Hello Guys,
I recently bought a BMW 335i convertible. Currently it's reached 73k miles. Also it has got extended warranty till 100k/ till sept/2017.
I was contacted by a company called carchex. They are offering their Gold package with a monthly payment of $148.
They said this rate is valid till this 30th Dec only. I was confused as I wanted this warranty to start from Sept 2017 ( which is when my bmw warranty is expiring ). But they said on Sept 2017, the rate will not be same ( $148).
Guys please suggest if it's worth spending the money now or next year .
Get the warranty next year. BMW's are damned nice cars up until about 90K miles. When our 2006 530xi hit 92k, major things started failing including transmision, AC pump, fuel pumps, liftgate. We bought the car for $14k, and it has about $10k in warranty repairs at this point (at 105k miles). BOY am I happy we got the extended warranty.
Jose
1987 M6
Livin the dream!
Third party extended warranties are a real minefield - a lot of them are either written so they seem to cover a ton of items, but the lists were carefully tailored to exclude the stuff that actually breaks, or they impose ridiculous requirements that give them all kinds of grounds to deny claims. For example, they might require the oil to be changed every 3000 miles (even though that's much shorter than BMW's recommended interval) and deny claims if you missed the oil change by 10 miles.
The fact that this warranty company contacted you instead of you contacting them is not a good sign.
Matt Cramer
1997 BMW 328i convertible, 1972 Chevy C10 pickup, 1966 Dodge Dart slant six
BMW - where "Why doesn't everybody build cars the way they do?" meets "Why can't they build a car the same way everyone else does it?"
The purpose of third-party warranties is to make money.
They made an offer of $148 per/month. What is the total cost of the term?
Put $148 a month into savings for unexpected repairs.
Or, if you're stock market savvy, into secure stock market investments ,
that can easily be converted into cash, as repairs are needed.
Wait, do a lot of research and read the fine print before buying. I think a 3rd party warranty can definitely be a great buy on cars that can have very expensive repairs, but never buy one ahead of time. Someone could easily run into you and total the car between now and then or you could decide you need to sell it to buy a sedan or wagon and then you'd have to go through the hassle of trying to get your money back from them. If Carchex can't offer you a better value than other reputable 3rd party warranty companies (they likely won't be able to as I found them to be quite expensive when I inquired) at the time when your current one runs out, then that will be their loss.
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