Is it really worth it to buy a cpo? or is it better to buy from private? - The Unofficial BMW M5 Messageboard (m5board.com)

cali6869 · 28th January 2004, 17:43

Well my search for a cheap m5 continues....
Last night I went to Concord BMW in northern cali to look for a cpo m5. They had one, it was an 02 with 15k on it. And they wanted 70 for it...I told them they were on crack. Anyways as I was talking to the sales man it came to my attention that the 100k warranty is not the same as the free maintanace you get when you buy a new bimmer. With that in mind, is it really worth to buy a cpo? What is that 100k warranty good for? if your engine blows? If I plan to do some mods on the car, would it be better to just to get a car without warranty? I know bmw voids warranties if you do mods or engine work. Do you guys think I should just buy from private? I've seen many m5 00 & 01 with 40k for mid to high 40s. thats what Im shooting for.
What you guys think?

UltFamCar · 28th January 2004, 18:53

Quote:

Originally Posted by cali6869

Well my search for a cheap m5 continues....
Last night I went to Concord BMW in northern cali to look for a cpo m5. They had one, it was an 02 with 15k on it. And they wanted 70 for it...I told them they were on crack. Anyways as I was talking to the sales man it came to my attention that the 100k warranty is not the same as the free maintanace you get when you buy a new bimmer. With that in mind, is it really worth to buy a cpo? What is that 100k warranty good for? if your engine blows? If I plan to do some mods on the car, would it be better to just to get a car without warranty? I know bmw voids warranties if you do mods or engine work. Do you guys think I should just buy from private? I've seen many m5 00 & 01 with 40k for mid to high 40s. thats what Im shooting for.
What you guys think?

See here for BMW CPO warranty info as to what's covered and what's not:
http://www.bmwusa.com/CPO/Benefits/W...efits.warranty

I bought my CPO E46 from BMWSF and it was nice to have that peace of mind. But if you do take that route, make sure to inspect the car with a fine-tooth comb before driving it off the lot. Do a search for the checklist. Remember that the CPO doesn't cover everything, i.e. it's NOT bumper-to-bumper. So you may consider buying from private party and then purchasing warranty from a solid company. Oh and BTW, if you're going private and a BMWCCA member, then check out the Classified at bmwcca.org or in the Roundel magazine.

Best wishes on your purchase!

mottati · 28th January 2004, 19:00

first off, concord bmw always asks ridiculously high prices, but they rarely sell for that. I've bought 6 bmws from them over the past 9 years and have always gotten a reasonable deal.

Next is the difference between factory warranty, full maintenance plan and the cpo warranty. The factory warranty is your typical bumper to bumper deal that covers you for 4yrs or 50k. The maintenance plan covers all the basic service, oilservice, inspections brake pads and rotors etc as outlined in the service booklets. This usually goes by the inspection lights, meaning a free oil change every 12k or so. It's usually expired before you hit the most costly inspection 2, but free brakes and such is nice. The CPO warranty picks up after the factory warranty expires, and gives you 2 more years and up to 100k coverage. It does not cover any maintenance or servicing, but it does cover you when your SES light comes on and you need a vanos unit, or MAFS. There is a $50 "co pay" for each service visit, so it pays to clump multiple repairs together. It is not an all inclusive warranty, like the "new car warranty" but there is a list of what is excluded, you may want to check out bmwusa.com and see if you can find that on their cpo page.

You could argue that you could get an private car and buy an aftermarket warranty. I've had them, they can be good. Most of the aftermarket warranties only cover items listed in their brochures, i.e. if it ain't listed, it aint covered. The cpo warranty is the opposite, if it isn't listed, it is covered. Plus, bmwna is less likely to go bankrupt as compared to some aftermarket companies, like warranty gold. Another plus to an aftermarket warranty, however, is you can often go to an independant shop. I had a GE Capital warranty on an e34, and although it didn't cover some major items (like a sunroof cassette) i could go to my local shop if i desired.

Now I can't vouch for long term reliability of the M5, i've had my 00 car for about 6 or 7 months, and am still under factory warranty. But i think the peace of mind is worth it. If you plan on modding the heck out of you m5, and not going the dinan route, then you're right, the warranty is probably worhtless anyway. I've probably had an easy $5 or $6k in warranty work on my car, almost all of which was in the first couple months. Items like Vanos unit, MAFS, clutch and flywheels, oil pan gasket (17hours of labor!) and a rear main seal...

Good luck on your search...
Mike

MattCev · 28th January 2004, 19:07

I've got an '00 with the extended warranty, and I wouldn't have considered buying this car without it.

These cars are built to be run hard - and most them are. Given the cost of repair to this engine because of its sophistication and power, I was not comfortable taking a chance on what someone else may have done to it.

Also, if you look thru this board, you'll see numerous postings on vanos issues. I had the same problem. It was a 2 day job to repair, and it was covered by th extended warranty. I'd hate to think what it would have cost if I had to pay for it.

That's not to say it's not well built, but it's not exactly a Chevy small block either..

My view - it's like insurance. You hate paying for it, but you need it.

DrewT · 28th January 2004, 19:27

I just bought a cpo 01 m5 with every option except window shade. Black with saddle interior it had 14k miles and it was totally immaculate. $61.5, plus new p rossos and new interior mats.

Wilkie · 28th January 2004, 20:09

Mike summarized it well. Having owned literally dozens of BMWs personally and through partners, friends and relatives, I would definitely not own one without some sort of extended warranty. I'm sure I'm thousands and thousands of dollars ahead because of it.

BMWs have many wonderful virtues, but top long term reliability and reasonable cost of parts and repairs are not among them. No wonder those private extended warranty companies go out of business all the time. One of the reasons I generally prefer to keep my beast stock. Good luck.

dmz · 28th January 2004, 20:52

Also have in mind that if you modify your car. the Dealer have the right to refuse coverage. So you might still be out of coverage even after you paid for an extended warranty

My take on this is save the money in your bank or invest it and use that money to pay for repairs of something breaks.

foxyboym5 · 28th January 2004, 21:58

Bought my beast before xmas privately for trade money.

Knew i was taking a risk by not getting a warranty. Vanos has just gone, but dealer put through a goodwill claim and bmw have agreed to pay 100% parts and labour!

They obviously know that this is a common fault, and as the car is only 6mths out of warranty, i guess i was looked upon with sympathy by UK bmw, especially as this is my 6th beemer in 10 years.

Dealer told them i had interest in the new M5. Well, i do have interest in it, doesn't mean im gonna buy one though does it!

cali6869 · 29th January 2004, 01:15

thank you guys for all the great info. At first I felt like going for a cpo, I have a 3 series right now, and the service its expensive. I can only imagine on the m5! But since I will most likely mod the m5 too, I feel that every dealer will give me a hard time every time I go for service or repair. Even If I buy a used car from a private party I still get warranty right? I just wont get the maintance if expired.

slief · 29th January 2004, 01:20

I have a loaded CPO 00 M5 that I have been thinking about selling. Its mint with some nice upgrades.
If you are interested let me know.
Scott