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Current Thoughts on Extended Warranties For X1

4K views 8 replies 6 participants last post by  nospam 
#1 ·
I'll be taking delivery of my new E84/N55 in about 6 weeks. As I plan to keep the car 5+ years and 100K+ miles and reading about repair costs on this site scares the s*** out of me, I plan to get an extended warranty. I never, ever get extended warranties, but I'm feeling like in this case it is worth it. So, if you have a few minutes, I'd like your opinions on:
  • do you think I'm on the right track regarding purchasing the warranty under these circumstances?
  • Any insight into determining the dealer cost of the warranty? I can find multiple sites that will show dealer invoice for the car and options, but none so far on the warranty
  • I'm struggling a bit with whether to buy it right away and finance the cost along with the car versus waiting until the standard warranty gets somewhat close to expiring and paying cash. Any suggestions or insight as to this question?

Thanks!
 
#2 ·
I'm not a big fan of extended warranty as the price is usually overkill.
Pay an extra $2500 for another 2 years.
I figure if I have something major go out of factory warranty, I'll likely break even.
I also tend to believe the "bathtub curve" for mechanical things.
It will either break early in its life, or near the end of its life.

Haven't said that, if you want peace of mind, and can afford the extra cost, its probably worth it.
 
#4 ·
Since I have Geico Car Insurance, I take advantage of their Mechanical Breakdown Insurance (MBI) which extends the original warrantee to 7 years/100K miles with a $250 deductible per issue. I haven't kept a BMW longer than 6 years and have never used it on a BMW, but I did use it on my 2002 Jetta and glad I had it.

If you get an extended warrantee, just make sure the insuring company will be there to support you when you have the need to use it. The nightmares that I've heard from others that have been left holding the bag when they needed it, were not pleasant.
 
#5 · (Edited)
There's a thought. Thanks, Steve. I'll look into that. I do already have Geico as my insurer, so that may be a good way to go.

Thanks to the rest of you, also, for your thoughts. I'm convinced at this point I'll not buy the extended warranty when I take delivery of the car. If I get it, I'll likely wait until just before the factory warranty expires if I've had reliability concerns along the way. With my commute, extending the warranty is a matter of doubling the alloted mileage rather than increasing the term by 2 years, so it does represent a greater value for me than it might for others.
 
#6 ·
There's a thought. Thanks, Steve. I'll look into that. I do already have Geico as my insurer, so that may be a good way to go.

Thanks to the rest of you, also, for your thoughts. I'm convinced at this point I'll not buy the extended warranty when I take delivery of the car. If I get it, I'll likely wait until just before the factory warranty expires if I've had reliability concerns along the way.
If you decide to go the Geico route, there is a limited time that you have to elect the MBI covereage from when the car is new. Double check with them if you're interested. BTW, the first year cost with Geico is like $30 and $72/year after that. So, if you keep the car at least 5 years, it will cost $318 for the coverage and if you have at least one claim ($250 deductible), it would have cost $568 which is way less than it costs to have anything repaired on a BMW!
 
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