Good Morning, i recently got a 2011 335i with 27000 miles on it and the warranty is almost up because 4 years from the day it was bought is almost here. i spoke to bmw dealerships and the prices are a little too high. is the some type of warranty i can purchase for my bmw for a better price but the quality is as good as bmw dealerships. by the way i live in NY. If someone could suggest something i would really appreciate it please and thanks.
Dont get an aftermarket warranty
I am sick of explaining why. Just dont.
If you can extend your BMW warranty through the dealership, thats not a terrible idea. If its not from BMW dont buy it.
Going into my TENTH YEAR of providing high quality reproduction BMW fabrics!
PRICE CUT on ALL FABRICS
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There are some that arent too bad, Ive dealt a lot with Preferred Warranties and they were always pretty easy to work with. Though I will say that some of those companies are straight-up crooks. Always read the entire contract and all fine print before buying and aftermarket warranty.
1991 BMW 325i(Current Daily) (S52)
I have carburetors, and I'm not afraid to use them!
There are always other fish (engines) in the sea (Craigslist)
Life is about enjoying the engine you are sitting behind.
If every $2,000 warranty pays out $3,000 they will go out of business
Therefore, they have a vetted interest in always paying out less than you paid them
Meaning $2,000 spent on an aftermarket warranty would be safer and better kept in the bank using that money for repairs as needed
Its a very simple business concept... sure, there are 10 people who pay $2,000 and need $20 in repairs that can fund that one person who needs $5,000 in repairs - but that person who needs expensive repairs is going to have to fight tooth and nail to get them to cover it because again, a business would rather keep that money.
Aftermarket warranty companies are not sub-branches of Goodwill or the Salvation Army - they are not there to help you.
Going into my TENTH YEAR of providing high quality reproduction BMW fabrics!
PRICE CUT on ALL FABRICS
Offering the best prices on the best quality reproduction fabrics!
Most of the time, you're better off just putting the money you'd spend on an extended warranty into a savings account.
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?"
I've personally done engine replacements, turbo replacements and panoramic sunroof replacements for customers who went through aftermarket warranty companies. Those are all 3k plus jobs (engine replacement 15k). Its all a matter of getting the right warranty and doing your research beforehand.
Keep in mind the dealer's markup on that warranty, too. If the dealer is selling you a warranty for $3500, you can bet they're only paying $2,000 for it. So the warranty company's actuarians only expect to pay out an average of some-number-less-than-$2000. Probably quite a bit less than $2,000. Also keep in mind that not everything that needs to be replaced will be because it's defective, and some (possibly many) things that fail won't be covered.
Sure you might be the outlier that needs a $5k trans replacement, but the odds are that you won't.
Anyone that wants an aftermarket warranty should just set aside that $2k for repairs. Or, get a credit card (if you don't already have one as most people do) with a $2k max that you could use if you needed car repairs, and pay that back when/if you use it for car repairs, instead of paying monthly payments to whomever you're financing through.
I think you completely missed the point of that post or have a very confusing reply....
The person you replied to was endorsing to NOT buy aftermarket warranties. Because guess what - one major repair and whoosh that aftermarket repair company is NOWHERE to be found.
Going into my TENTH YEAR of providing high quality reproduction BMW fabrics!
PRICE CUT on ALL FABRICS
Offering the best prices on the best quality reproduction fabrics!
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