The only rational way to cover yourself is to "self insure". Simply take the $2,000 (or whatever you planned on spending on the warranty) and stash it somewhere (bank, CD, IRA, Safety Deposit Box, mattress; it make no matter these days). Then when you need maintenance on your car for a "covered repair" you draw down on your stash. Chances are extremly good that by the time you dispose of the car (or the mileage point where the warranty would have expired), you'll still be ahead of the game.
FWIW, I've opted to not buy a extended policy for any of my cars since 1989, and over that period my math shows that I'm about $11,000 ahead of where I would have been had I bought those policies. Have there been a few losses along the way? Yes. Has any one policy failed to at least break even? No; well, maybe. In one case the cost of the repairs I put into that car exceeded the cost of the extended warranty; that said, $2,600 of the repairs for that car occurred after the warranty expired, and as such, they wouldn't have been covered anyway. Said another way, I got a "free" transmission out of the deal.
I've been reserching extended warranties for my BMW, is it wiser to go through the dealer (and are those prices really negotiable) or keep researching elsewhere?
I followed the advice of no taking the extended warranty and rather "save" the money. This is my first bmw and so far I ma ahead of the game. I have a 325xi /03 with 165k and from my "2,000" budget I had spend about $1680 so far (included insurance).
I do about 5% of the repair myself and My Indy garage charges 75/hour and does not provide a loaner .
My advice: Check the car. If you happen to have access to the car's record check for any repair that looks like a partner. Then, plan for the worse case scenario and check to see if you could came out with some basic number. Ah make sure that both Inspection I & II has been done! Enjoy your car as much as you can as the maintenance cost of the ego of the Ultimate Driving Machine.
Comments
FWIW, I've opted to not buy a extended policy for any of my cars since 1989, and over that period my math shows that I'm about $11,000 ahead of where I would have been had I bought those policies. Have there been a few losses along the way? Yes. Has any one policy failed to at least break even? No; well, maybe. In one case the cost of the repairs I put into that car exceeded the cost of the extended warranty; that said, $2,600 of the repairs for that car occurred after the warranty expired, and as such, they wouldn't have been covered anyway. Said another way, I got a "free" transmission out of the deal.
I do about 5% of the repair myself and My Indy garage charges 75/hour and does not provide a loaner .
My advice: Check the car. If you happen to have access to the car's record check for any repair that looks like a partner. Then, plan for the worse case scenario and check to see if you could came out with some basic number. Ah make sure that both Inspection I & II has been done! Enjoy your car as much as you can as the maintenance cost of the ego of the Ultimate Driving Machine.