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Discussion Starter · #1 ·
I'm currently in the process of buying a 2008 M5, 6 speed, with approx 50k miles. I've been advised be my mechanic and others on this forum, that an extended warranty would be a good idea for this vehicle.

I will likely keep the car for approx 5 years. Considering my driving habits, that will likely be under 50k miles. So a 5 year, 50k mile (approx) warranty would probably be perfect.

My questions for you are: Is a warranty necessary? If so, engine/powetrain only or full (minus regular maintenance) coverage? Any feedback on specific warranties or places to look for them? Any feedback on a warranty you've used that you would recommend?

Thanks in advance, the information I am gleaning from this message board is invaluable. I cannot imagine trying to purchase this vehicle without this resource!
 

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I'm currently in the process of buying a 2008 M5, 6 speed, with approx 50k miles. I've been advised be my mechanic and others on this forum, that an extended warranty would be a good idea for this vehicle.

I will likely keep the car for approx 5 years. Considering my driving habits, that will likely be under 50k miles. So a 5 year, 50k mile (approx) warranty would probably be perfect.

My questions for you are: Is a warranty necessary? If so, engine/powetrain only or full (minus regular maintenance) coverage? Any feedback on specific warranties or places to look for them? Any feedback on a warranty you've used that you would recommend?

Thanks in advance, the information I am gleaning from this message board is invaluable. I cannot imagine trying to purchase this vehicle without this resource!
So here's my quick take...I was reading around and the SMG pump ($6,000) and the VANOS ($11,000) were the two major things that can go wrong with this car which made me decide a warranty was worth it.

I just don't want to baby this car for fear I am out of warranty and don't want to pay out of pocket. With a warranty, I don't need to beat the hell out of it but its nice to know I can drive it like it was meant and not worry so much about breaking something.
 

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Often the full coverage warranties are not vastly more expensive than a (good) powertrain warranty. The key is 'good' because many people buy an engine or powertrain warranty and then find out that payments are capped, there is no reasonable allowance for dealer labor/OEM part prices, and that the stuff that is most at risk (SMG, VANOS, etc as Dexter mentions above) are not covered anyway. It takes a pro to read the contracts and make sure you are getting something worthwhile.

The first two things you need to do are take the car to a BMW dealer that YOU find and YOU hire to do a full pre-purchase inspection on it. And while you are there, pull the car's service history and its carfax to verify there are no stories or neglect. You also should have a cosmetic inspection done to verify original paint and panels (if that's how the car is being represented).

These are just a few of the things I do for my clients when buying them a car of this caliber. And with me, if there are any significant undisclosed problems found, I can return the car for a refund. Try that buying on your own! I can provide a fantastic warranty for you as well, but with 50K miles, the price will knock you over (although it will still be much less than paying for VANOS and SMG pump repairs on your own!).

Bruce
Becks Imports LLC
"Only The Best"
856-912-2600
[email protected]
 

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Discussion Starter · #4 ·
Thanks for the info guys! It seems most of the warranties I'm finding have caps that won't even begin to cover repairs on the M5, or won't even cover a 10 cylinder engine. I talked with my local dealer and the BMW extended warranty prices are outrageous. Does anyone know of a specific warranty or company that you've dealt with that has good coverage for this vehicle? Thanks again for all the info!
 

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Company Representative for Becks Imports LLC
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What is the specific mileage of the car in question? Mileage plays a huge factor, and most mileage tiers are hidden. So a 49,500 mile car could be significantly less than a 50,250 mile car if there is a 50K mileage pricing tier. I can get you a quote once you tell me exact mileage.

I can also get you an M5 without worry if you are interested, feel free to email or call.

Also, not to discourage you, but their price may not be as outrageous as you think. When you are an insurance company, and you have insight into what breaks on these cars over 50K miles on the way to 100K miles, and what it costs to repair them, you need to price pretty high to cover your risk properly. If you price too low to too many customers, you go out of business. Or else you have to fight, cap, and deny claims on the back end to stay in business.

Bruce Mendel, Preident
Becks Imports LLC
"Only The Best"
856-912-2600
[email protected]<!-- google_ad_section_end --> <!-- / message -->
 

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Discussion Starter · #6 ·
What is the specific mileage of the car in question? Mileage plays a huge factor, and most mileage tiers are hidden. So a 49,500 mile car could be significantly less than a 50,250 mile car if there is a 50K mileage pricing tier. I can get you a quote once you tell me exact mileage.

I can also get you an M5 without worry if you are interested, feel free to email or call.

