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04-15-2015, 01:37 PM | #1 |
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3rd Party warranty for 2006 Z4M
Hey all, I'm looking at purchasing a 2006 Z4M with 90k miles. I really liked the car and it drove like a champ...I'm getting a PPI done today and hopefully it comes back clean. However, according to the service history, it looked like the oil was only changed every ~15k miles or so which is a little concerning. So naturally I am looking into some kind of warranty, I just got a quote from Endurance Warranty which is A+ rated on the BBB. They said a 3 year/30k policy would run $3.9k. Do any of you guys have experience with any other insurance companies for your Z4s?
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04-15-2015, 01:50 PM | #2 |
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Think of it this way: What percentage of members on this forum have even had $3,900 of powertrain repairs over the past 3 years? I suspect way fewer than 50%. Maybe even 10%. That seems like a pretty good chunk of change that you'll never recover. I dunno, am I in the minority in thinking that third party extended warranties are just a big scam? They always seem to come up with an excuse for why something isn't covered.
FWIW that 15k sounds like the typical BMW-recommended interval if the previous owner just followed the service light. 15k miles or every 2 years according to BMW. I think almost everyone on here will change it every year or about 7500 miles (once in between each service light), but maybe we're just being anal. |
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04-15-2015, 01:54 PM | #3 |
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My advice would be to look into this company very diligently. When I purchased my second Z4M this past summer, I was offered a warranty through Route 66 for the 3/36k. The plan cost me around $1400 I believe, but the max payout is only $3k (make sure your policy has a much higher max payout due to the cost they are asking). I figured within the next three years something is going to break, and it will surely be over $1400 if it does so. I basically took a 50/50 chance on it paying off, no big deal either way. For $3900, that better be bullet proof, no-cost to you coverage for anything that breaks.
If I were you, I'd just research the hell out of that company. Route 66 has a tremendous reputation in the BMW community from everything I read. Finally, put zero faith in the BBB. |
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04-15-2015, 02:03 PM | #4 |
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OK I'll look into Route 66. And yea the service history shows that it was serviced every year very consistently - about every July which happened to be between 14k-15k miles. And they specifically told me that there was no max payout/cap on the policy, so that may be why its so expensive. They also sent me a sample contract which says something to the effect that they cover "breakdowns" but not "wear and tear," where breakdowns are due to defects and wear and tear is due to....everyday wear and tear. That does concern me, but at the same time these guys do have an A+ on the BBB with over like 200 reviews so I assume that they won't be ridiculous if I made a claim. But still I totally agree that this $4k plan may not be worth it. Considering my main concern is replacing the engine - which I read costs anywhere from $5k - $7k - I guess there isnt much to be saved if I make a payment $4k now for something that may only cost $5k in the future...Lol.
Edit: Just to add I also called my local Classic BMW dealer and asked if they had extended warranties for used BMWs. The guy said that BMW itself won't offer a warranty on any BMW over 80k miles. Of course that kind of shook my faith in the whole purchase when the manufacturer won't stand behind their own car after 80k miles. Lol its like saying "we make great cars...but not that great." Last edited by kevinlindley1; 04-15-2015 at 02:09 PM.. |
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04-15-2015, 03:08 PM | #5 |
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Ask your independent mechanic who he/she recommends for an aftermarket insurance, because they're the one that deals with trying to get the insurance company to pay...They're the ones that will most likely have the best idea as to who is the best/easiest to work with.
You DO have an independent mechanic, don't you? If you don't, find one immediately.
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04-15-2015, 03:17 PM | #6 |
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Regardless, the PPI is over and they found...a lot. Lol. To sum it up, the mechanic said "unless you want a project car I'd avoid this one." There was a fairly long list of problems haha. I'll keep looking!! Thank God for PPIs haha.
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04-15-2015, 03:20 PM | #7 |
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Just curious, did you go with BMW or an independent mechanic for the PPI? I used an independent for my PPI and they found nothing except for some visual imperfections. Since apparently nothing was wrong mechanically, I am wondering if I should've gone with BMW instead. I can still bring it into BMW to get another set of eyes on it and have them run it through the engine diag, but I'm looking for your thoughts.
