Extended Maintaince Warranty?

[FernMD]

When I took delivery of my CPO 2005 X5 with 36K miles, the financial associate sprung this extended maintainence warranty on me for $2500 and told me that it would cover all maintainence after the 4yr/50k period. I was reluctant to purchase it...so he discounted it to $2,095 and told me that I would actually save a lot of money in the long run.

The dealer had just done the first inspection, with new brakes front and back. Now I'm looking back on this decision, and I think that it was a bad one. An oil change at my dealer costs $130, and I could do brakes myself. Did I make the wrong decision? It hasn't been 30 days yet...can I cancel?