05-25-2021, 10:27 AM | #1 |
Registered
0
Rep 3
Posts |
Extended warranty for my 2021 X7, what do you guys think?
Hi,
I recently purchased a BMW X7 40i. Signed up for 2 extended warranties with a 3rd party company. 5 Year - Tire & Wheel + Cosmetic Warranty(can resurface as many times as I want from curb damange) for $2,898 8 Year/100k - Extended Warranty for $3,881 no deductible if I goto the dealer I purchased it from. What do you guys think? I have 30 days to cancel and I'm thinking about cancelling the tire/wheel warranty. |
05-25-2021, 11:16 AM | #2 | |
Colonel
1923
Rep 2,012
Posts
Drives: 2022 i4 M50
Join Date: Oct 2017
Location: Pennsylvania
|
Quote:
Across all my BMWs, I opted for tire and wheel protection once (it was already in the deal when I agreed to a certain number on my 4 series, so I let them run with it). I cashed in on that policy once, which had a $50 deductible for a $200 tire, yay. Since then with 5 additional cars, I had to replace 2 tires, straighten 7 wheels (4 from one event), and replace another wheel+tire. This came to about $3250 in total across 7 events over 5 years, almost half of which came from the single wheel+tire incident where I chose to replace a wheel that could have been resurfaced. My SA advised me that my 4 bent wheels from a frost heave likely wouldn't have been covered even with a cosmetic plan since they were cosmetically fine on the outside, and held air just fine otherwise. Still, even if it was covered, hell even if they agreed to replace the wheels for $5000 rather than repairing them for $500, I have come out ahead vs the ~$10-15k worth of coverage I turned down. Some people might refer to a single car or incident where it worked out ($2200 of my $3250 came from a single car), but you have to think about the long game for these things, that's certainly what the insurance companies are doing.
__________________
Current: 2022 i4 M50 | 2022 G07 X7
Gone: 2020 F92 M8 | 2020 G07 X7 | 2018 F80 M3 | 2017 F15 X5 | 2016 F16 X6 | 2015 F36 4 series GC Last edited by unfoundnemo; 05-25-2021 at 11:23 AM.. |
|
Appreciate
0
|
05-25-2021, 11:26 AM | #3 | ||
Private
12
Rep 90
Posts |
Quote:
|
||
Appreciate
0
|
05-25-2021, 04:02 PM | #4 |
Private
24
Rep 62
Posts |
There is a reason they sell insurance, they are going to make money off them.
If you can afford the potential cost of an incident (see description about the wheels above), you're better off putting your money in a savings account and paying out of pocket. OTOH, I used to work for the good guys selling electronics and I think their computer extended warranties actaully put them out of business because they were too good. |
Appreciate
0
|
05-25-2021, 07:13 PM | #5 |
First Lieutenant
184
Rep 361
Posts |
I never buy wheel and tire packages, especially for that kind of money. Any curb damage would cost at most $150 to repair. For tires, once you replace them with new tires, when you buy from Tire Rack it comes with Roadhazard and I’ve been successful getting a new tire twice from them and having they reimburse me for a patch once. No brainer to me to get your money back for that.
As for the extended warranty on the car itself, if you are going to hold it long term, if you want a warranty, I would only get one from BMW vs a 3rd party. What is the reason you went 3rd party? |
Appreciate
0
|
05-25-2021, 10:12 PM | #6 | |
Registered
0
Rep 3
Posts |
Quote:
|
|
Appreciate
0
|
05-25-2021, 10:23 PM | #7 |
Registered
0
Rep 3
Posts |
Also, I had to replace so many parts with my 2016 535 out of warranty around 80-90k miles, figured the extended warranty is worth it. Just the transfer case replacement and valve cover gasket + spark plugs/coils costed me $3500 + $2000. I decided to keep the car because I spent so much money fixing it.
|
Appreciate
0
|
05-25-2021, 10:43 PM | #8 | |
First Lieutenant
184
Rep 361
Posts |
Quote:
|
|
Appreciate
0
|
05-25-2021, 10:53 PM | #9 |
First Lieutenant
184
Rep 361
Posts |
Good god I did a quick search and the BMW X7 extended warranty 7yr/100k miles is around $6k so the 3rd party is cheaper by more than $2k. I still don’t like putting that much money up front for something that doesn’t get used for 4 years until the factory warranty is up.
|
Appreciate
0
|
05-26-2021, 04:41 PM | #10 |
New Member
2
Rep 17
Posts |
My personal take is never purchase warranty, service contract and alike if you can afford to take the hit should and issue arise.
1st, You may not have the vehicle long enough for it to be needed. 2nd, Back end products (anything they try to sell you in the finance office) are just profit centers for the seller/dealer. If they were worth the money they could not afford to sell them. 3rd, If you're buying new and think after 4Y/50,000 you still need one I'm pretty sure you will get a phone call . Again if the hit for a repair will not kill you, I say pass |
Appreciate
0
|
05-26-2021, 06:13 PM | #11 |
Registered
0
Rep 3
Posts |
good thread of information and appreciate everyones pov; in another thread I posted the following; but I'd like to know from experience BMW owners the value you feel the maintenance contracts are they try to sell you. I haven't purchased anything as of yet outside of the vehicle.
This is the feedback on Extended Warranty feedback which I take many prefer the BMW if one was to purchase; prior to the end of their factory. Thanks in advance for all the reply. |
Appreciate
0
|
05-26-2021, 06:42 PM | #12 |
Banned
2134
Rep 3,361
Posts |
The tire and wheel package is overpriced IMO. I was sold a similar policy from Dent Wizard for $1,499. This included unlimited cosmetic wheel repair, windshield and dents the size of a credit card or smaller (up to $500/incident). I canceled it the next day and decided to just lower my comp deductible to $50, which was less than $150/year.
|
Appreciate
0
|
05-26-2021, 09:47 PM | #13 | |
First Lieutenant
184
Rep 361
Posts |
Quote:
|
|
Appreciate
1
dmanb2b2134.00 |
05-27-2021, 06:43 AM | #14 | |
Major General
6321
Rep 5,350
Posts |
Quote:
|
|
Appreciate
0
|
05-27-2021, 07:04 AM | #15 |
New Member
10
Rep 24
Posts |
I purchased tire & wheel with my 5 series and it saved me a lot of money. At the time I was driving 120+ miles round trip for work each day, mostly on interstates and was constantly having to replace tires so it worked out well. I purchased it for my X5 but had moved and was only driving 20+ miles round trip for work each day and never used it once, so I passed on the X7 since it didn't seem to make sense any more.
__________________
1989 325i
2014 535i 2018 X5 2021 X7 |
Appreciate
0
|
Post Reply |
Bookmarks |
|
|