In the 21st century having a vehicle is more than a necessity and it is practically impossible for you to protect your car from inevitable accidents. Fortunately, most of the vehicles come with the extensive bumper to bumper warranty for at least 36000 miles or 3 years.
However, many vehicles come with the “powertrain” warranties that provide you cover on the transmissions, engines, and other related parts. In case you want to increase the time duration of your BMW warranty then you opt for the BMW extended warranty.
You might find it a little overwhelming to decide what should you buy an extended warranty on a new car or not? Well, you are at the right place and we are here to help you out on this very important issue. So, keep reading our in-depth review and user’s guide.
What is an extended car warranty?
In case you have bought a new BMW then it’s more likely you would spend up to $35000 for this luxurious car. In fact, it is a true fact that you can end up hundreds or thousands of your hard-earned dollars for repairing and maintenance. The average repair cost of the BMW is around $1081. Although, BMW extended warranty is very helpful for paying maintenance and repairing costs.
How Do Extended Warranties Work with New Cars?
You probably will not have to require an extended warranty because these vehicles come with manufacturer warranties. Well, in case you have just bought a new BMW car then it comes with a manufacturer warranty. This warranty contains the price of cars and covers most of the repair's costs for the first 3 years at least. But BMW extended warranty will give you extra time duration after the expiration of your existing warranty.
Where Should I Buy an Extended Warranty?
You can purchase an extended warranty from either BMW itself or third party extended warranty dealers. There are many third-party extended warranty dealers available such as Carchex, AA auto protection, Auto assure, concord auto-protect, endurance, and Protect my car, etc.
For example, if you chose Carchex then you can get:
•Titanium coverage for 7 years. (bumper to bumper)
•Platinum coverage for 7 years. (for particular parts of the car)
•Gold coverage for 7 years. (comprehensive coverage for 60000+ miles.
•Silver coverage for 7 years (on the major system of the car and more than powertrain warranty.
•Bronze coverage for 5 years. (It covers most of the major systems of cars.
Extended warranty new VS used the car:
Extended warranty for a new car is only useful when its manufacturer's warranty is ending. Usually, new cars come with at least a 3-year warranty. So, if you want to increase the time limit and coverage of the warranty then you can opt for it.
On the other hand, if you are using a used car then it becomes necessary for you to purchase an extended warranty because its manufacturer’s warranty would be ended or likely to end. So, it is always better for you to have a warranty.
There are many advantages of warranty for both used and new cars:
• It is always good when you want to have this car for many years.
•The cost of an extended warranty is always cheaper in comparison to the repairing costs.
•It will give you customer satisfaction.
•You can get many offers and deals due to the competitive market.
Frequently Asked Questions or FAQs:
What is the average time duration of my BMW extended warranty?
In case you want to buy an extended warranty from a third party or BMW then you will find it very easily at the time of purchase.
For new and used BMWs cars: generally, you will get a warranty up to 3 years and total 7-year warranty coverage. You can choose either 100000 miles or 75000 miles.
For used BMWs only: it totally depends upon the type of ownership such as CPO Wrap Elite, CPO, CPO Wrap, or CPO Elite BMW owner. You can extend the warranty from one to three years and between 100000 miles and 75000 miles.
What alternatives I have other than an extended warranty?
You can save your repairing and maintenance fund separately for the needed. You can open a savings account and deposit $50 per month for repairing and maintenance purposes.
What are some important tips one should consider before buying an extended warranty?
There are some very important and useful tips you should consider before buying an extended warranty. Some of them are given below:
•Don’t buy an extended warranty with your new car:
It is very important for you to consider that you don't need an extended warranty just after purchasing your new BMW car. BMW cars are not very affordable and at the time of purchase, it would already be breaking your bank accounts. So, you should not opt for an extended warranty because it will increase the extra burden on your car loans.
•Make sure your services are regular:
You should regularly take your car for service because many companies including BMW does not service your car until they have proof of regular service according to their guidelines.
•Never buy it to qualify for an auto loan:
According to FTC or Federal trade commission, you don't need to purchase an extended warranty to qualify car loans. If your car dealer is forcing you to buy an extended warranty then you should first consult the lender.
•In case you are buying a used car then it comes with a buyer’s guide fixed to the window of the vehicle that shows what is covered under the warranty.
In brief, In the 21st century, a car is a must to have a necessity for any family. However, its repairing and maintains can be pain-in-the-neck. If you want to have a car for more than 3 years then you should consider having an extended warranty for your new and used car. But if you are thinking of selling a car after a couple of years then you should not opt for an extended warranty.