01-08-2020, 07:42 PM | #1 |
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Drives: ‘20 X5/M50i (ordered); &
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Location: Richmond, VA
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Finance Manager Gauntlet
In a month we will be taking possession of a X5/M50i ordered late last month. It will be a cash sale with nominal financing (to earn discount). We typically hold vehicles 5 years and only drive 5K miles annually. We have all maintenance performed by the dealer when due.
I would appreciate suggestions/comments on various packages I should and should not consider purchasing when we pick up the vehicle: wheels; prepaid maintenance; extended warranty, etc. Thank you. |
01-08-2020, 07:56 PM | #2 |
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Without looking into your pockets too deeply, if you're pretty much buying a 82k+ car cash, you obviously have the means to cover the cost of any unexpected repairs. For you the risk/reward of buying any of the plans/coverage/warranties is probably not there.
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01-08-2020, 08:48 PM | #3 | |
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The only warranty I think that might be worth it is tire/wheel warranty if you or other drivers of the car tend to damage the wheel/tire easily. I had a friend that went through 3 different tires due to nail in 2 years and easily got his money back from the warranty. But even that requires you to negotiate to make it a worthwhile deal. |
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01-08-2020, 09:01 PM | #4 | |
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Would you consider any of the coverages to be a good “investment”: coverage cost vs likelihood of needing the service or do you consider “self-insuring” a better alternative? |
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01-08-2020, 09:14 PM | #5 | |
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01-08-2020, 09:58 PM | #6 | |
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01-09-2020, 08:24 AM | #7 | |
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For the wheel and tire coverage - you can buy tire coverage at your local tire shop for pretty cheap - probably adds $100-200 to the cost of the tire swap. For the rim coverage - if it's scraps and curb rash, local rim shops and mobile shops will charge less than $200 to fix these types of damage. If you destroy the rim, you're out a lot of money. I've been driving for over 20 years and have never destroyed a rim. So I'll roll the dice on that one. The rest of the damages I'll just absorb and pay out of pocket. I think I saw that people were getting the rim and tire package for the 22" rims at around $2,000 for 4 years. Based on my numbers above if you buy a tire coverage plan for $200 that should cover your in case you have a blow out. That then leaves the remainder for rim repair. I only bother to fix the rims quarterly because I know they'll get scraped up again. With all that - It would be unlikely that I would get a return on my rim/tire package from BMW. My local rim guy, who's a mobile rim refinishes, charges $75 per rim for Alloy rims - Does a great job - definitely passes the 3 foot test. For your case, specifically, since you don't drive much - your risk is even lower. |
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