[racingrnyc]

My 3 year lease on a 2020 M50i is coming up in a few months. I'm planning to purchase the car and probably keep it for another 3 years or more. Any recommendations on what I should be purchasing for the ownership? Extended warranty programs etc. (not sure if there are BMW official ones or just 3rd party/dealer ones)? I saw there are GEICO (which is my insurance carrier) mechanical coverage but it looks like I can't add that now halfway into the ownership?

I currently have 12k miles on the car and probably will drive 5k miles a year. The car is currently in good condition and I usually don't drive the car hard, but not sure what to expect down the road in terms of risk of mechanical/electric breakdown, and the associated cost per repair.

Thanks in advance!

[dwwStL]

How comfortable are you with self insuring? And how much is left on the original warranty? 1 year? If you could pay out of pocket a $3k repair without financial strain, I wouldn't buy anything. Extended warranties are a mixed bag depending on company and what is covered. You have a low mileage vehicle. If you are not short on cash, I'd take whatever you would spend on an extended warranty and put it into my rainy day fund to be used if and when you might have an expensive repair or the new tires you will need in the next year or two.

My 2 cents.

[LDT]

Presumably you have 12 months and many miles left on the factory warranty. I wouldn’t buy anything until it’s about to expire. Lots can happen in the next year. You might find a new model you just gotta have. And considering it’s low mileage, yours is exactly the circumstance where I’d own it out of warranty. Typically these vehicles don’t run into major repairs until the 60/70,000 mile mark.

[IAmSpeed]

If I were you, especially with 5k miles per year, I wouldn't buy anything besides regular auto insurance at this point.

[BlkGS]

I'm pretty confident that you can purchase the BMW ESC as long as the vehicle is covered under warranty. I'd use the next few months to cross shop dealers for the ESC.

[Gibson6594]

Originally Posted by dwwStL

How comfortable are you with self insuring? And how much is left on the original warranty? 1 year? If you could pay out of pocket a $3k repair without financial strain, I wouldn't buy anything. Extended warranties are a mixed bag depending on company and what is covered. You have a low mileage vehicle. If you are not short on cash, I'd take whatever you would spend on an extended warranty and put it into my rainy day fund to be used if and when you might have an expensive repair or the new tires you will need in the next year or two.

My 2 cents.

Agree. I was very close to buying an extended warranty on my car, but only had about 20k miles on it after 4 years. Decided to self insure instead. Never had another problem on it and saved the money I would have spend on the extended warranty.

[racingrnyc]

thanks a lot everyone. sounds like I don't have to worry for now and have at least a bit of time until I need to shop around for an extend warranty, if at all.

[Gibson6594]

Originally Posted by racingrnyc

thanks a lot everyone. sounds like I don't have to worry for now and have at least a bit of time until I need to shop around for an extend warranty, if at all.

Just keep in mind that these responses are only helpful if you agree with them. The peace of mind you get with a warranty may be more valuable to you than the money you save.

Just because we think you're is safe at low mileage doesn't mean nothing will go wrong. Your call at the end of the day.

[racingrnyc]

Originally Posted by Gibson6594

Just keep in mind that these responses are only helpful if you agree with them. The peace of mind you get with a warranty may be more valuable to you than the money you save.

Just because we think you're is safe at low mileage doesn't mean nothing will go wrong. Your call at the end of the day.

understood. thank you