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      11-14-2019, 12:30 AM   #1
finalfan7asy
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Extended Warranty, Extra Payments, or ER Fund

I recently purchased a 2014 M6 (38k miles) with a 5 year loan. This vehicle is my daily driver which Iíll put around 13k miles on per year. Iím looking for guidance from previous/current M6 owners about longterm ownership. I was looking at either purchasing an extended warranty (4yr/48k) that will cover most of the engine, transmission, and electrical components or making an extra payment to lessen my loan by 1 year. My plan is to own the vehicle for 5 years and part with it at 100k miles. Are third party warranty companies worth investing with or would I be paying for a false peace of mind?
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      11-14-2019, 08:00 AM   #2
thebmw
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You have to look at the warranty policy and the exclusions. Every company and policy is different and the devil is in the details.

That said, you're hedging a bet. If nothing happens, then it was all for peace of mind. If something happens that's covered, the repairs will most likely cost more than the warranty. M6s are notoriously very expensive to repair and if you're going to be driving it until 100k miles, chances are you'll have issues.
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      11-14-2019, 08:32 AM   #3
NorthCountryGuy
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Iím a fan of a quality warranty.
I have them on all of my cars. I plan on keeping my quality cars as long as I can, and that is why I have 7yr/100k mile coverage (100k from the mileage at my date of purchase). I specifically have covered extended labor costs, sensor coverage, electronic displays in addition to everything else that is not a serviceable maintenance item. The most expensive coverage is 1.68 dollar a day for the M6. The X5ís are less. Have a deductible of 200. Thatís what a recent water pump/thermostat failure cost.
The really good warranties are not out there for John Q Public. Theyíre only through a retailer. My guy was good. I purchased all my cars through him except the M6. I wanted the same coverage. I called the company and they said the only sell through the retailer. She did suggest I call them and ask if they would sell a policy to me. I never thought of that. I called my guy and he did. Iím sure he took his mark, but the price was fair for the policy I wanted.
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      11-14-2019, 08:37 PM   #4
Whipple
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All my cars are modded , so I where the shirt that says and yes I void my warranty!
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      11-14-2019, 09:42 PM   #5
MMMM6GC
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Quote:
Originally Posted by finalfan7asy View Post
I recently purchased a 2014 M6 (38k miles) with a 5 year loan. This vehicle is my daily driver which Iíll put around 13k miles on per year. Iím looking for guidance from previous/current M6 owners about longterm ownership. I was looking at either purchasing an extended warranty (4yr/48k) that will cover most of the engine, transmission, and electrical components or making an extra payment to lessen my loan by 1 year. My plan is to own the vehicle for 5 years and part with it at 100k miles. Are third party warranty companies worth investing with or would I be paying for a false peace of mind?
New to the forum so this can serve as my joining post! Been lurking for a while...some great info on here!

I picked up a 2014 GC today and have been doing warranty research all week. I have a similar-ish amount of miles too (44k), so hopefully my research will be useful for you. I'm putting together a Google sheet with a bunch of data points, I'll post it up tomorrow!
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      11-26-2019, 03:22 PM   #6
JC04
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This is my daily car as well and I drive about 15k miles a year.

Warranty or not, to me, it depends. If you're mechanically inclined then it's not worth the third party warranty. If you can't even change an air filter on the car then buy the warranty.

Examples. I'm somewhat handy, knowledgeable about cars and used to like tinker with cars. I also have a lot of tools so I bet on no warranty for me. So far the car had a dead battery, cost me 180 to do it myself vs. 500+ from the dealer. The brake senor got cut by rocks or something and I replaced it for $30 bucks vs dealer (who knows, maybe 300+) my rear axle leaks, 50+ in parts and a few hrs of labor vs 1800 from the dealer. PVC leaks and 50+ in parts and 2 hrs labor. Rear brake pads cost me 80+ vs 1700 dealer(They wanted to replace the rotors but I measured it and it was still within tolerant). Air filters, cabin filters cost me about 100 in parts and 1 hr. to replace vs. 500+ from the dealer. This is only about 1.5 year of ownership.

Some of the stuff I mentioned above not even cover under third party warranty. As you can see it costs a lot of money if you can't do it yourself on easy stuff. Anything with the engine will cost you in 5-10k or more.

In addition, you need to know what is worth to fix it yourself vs paying. Example, my dealer charges only 100 bucks to change oil, it's not even worth my time because the cost of materials is 100+ already. Therefore, I bring in my car for the dealer to do it. However, they want to charge 210 to change my air filters LOL.

I guess what I'm trying to say is only you know your strengths and weaknesses to be able to evaluate which direction you should pick.

Last edited by JC04; 11-26-2019 at 03:48 PM..
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      11-26-2019, 03:48 PM   #7
RagtagXMASTER
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I drive my 13 m6 vert as a summer daily about 13k miles a year, and garage it during the winter, i wouldn't want to get my car covered in grime from the Boston area roads and I'm too cheap to invest in winter tires. I have a fully modded car stage 2 DME tune with catless downpipes and FI exhaust, eventuri intakes, and even a full Idrive retrofit and apple tv inside. I do all of my own maintenance that really just is coils, plugs, front 02 sensors, and oil changes. So far i have put about 20k miles on my car since i purchased it and its been good to me.

If you are mechanically included and want to do your own service buy your parts from FCPeuro.com they have the best parts warranty around.

I purchased mine with a misfire and was helped by other forum members to diagnose the issue. they suggested coils and plugs. i brought my car to a BMW dealer near me and they couldnt get the car to misfire. they charged me $150 to diagnose nothing. i took my car back, running fine, and drove out of the driveway.... car misfires, brought it back down the driveway and they said oh yeah now its a problem. they check it out and say i needed the coils and plugs replaced. $2000 from the dealer all set and done. i laughed at their plea to do the job because its a very hard car to work on and you need special tools! I researched the job. bought my parts from FCP and the nice magnetic spark plug socket. spent $400 for 8 coils and spark plugs with lifetime warranties, and did the job in about an hour. car was back to perfect.

These cars are not hard to work on if you are patient and methodical. it is highly recommended however that if you want to work on them you have to be computer savy enough to use ISTA software to diagnose your car. With proper maintnance the car will last quite some time. it is built rather well.

with that all being said however i know plenty of people that hate their M6/5. Sadly the cars are hit or miss.
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      11-26-2019, 04:19 PM   #8
JC04
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Oh yeah, I forgot about the spark plugs. The dealer wanted 900+ to replace my spark plugs (not include coils) and I did it for under 100 bucks with a few basic tools which I already have.

Also ISTA software is awesome, which I used a few times to fix some stuff. Like Ragtag had to spend 150 for a diagnose and they didn't even fix it. I had to use ISTA about 4-5 times to work on my car. So without that software, I would be out at least 500+ and a lot of run around.

Last edited by JC04; 11-26-2019 at 04:28 PM..
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      11-26-2019, 10:23 PM   #9
powahousealex
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It is very true about aftermarket warranties. They seem to have a high price for what they really offer. I have been working on my cars since i was 15 years old and i am 32 .I Might not be able to afford the cars i have now if it were not for me doing research and investing correctly . i have do have warranty on drivetrain and engine , i paid 1,050 for 5 years or 40k miles. This is through a military discount .i only drive my car about 4k miles per year . . .
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