High Mileage 2011 - is a warranty worth it?

[AI32]

Hey Everyone. Glad to be making my first post as an M3 owner,cause I've been lurking on the forums for a while now. I bought a 2011 6MT E92 on Friday after dreaming about M3s for years. I got a decent deal on a one owner car (at least that's what CarFax thinks it is) with 55k miles. I didn't do a PPI, but I plan to take it to a reputable dealer asap.

The dealer who sold it to me was offering a GWI extended warranty, but I wanted to do more research. Now, I'm wondering if an extended warranty makes sense. After hanging around the forums for a while, the thing I'm worried about most is rod bearing failure. Other than that, it sounds like the maintenance isn't too crazy on these cars. I'm wondering if the cash I was planning to spend on the warranty would be better spent on replacing the rod bearings in 15 or 20k miles. What do you guys think, is an extended third party warranty worth it? Has anyone had a good experience with a third party extended warranty?

[mjposner]

Has anyone had a good experience with a third party extended warranty? I did with Assurant (from CarMax) paid out $14.5k in 1.5 years on an 04 Audi.

Mercury, which is considered a decent warranty took 4 business days to finally deny my claims, claimed pre-existing (thermostat failure and oil seep). With that attitude anything could be "pre-existing"

[mercedesc63]

Originally Posted by mjposner

Has anyone had a good experience with a third party extended warranty? I did with Assurant (from CarMax) paid out $14.5k in 1.5 years on an 04 Audi.

Mercury, which is considered a decent warranty took 4 business days to finally deny my claims, claimed pre-existing (thermostat failure and oil seep). With that attitude anything could be "pre-existing"

I have a carmax warranty also and I already had over 3500 in repairs already. I only paid 2800 and it's through the warranty group now. 3 year 100k no deductible.

[Amirsm3]

55k is high mileage

My experience with third party warranty companies so far has been less than savory. I would take that money and dump it into a separate account for the "bad days".

Or if you're investment savvy, take the money and turn a profit.

[AI32]

Thanks for the feedback guys. Yeah, 55k seems like high miles to me, lol. I had a Legacy GT before that started munching turbos after 100k miles, but other LGT owners were complaining of turbos going around 60k. That's part of the reason I went with an M3 over a 335i or even an M4. I wanted to try out a NA motor for a bit, without the constant worry for the dreaded turbo whistle of death. I wish I could get the carmax warranty without buying through carmax...anyone ever pulled that off?

[mercedesc63]

Originally Posted by AI32

Thanks for the feedback guys. Yeah, 55k seems like high miles to me, lol. I had a Legacy GT before that started munching turbos after 100k miles, but other LGT owners were complaining of turbos going around 60k. That's part of the reason I went with an M3 over a 335i or even an M4. I wanted to try out a NA motor for a bit, without the constant worry for the dreaded turbo whistle of death. I wish I could get the carmax warranty without buying through carmax...anyone ever pulled that off?

I was able to do that and they offer it through some dealerships. The company is called the warranty group the same company Carmax uses. Ask for the no deductible.

[SilentAttack]

Warranty..... Get a blower n call it a day

[BKarktic3]

Originally Posted by SilentAttack

Warranty..... Get a blower n call it a day

This.

[mxa121]

Extended warranties are not worth it, statistically speaking. Otherwise, how would the company turn a profit?
What those warranties do offer is a whole lot of peace-o-mind (most commonly known as Vapor-Ware)

There are, of course, instances where an extended warranty will benefit the consumer. Statistically speaking, the average repairs needed will be lower than the extended warranty cost.

[mjposner]

Originally Posted by mxa121

Extended warranties are not worth it, statistically speaking. Otherwise, how would the company turn a profit?
What those warranties do offer is a whole lot of peace-o-mind (most commonly known as Vapor-Ware)

There are, of course, instances where an extended warranty will benefit the consumer. Statistically speaking, the average repairs needed will be lower than the extended warranty cost.

But that is true for all insurance. The real answer is whether a 2-3k investment now against a possible 5-10k problem down the road is a good deal, and that is determined in part by the reliability of the vehicle. Also, for many people a 10k repair could be devastating, plus the weeks with a rental car cost. Its always a crap shoot.

[AI32]

Originally Posted by mjposner

But that is true for all insurance. The real answer is whether a 2-3k investment now against a possible 5-10k problem down the road is a good deal, and that is determined in part by the reliability of the vehicle. Also, for many people a 10k repair could be devastating, plus the weeks with a rental car cost. Its always a crap shoot.

Ironically, I work for an insurance company so you would think I would be used to this dilemma by now . After searching around some more, I think it's probably better to be safe than sorry, considering that there are some decently priced warranties out there, and some of the stuff that can go boom on our engines have eyebrow raising price tags. I'm thinking of getting the Route 66 plan when I refinance through a credit union (https://www.route66warranty.com). Anyone had any experiences with them?