Also, not to discourage you, but their price may not be as outrageous as you think. When you are an insurance company, and you have insight into what breaks on these cars over 50K miles on the way to 100K miles, and what it costs to repair them, you need to price pretty high to cover your risk properly. If you price too low to too many customers, you go out of business. Or else you have to fight, cap, and deny claims on the back end to stay in business.

Bruce Mendel, Preident
Becks Imports LLC
"Only The Best"
856-912-2600
[email protected]<!-- google_ad_section_end --> <!-- / message -->
Hey Bruce, the car has 51,2XX. Just my luck that it's over the 50k mark.

Thanks,
Jeff
 

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I'll get a quote. 50K might not be a tier, I do not know. But to get an accurate quote I have to have specific mileage.

Is this car near you? Have you bought a car like this long distance (or even nearby) and do you know how to protect yourself? It can be a dicey proposition if you're new to doing it.

Bruce
 

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Discussion Starter · #8 ·
I'll get a quote. 50K might not be a tier, I do not know. But to get an accurate quote I have to have specific mileage.

Is this car near you? Have you bought a car like this long distance (or even nearby) and do you know how to protect yourself? It can be a dicey proposition if you're new to doing it.

Bruce
Bruce, I purchased my E46 M3 long distance about 6 years, and it turned out to be a great car. Now, time to upgrade. This particular car is less than 10 miles from my house. I've driven it several times, got a good offer for my E46 M3 on trade, and even had my trusted BMW mechanic inspect it. He said it's in great shape, but also recommends a warranty for a vehicle like this. So, that's my situation. Trying to find the warranty that would best fit my needs and decide if the added cost is worth still buying the M5.
 

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i just bought a warranty through my credit union. 2006 with 57k miles. 3 year 36k mile 250 deductible complete warranty, even covers clutch with SMG for 3500. i checked the service history on it and everything has been changed, vanos, complete transmission, and every recall done to it. i have been babying her since i have been out of warranty but not anymore. its a great feeling to have no worries.
 

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i just bought a warranty through my credit union. 2006 with 57k miles. 3 year 36k mile 250 deductible complete warranty, even covers clutch with SMG for 3500. i checked the service history on it and everything has been changed, vanos, complete transmission, and every recall done to it. i have been babying her since i have been out of warranty but not anymore. its a great feeling to have no worries.
what warranty company is this?
 

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Has anyone heard of a company called Warramty Solutions out of Colorado? They gave me a quote of $4212 for 5 years 100k miles with $100 deductable for their 5 star offering. I did purchase a 3 star plus for my X3 but have not had to use it.

Thanks,

rnusr01
 

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Has anyone heard of a company called Warramty Solutions out of Colorado? They gave me a quote of $4212 for 5 years 100k miles with $100 deductable for their 5 star offering. I did purchase a 3 star plus for my X3 but have not had to use it.

Thanks,

rnusr01
Yes I believe Inskip BMW in Rhode Island offers this as an option.
 

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The credit union plan is pretty good. I'd have to see the contract of course, as they're written a lot of different ways. The administrator of the plan has a decent reputation, although they cost-manage more aggressively than some others. Also, they pay by check after a repair is completed, which a lot of shops/dealerships do not allow. So in many cases you'd have to pay the repair yourself and then get a reimbursement check from the administrator. Not the end of the world, but something to keep in mind. Many plans now pay with a credit card over the phone which all shops accept. This plan I would not hesitate to recommend, but not sure I'd recommend it for a high end semi-exotic where a dealership is typically the only place you can go for repairs. But the price is reasonable, so it's sort of a trade-off.....a medium-end plan at a medium-end price.

From what I know of Warranty Solutions (I've never repped them so this is second-hand info) I would not use them. They like to require non-OEM or used parts, or send in their own parts that they procure at wholesale rates. Shops do not like that, and then you would not have a warranty on the repairs from the shop, or they just might say no as in the case of an authorized BMW dealer. Again, they are not a rip-off, but I would not be selling them to M5 owners.

Bruce
 

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You guys should check out contego direct, they sell National Auto Care. They paid over 9k in repairs on my previous car a 2006 m5. They oay directly with a credit card right after work is done at your local repair facility.

Contego Direct - Vehicle Service Agreements
No direct knowlegde of them, but your experience certainly sounds good. Their web site is scary...typos, red X's, raw HTML code, etc. But their website does not pay the claims I guess!

Bruce
 

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My 2 cents... keep in mind that warranties are priced so a warranty co. can turn a good profit. The vast majorities of preminums paid into warranties go unused, and I suspect most of us will never use them enough to get out what we paid for them.... but i do realize there is something to be said for piece of mind. I read where someone just put the 4 grand aside that they would use for a warranty and save if for any future problems. If you never use it then fine... you still have the money!
 
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