Torn on Warranty Coverage Length...
#1
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Long story that I'll have to catch up later. However, I ended up purchasing a '12 GTS after a long search with lots of failures along the way. The car now has 19,500 miles on it and my CPO coverage expires on the 28th. I talked to Fidelity and I'm torn on how long I should cover the car. My knee-jerk reaction is to cover as long as possible. Given I've only managed to put about 3,500 miles on it in ten months, the 7/70k plan would be the most reasonable. But, the part I can't seem to reconcile is two-fold: 1) how much is 7 years of peace of mind worth? & 2) would a shorter length be a smarter decision?
My guess is this is the cheapest the coverage will ever be so,.... what are your thoughts? How did you decide?
PS. I know this is kind of a dead-horse topic. Just looking for feedback to help with this decision.
My guess is this is the cheapest the coverage will ever be so,.... what are your thoughts? How did you decide?
PS. I know this is kind of a dead-horse topic. Just looking for feedback to help with this decision.
#3
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Yes, car is paid for.
7yr/70,000 is just over $5k. Of course, shorter terms would be cheaper.
Seems kind of like buying a long term lottery ticket that may or may not have to pay out. But, does provide peace of mind. So, how much is that intangible worth?
7yr/70,000 is just over $5k. Of course, shorter terms would be cheaper.
Seems kind of like buying a long term lottery ticket that may or may not have to pay out. But, does provide peace of mind. So, how much is that intangible worth?
#4
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Who are you going through for this quote? I recently bought a fidelity platinum warranty through Micheal Jourdan with Mossy Motors. He gave me a Rennlist discount. Cost to me was 55% of the listed price through fidelity. If you'd like his contact info to get a second opinion/quote let me know.
#6
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My GTS had a few months of CPO left when I bought it almost 4 years ago. It had 26k miles on it then. I decided to not to get a warranty on the car at all. Now with about 54k miles on it I'm glad I didn't buy a warranty. I haven't had anything come up that would've been covered by the warranty. So far the only repair on the car was a window regulator that went out when I first got the car and it was still CPO.
I can certainly understand folks buying a warranty and some here who had one got their money's worth several times over.
In the end... even if I'd had a 10 year warranty I've now taken the car to Germany so any warranty it had in the US wouldn't be valid anyways. I only mention that to say, you never know what happens with a car that could also remove any value in getting a warranty. Things happen, cars get sold, stolen, or totaled or somehow manage not to need repairs. But for those that do, it can be a wallet saver. I like to play the risks I guess.
I can certainly understand folks buying a warranty and some here who had one got their money's worth several times over.
In the end... even if I'd had a 10 year warranty I've now taken the car to Germany so any warranty it had in the US wouldn't be valid anyways. I only mention that to say, you never know what happens with a car that could also remove any value in getting a warranty. Things happen, cars get sold, stolen, or totaled or somehow manage not to need repairs. But for those that do, it can be a wallet saver. I like to play the risks I guess.
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Ultimately, I decided that peace of mind to me was definitely worth the expense of purchasing the warranty (6yr / 60k. Fidelity.) I just don't want to have to worry about the "what-ifs". Especially not at this stage in my life.
I think your decision has to be based on you knowing your own personality type. I think for you, the meaningful answer rests with you.
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#8
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If you are still under factory/CPO coverage (it seems you are) I have a different contact that was even cheaper than Mossy for a platinum plan on my Cayman. LMK if you want the contact..
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The other factor to consider is how long do you plan on keeping the car and fit the warranty to that time period. However this is a hard question to answer and no one has a crystal ball. I went with 5 yr / 60k. I had the warranty for 1 month and needed the some suspension parts replaced. It was covered with no issues. I just like having the peace of mind.
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The other factor to consider is how long do you plan on keeping the car and fit the warranty to that time period. However this is a hard question to answer and no one has a crystal ball. I went with 5 yr / 60k. I had the warranty for 1 month and needed the some suspension parts replaced. It was covered with no issues. I just like having the peace of mind.
