Extended Warranty Used Car

[Mjhall85]

Well we ended up with a 2016 bmw 528i has just shy of 51k miles. Has a year left on a existing cpo plus we got an additional 3 year warranty ty that covers pretty much everything with 0 deductible. I also ended up pulling the trigger on a 2020 Dodge Ram warlock. Was an expensive day but a great one!

[Brian_Earl_Spilner]

Nice, congrats!

[Mjhall85]

thanks,  I am pretty stoked.First new car I have ever bought but figured it will be with me for the long haul.Plus it's nice to know even right after bankruptcy can still get some nice things.

[Brian_Earl_Spilner]

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@Mjhall85 wrote:

thanks,  I am pretty stoked.First new car I have ever bought but figured it will be with me for the long haul.Plus it's nice to know even right after bankruptcy can still get some nice things.

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My last car was new. I always bought used because of the depreciation, but swore I would buy new at least once. Lol. It was nice driving it off the lot with only 3 miles on the clock. Definitely feels more special than buying used.

[M_Smart007]

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@Mjhall85 wrote:

Well we ended up with a 2016 bmw 528i has just shy of 51k miles. Has a year left on a existing cpo plus we got an additional 3 year warranty ty that covers pretty much everything with 0 deductible. I also ended up pulling the trigger on a 2020 Dodge Ram warlock. Was an expensive day but a great one!

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Well Done & Congrats!

[M_Smart007]

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@Mjhall85 wrote:

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@Anonymous wrote:

A few things to keep in mind:
- extended warranties are not cheap. 
- many dealers are just reselling 3rd party service contracts, for a premium. Even on new cars. Because they make more $.

- everything is negotiable at the dealership. That 2.5k service contract ("extended warranty")? Yeah - you can potentially get them to cut it half. 

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I agree they are not cheap but when it's a foreign car repairs out of pockets aren't either lol We got one on the altima and paid around 1400 for it and in the last 3 years we have gone through 4 ac compressors,transmission twice,control arms, The car is babied as we don't drive a ton and must of got a lemon nissan. Surely won't buy another after this one is gone.

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I have noticed that once a person has a bad experience with a certain car maker, they are usually done for good.

[M_Smart007]

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@Anonymous wrote:

A few things to keep in mind:
- extended warranties are not cheap. 
- many dealers are just reselling 3rd party service contracts, for a premium. Even on new cars. Because they make more $.

- everything is negotiable at the dealership. That 2.5k service contract ("extended warranty")? Yeah - you can potentially get them to cut it half. 

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Dealers make big money selling used car warranties.

[M_Smart007]

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@Gladius wrote:

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@ridgebackpilot wrote:

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@Mjhall85 wrote:

Well I guess I need to buy a Lexus so I can be like @Brian_Earl_Spilner lol. The car she's looking at are 2012-2015 535is all have under 65k miles and a couple are one owners. I do lots of research and have owned bmws in the past. Depending what she decides may just try to beat up the finance guy and get the warranty with them cheaper. Where I live  car dealers are pretty hungry for deals. 

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As a longtime BMW owner, I can testify that older used BMWs can be money pits! You end up paying the shop as much each month as you would for a new car loan.

If your girlfriend is set on a used BMW, I would strongly suggest that she purchase a CPO car, which comes with an extended warranty. Also, you can always negotiate the price of an extended warranty with the dealer. Don't ever pay the asking price for an extended warranty or service agreement.

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This.  I would never buy a BMW that isn't CPO or new.  And it would be sold/traded-in right before the factory warranty expires.  I will be looking at CPOs next year no older than 3 years under 20k miles.

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I agree, I would never want to own a BMW or Mercedes without the factory warranty in place.

[Mjhall85]

@Brian_Earl_Spilner  yeah driving it off the lot with 10 miles was pretty awesome, It will probably be the first and last new car I buy as I like to buy 3-4 years old to limit depreciation as well. Have to take it back to them so they can take off this crap 35% tint as I want way darker cause living in Arizona you want that limo tint.

@M_Smart007  yeah I will never buy another nissan after having this one and it needing repairs quite often.But now the altima can get beaten to death and when it has a big bill now it can go to the graveyard lol Just glad I could get the warranty for cheaper, they wanted 2900 for it.

[M_Smart007]

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@Mjhall85 wrote:

@Brian_Earl_Spilner  yeah driving it off the lot with 10 miles was pretty awesome, It will probably be the first and last new car I buy as I like to buy 3-4 years old to limit depreciation as well. Have to take it back to them so they can take off this crap 35% tint as I want way darker cause living in Arizona you want that limo tint.

@M_Smart007  yeah I will never buy another nissan after having this one and it needing repairs quite often.But now the altima can get beaten to death and when it has a big bill now it can go to the graveyard lol Just glad I could get the warranty for cheaper, they wanted 2900 for it.

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A friend of mine owns a pool service company, He bought a breand new Toyota truck,

those are not usually known for problems. His had every problem under the sun,

He eventually traded it in and got a mid size other auto maker.

He swares He will never buy Toyata again. Just due to bad experience.

I honestly cannot blame him.