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Raj: I'm sorta confused: you list it as an '04 X5, so you have some serious Time left on both Free Maint and Warranty, whether you bought it used from a priv.party, Stlr or used car stlr.
There is Zero reason or benefit to extending the Warr from Anyone, at this time.
Enjoy this board: it's The Best X5 board and maybe TheBestCar&Stuff board, on the web....come back and talk about your Ext Warranty needs in a few years, lol!
BR,md
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