3rd party extended warrenties

[ZX2X5]

I'm looking to tap the great wisdom of the group. I have a 02 X5 3.0 5 spd that is incredible. It is nearing the end of its factory warrenty. with previous cars I just handled major repairs as they happened. This time I'm entertaining the idea of a 3rd party extended warrenty company. My mechanic says it is not worth it. Just save the money I would have used for the warrenty for any future repairs. Any comments or opinions

[UCrewX5]

It's a roll of the dice. Chances are you won't need the coverage that these plans offer and will have spent the money for nothing. On the other hand, one major issue and you will be more than money ahead. It all depends on how risk averse you are and how well you think your particular vehicle is going to hold up. I personally opted to go without warranty coverage and now have 75K miles on my X5 and have gotten by just fine (knock on wood).

[haigha]

IMO, if you have a good independent mechanic, don't go for an extended warranty. Assuming your mechanic gives the X a clean bill of health, the only justification to get one in that case is if you are very risk averse.

[HamannE53]

i chose not to take the aftermarket warranties, statistics show that the money you spend on warranties cover the price you would of spent on repairs anyway. its always good to find out who covers these warranties and what it covers before spending $3000 in one place for just insurance.

[motordavid]

ZX2X5: unless you have a Lotta miles on that '02, your Warr should be good until sometime in '06, (?!), so you have some time.
I agree w/UCrew: you can "bank" the cost and slide or, one Major deal pays for the warr.,imo. Not pitching you either way; it's a term life ins. policy.

I do think BMW's official one is v.pricey; I'm looking hard at 1Source and WarrantyDirect, as my Warr expires in mid Sept.
Both have sim plans and the upper tier ones go for a couple of Gs for about 30K miles worth of coverage; (time coverage is very long, but miles are the issue, unless it sits in the garage.)

So, it's bascially a grand a yr.

Are you confusing Ext Warr w/Ext Maint?

NEway, I'm digging...I'll post some pros&cons and conditions in the next weekish, whether I pull the trig w/them or, pass.
BR,md

[AutoXer]

I have never purchased any extended warranty on any products until about 5 years ago. I purchased one for $1500 for a 7yr/100k miles extended warranty for a '95 BMW 740i. I made out like a bandit because the insurance co. had to spend $6000 over that time for my repairs.

Two years ago, I purchased another one for a '99 BMW 740il and this time it cost me $3500. Thus far, the insurance co. have paid out $2500, so I am sure I will make more than what I put into it.

I am thinking about doing the same for my X5 when the time gets closer.

[alpac]

Well with my personal experience and the price of BMW parts I would strongly suggest to get an extended warranty. I bought a 2000 X5 5 months ago with 50k miles. It was in pristine condition and drove like new. A look at the Carfax history showed that maintenance was done periodically. I still took a $1700 3 year warranty on it and I am telling you it has already paid for itself with all what has already been done on this car. Yes in only 5 months. I am so glad I did take the warranty. Still love the car though