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New owner of a 2014 320ix

1K views 25 replies 13 participants last post by  Sinmastah 
#1 ·
Hey all,

From Iowa and I just purchased a fairly low mileage 320ix looking forward to the first snow fall! I already got a pair of used Blizzaks I'm going to throw on before it snows so I'm fully ready :)

Pictures! http://imgur.com/a/dPBJ6

I was hoping to get opinions on an aftermarket warranty I purchased which I can get fully refunded in the next few weeks. Its $6,000 for 7 years of bumper to bumper coverage w/ a $100 deductible at the dealership. I should have a year and a few months on the remaining BMW warranty so I'm definitely leaning towards cancelling it. I have heard it is possible to CPO a car with the dealership, anyone have any stories about that?

Look forward to contributing, thanks guys!_a__a2_
 
#3 ·
If I understand correctly you bought the 2014 from some place other than a dealer and are now wondering if BMW will include the car in their CPO program. And you are wondering if the extended warranty you bought is a good deal or not.

Regarding the warranty I think that your claims will be less than the premiums. I would be surprised if BMW would take a used car into CPO that they did not sell.
 
#5 ·
I was hoping to get opinions on an aftermarket warranty I purchased which I can get fully refunded in the next few weeks. Its $6,000 for 7 years of bumper to bumper coverage w/ a $100 deductible at the dealership. I should have a year and a few months on the remaining BMW warranty so I'm definitely leaning towards cancelling it. I have heard it is possible to CPO a car with the dealership, anyone have any stories about that?

Look forward to contributing, thanks guys!_a__a2_
:wow: Cancel. Cancel now.
 
#6 ·
I dont know man, 6 grand up front to cover things that may or may not happen may not be your best bet. It guarantees you will pay that maintenance cost regardless of what happens. On the other hand you can self insure and just open a side online 'high yield' savings account and funnel an extra $300 a month into it or something and then "IF" something happens youll be covered. If not, youve got the cash or at least some of it. Always pay yourself first.
 
#7 ·
Hey all,

Its $6,000 for 7 years of bumper to bumper coverage w/ a $100 deductible at the dealership. I should have a year and a few months on the remaining BMW warranty so I'm definitely leaning towards cancelling it. I have heard it is possible to CPO a car with the dealership, anyone have any stories about that?

Look forward to contributing, thanks guys!_a__a2_
Who is providing the warranty(Which company)? Is it 7 years from now or 7 years from the new car in service date?

You can definitely shop around for extended warranties and that price seems a bit high. (almost in Porsche territory)
If it is for 7 years from now and you kept it until 2023, it is possible you would make that money in warranty work. By the end of that term, your car will be approaching 10 years and things are going to start failing.

My recommendation is you cancel and start shopping around the internet for alternatives if you are still interested.
 
#8 ·
7 years starting now. I also don't plan on keeping it for 7 years but the 7 years was the best deal per year and I can cancel at anytime and they cut me a check for the time I didn't use.

I was almost certain of canceling it but I've been reading on the timing chain and oil pump chain issues which can cause total engine failure and a 20k fix.

I have started to get quotes from other companies and will ask the dealership how to certify it if possible, or just do a power train through the same company which is NAE.
 
#14 ·
From Iowa and I just purchased a fairly low mileage 320ix....

I was hoping to get opinions on an aftermarket warranty I purchased which I can get fully refunded in the next few weeks. Its $6,000 for 7 years of bumper to bumper coverage w/ a $100 deductible at the dealership. I should have a year and a few months on the remaining BMW warranty so I'm definitely leaning towards cancelling it. I have heard it is possible to CPO a car with the dealership, anyone have any stories about that?
Wait....wait....$6k for a warranty? CANCEL!

Sure go ahead, investigate CPO but....you've already purchased and that's over a year hence. Post after: How'd it go?

[click me]
 
#18 ·
Sinmastah, glad to see you over here on Bimmerfest! I think you'll get the same advice I gave you over on Reddit, though. :) You got a low price for the car since it was not CPO. if you take that 3rd party warranty, you negate that benefit by paying WAY more than you would have paid to buy a CPO, for far worse coverage. Just drop it, save the money, and you'll likely be fine. Then, enjoy your low price BMW.
 
#20 ·
Update: I was gathering quotes for different aftermarket warranties and got a phone call from Endurance which has amazing reviews online. They wanted about 5k for 6 years for the warranty which wasn't much better. After a few phone calls back and forth I spoke with a sales manager who offered 6 years for just shy of $3.8k. The only unfortunate part is it overlaps with my manufacturers warranty for just over a year. I have 30 days from now to request a refund if I desire but think this is significantly better than the $6k from before which was financed and after interest would be about $7.2k. It's exclusionary coverage which is better than before as well. Maybe I'm wrong but I think I'll most likely be keeping this one as I would probably end up using at least $1-2k in repairs in the time minimum and have it for safety insurance incase the timing/oil pump chain has issues.
 
#21 · (Edited)
It looks like this information is moot at this point, but just so you know - you can't get a car CPO'd after the purchase. It has to initially be sold as a CPO. You can buy a BMW backed extended warranty/service contract after the vehicle purchase. BMW has several to choose from.

Congrats on your car and welcome to the 'fest. :thumbup:
 
#22 ·
Op, again, just set aside money every month for a car rainy day fund. The liklihood of some catastrophic failure is unlikley. And let me guess, you financed the car along with the warranty (that cost a 3rd of the car's value?) rolled in and you are essentially paying interest on this warranty you may never use. Total bummer. Cancel it.
 
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