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04-15-2015, 04:22 PM | #8 | |
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04-15-2015, 05:04 PM | #9 |
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I would never buy an extended warranty on an older car. Price is too high and chances of coming out ahead are too low. Then throw in "sorry your car does X, it was part of wear and tear, not manufacturing defect, we aren't paying" and I would rather take my chances.
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04-15-2015, 07:09 PM | #10 | |
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04-15-2015, 08:30 PM | #12 |
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Autoscope is awesome. They did all the service on my 5 series.
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04-15-2015, 09:15 PM | #13 |
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Thanks, I think i went too cheap on my PPI. I only paid $149 for mine I think. I'm probably just going to bring it in for an Inspection II so I have peace of mind that everything is running ok. My PPI guy was a mobile mechanic so he didn't even get it on a lift to check the suspension Sounds like you got a pretty thorough inspection. It sucks to drop $300 on something you're not going to buy, but at least you're not stuck with a money pit in the future!
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04-15-2015, 11:56 PM | #14 |
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lol, make no mistake, they are /ALL/ money pits >
congrats on the PPI mate, move along please, keep on looking
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04-15-2015, 11:59 PM | #15 |
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$3.9k? lol.. I'd take that money and add it to my purchase budget, and find a car with far lower mileage and better maintenance history. Problem solved.
As for aftermarket warranties in general - remember US Fidelis, that was bombarding the airwaves with ads a few years go? Massive SCAM. Google it. Incredible.
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04-16-2015, 01:35 PM | #16 | |
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04-16-2015, 02:06 PM | #17 |
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Logically, a warranty company would go out of business if most customers got meaningful value out of their policies. There might be a guy or two that gets covered big, but for most it's a losing proposition. I don't think peace of mind can be considered here with the reputation these places have on fighting claims.
IMO, Z4M is quite reliable and easy to work on. If you can wrench at all, I'd skip the warranty and put the cash to better use. |
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04-16-2015, 03:30 PM | #18 | |
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04-16-2015, 08:18 PM | #19 |
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Buy this. Add About $3,000 for their warranty and you're covered on everything out to 125,000 miles for 5 years.
I'm tellin' ya, I spent the last two years of my life analyzing all this Z4 stuff. I went w/ a 3.0si just because I didn't want the maintenance costs. In the beginning I was M or nothing, but the more I looked at them and drove a few, I was open to a 3.0si. Plus mine was listed for $21,500 w/ only 23k miles on it. You might want to look at those too. It's really much more powerful than I expected. Of course, it's not M power, but I have no desire to track it, so around town there's plenty of grunt. I even drove to Arkansas to pick up an M at a BMW dealer and walked away because it had a Vanos rattle. http://www.carmax.com/enus/view-car/...results%20page Last edited by HEY32G; 04-16-2015 at 08:25 PM.. |
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04-16-2015, 09:30 PM | #20 | |
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either that or some good quality car stands.
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04-16-2015, 10:49 PM | #21 | |
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To anyone considering the extended warranty, I researched them very carefully from multiple sources. AAA, Endurance, etc. Didn't check Route 66. Each of them that I did check specifically excluded anything to do with the convertible top (controls, motors, et al) and with the top motor the most likely failure to come on Z4 roadsters it was a lot of money for not much real coverage. Also check to see who they require to do the actual repairs. While most advertise you can take the car anywhere, they reserve the right to have it taken to the shop of their choice to have the repair done. Many of them have a corporate agreement with AAMCO to do their repair work.
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04-19-2015, 08:52 PM | #22 |
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A real CPO warranty from BMW I think might be the only thing that offers real protection, and our cars are aging right out of that option. I did not do that and was burned. You only want it for the big disaster anyway. Full engine replacement is higher than the estimate listed above if you can even find a good, low mileage motor. I have an very low mileage M Coupe and suffered a catastrophic engine failure. My full tale of woe is in prior posts. Anyway - my point is my engine replacement (totally outside of warranty)- was a five digit expense. Got a great motor with very low mileage (that I had to ship from Florida), and I did pay an extra 1500 to put a two year full replacement warranty on that, after I had been fried this bad. This work was at the BMW owner's club preferred independent shop (owned by former BMW master tech) and the cost at the dealer was estimated much higher. ugh. Not sure any 3rd party warranty is going to pony up properly and pay for that.
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