consistently on an extended warranty is the person who sells it. I struggle with the piece of mind factor, which should not be ignored. I leased this one (usually buy and hold) and I still sprung 500 for the extended maintenance in case I needed brakes. I will come close to recovering the cost through windshield wipers (who knew genuine BMW wipers could be so expensive) and if I need brakes I win. However the piece of mind of knowing I don't need to worry about that is important to me. As a finance guy by training I would suggest you start self insuring by putting away in a savings account the cost of the extended warranty divided by 36 (or 48) and hang on to that in the event of a repair you have the money and if you get rid of the car you have the money for your next car. Not unlike the concept of a HSA for medical once you have saved a year's deductible yo are basically covered going forward

Good luck and enjoy the car they are a hoot
Spoke to my SA earlier and was quoted $800 but she did say I can wait till I need it and can always upgrade as long as the car is under the factory warranty so I'll hold off for now
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      09-30-2020, 04:39 PM   #16
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thanks, guy -- this is all very sound advice. it sounds like i'll be waiting until the halfway mark into ownership to entertain the idea of an extended warranty as the car is new after all and i don't know now if i'd like it enough to keep it, but given my past record, probably not. one never knows, though, so i'll leave that door accessible should i need to access it in the future.
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      10-04-2020, 12:43 AM   #17
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When I bought my X2, the dealer didn't offer the extended warranty, I had to ask for it because I usually keep my car between six to eight years.

They didn't recommend the extended maintenance tho. They said that extended maintenance plan would cost the same as if I pay it as I go.

About the extended warranty, I paid $2,900 CAD for the 7yr/100,000km plan. I don't drive much, about 10k km per year max.

I knew back then that if I take the plan later, it will cost more.
I just check the plan on bmw.ca website, the same plan I got is now $3,910 CAD
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      10-04-2020, 02:58 AM   #18
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When I bought my X2, the dealer didn't offer the extended warranty, I had to ask for it because I usually keep my car between six to eight years.

They didn't recommend the extended maintenance tho. They said that extended maintenance plan would cost the same as if I pay it as I go.

About the extended warranty, I paid $2,900 CAD for the 7yr/100,000km plan. I don't drive much, about 10k km per year max.

I knew back then that if I take the plan later, it will cost more.
I just check the plan on bmw.ca website, the same plan I got is now $3,910 CAD
that's pretty damn good deal for 7yr/100km which is around 62-63k miles as that price that you paid would cost less in the states and of course the minimum i'd be looking at is 7yr/75k which was quoted as being a whole lot more than what you were charged even with the distance discrepancy.

with the advice given above, though, i really need to get to know the ins and outs of this car first and then decide whether longterm ownership makes sense. i know waiting until the last minute is never a great idea, but also rushing to buy, after reading the advice here, is also not a great idea as i'm very new to the car and the car is very new to me. i'll likely reevaluate after a year or so of ownership.
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      10-04-2020, 09:15 AM   #19
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So that point above is a good point and one I forgot to mention. Besides piece of mind, I got great finance rates including 0% on two of the vehicles (.9 on the other) so financing the extended warranty for us when we had a 0 rate as well as the maintenance made sense. But as you see it depends on needs. Like the poster above, we keep our vehicles for a while and thus for us this is also a consideration. Cheers.
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      10-04-2020, 07:37 PM   #20
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yeah, i *usually* have good intentions when intending to keep the vehicle for an extended amount of time, say six or so years, but i have only wound up doing so for one vehicle of the three that i've owned. the other two i grew bored of after a while and traded in, so i'm betting on the same thing happening here, although this car is damn riot to drive, so i could be betting incorrectly.

either way, i think it's a smart move on my end to at least wait some period of time before buying an extended warranty on the car as it's being driven infrequently right now due to my work-from-home situation/covid.
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      10-14-2020, 09:12 PM   #21
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welp, boys and girls, i said i was going to wait a while but i know that extended warranties become pricier as the vehicle ages or at least more difficult to negotiate, so i went ahead and purchased a 72month/75k mile bmw platinum extended warranty on the car.

the original asking price of the dealer was 3700 which was the lowest in all of the southern california dealerships to respond and i got them to lower it to 3200, which i don't think is a bad deal at all for two more years and 25k additional miles of coverage.

i had to negotiate like my life depended on it and i yelled at the finance manager, all, DO YOU WANT MY BUSINESS OR NOT???!?!?!?!? yeah, he did. haha.
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      10-14-2020, 11:32 PM   #22
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Quote:
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i had to negotiate like my life depended on it and i yelled at the finance manager, all, DO YOU WANT MY BUSINESS OR NOT???!?!?!?!?
lol.

Nice! the peace of mind factor finally got you

I got the extended warranty for the 2016 Audi Q3. It cost $2,516 CAD for the platinum plan. This summer, one of the window switches auto mode didn't work (not a big deal, I know). They had to replace the module, $400 for the part only not including the labor. I am glad that I took the plan.

I believe Audi has a better deal than BMW. I just checked the paper, the plan is 9 years/180,000km.
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