Took me 29 years of saving and dreaming to get it! It's a somewhat unique build and I want to make sure I take care of it. While I could afford and engine or PDK replacement, the thought of it makes my stomach turn. Just as Ironman88 mentioned, I too did a lot of research before settling on the 997.2. I really wanted a 993 but, reliability and other factors that made the 997.2 more family friendly were more important at this time. I also really wanted a manual but, also wanted my wife to enjoy the car.
#11
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This is a dilemma for a lot of us. The general rule, of course, is to never buy an extended warranty on anything. Warranty sellers are in business to make a profit, which means they always pay out less than they take in, and it isn't all covered by the lower prices they pay the shops that do the work. Cars like MB and Porsche may be the exception to the never-buy rule. I was afraid of my first MB and purchased an extended warranty. Can't remember the company, but they covered the two items that came up without any quibbling. I think I got about half my money back on that one. I then thought I was over my fear of expensive mechanical issues, and bought a 996. Turned out I was wrong. I probably spent too much time on the forums reading IMS horror stories, but I sold it within two years and bought my 997.1 turbo--without a warranty. I am comfortable with the decision, and every year that goes by accrues savings that can be put toward a major issue, if necessary. It all comes down to your comfort level, and if you will sleep better at night with a comprehensive warranty, then get it and don't look back.
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#12
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I agree wholeheartedly. I've never been one to buy an extended warranty on anything. But, I also don't own anything else besides my home, where the repair bill could be $10,000 to $30,000+.
I had to replace the engine in my boat a few years back due to a slight lapse of attention on my part. I pulled the block plugs to drain the motor for the winter and thought it fully drained. Apparently, a rust flake was just enough to plug one side of the block and it cracked all the way to the head... But, that was 7,500 for a full long block replacement. Though, that was enough to have several uncomfortable conversations with the CFO/wife... Needless to say, even though draining the block is enough around here, I now fully winterize and fill the block with RV antifreeze.
I had to replace the engine in my boat a few years back due to a slight lapse of attention on my part. I pulled the block plugs to drain the motor for the winter and thought it fully drained. Apparently, a rust flake was just enough to plug one side of the block and it cracked all the way to the head... But, that was 7,500 for a full long block replacement. Though, that was enough to have several uncomfortable conversations with the CFO/wife... Needless to say, even though draining the block is enough around here, I now fully winterize and fill the block with RV antifreeze.
#13
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I agree wholeheartedly. I've never been one to buy an extended warranty on anything. But, I also don't own anything else besides my home, where the repair bill could be $10,000 to $30,000+.
I had to replace the engine in my boat a few years back due to a slight lapse of attention on my part. I pulled the block plugs to drain the motor for the winter and thought it fully drained. Apparently, a rust flake was just enough to plug one side of the block and it cracked all the way to the head... But, that was 7,500 for a full long block replacement. Though, that was enough to have several uncomfortable conversations with the CFO/wife... Needless to say, even though draining the block is enough around here, I now fully winterize and fill the block with RV antifreeze.
I had to replace the engine in my boat a few years back due to a slight lapse of attention on my part. I pulled the block plugs to drain the motor for the winter and thought it fully drained. Apparently, a rust flake was just enough to plug one side of the block and it cracked all the way to the head... But, that was 7,500 for a full long block replacement. Though, that was enough to have several uncomfortable conversations with the CFO/wife... Needless to say, even though draining the block is enough around here, I now fully winterize and fill the block with RV antifreeze.
Point being that you never know what may go wrong with the car or when. There is significant complexity them. With that complexity comes cost - often very high cost.
It's easy to fall into only considering the obvious larger component big ticket repair items like an engine or transmission. But a lot more can go wrong with these cars and sometimes very unexpectedly.
Bottom line with the BMW - I came to regret that I did not have a good extended warranty on it. Hence the purchase of the Fidelity warranty for the 997.2. No regrets.
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extended warranty can only be purchased for a car that currently has CPO ?
#15
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