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Bumper to bumper is overrated. Powertrain is all you need
Pro
Well, I got an 5-year extended warranty for a 10 year old car. I got way more than the cost of the warranty in my 2.5 years of ownership of said car, then sold it and got half the premium back as it was refundable.
I think whether or not it’s worth it would largely depend on the reliability and repair costs of your car and/or if you happen to be the lucky or unlucky one where things break way more/less often than anticipated. Also I think it’s usually a pain point with these warranties that 1) sometimes the warranty company only pays for non-OEM parts because it’s cheaper, and 2) they would only pay for the parts that actually broke (think of the scenario where your ignition coils start to fail one by one, and you can’t get them all replaced under warranty because others haven’t failed yet).
If I were to buy a out-of-warranty German/British premium/luxury car I will probably get extended warranty again. If I were to buy an average Japanese/Korean vehicle I probably won’t. But that’s just my preferences.
Pro
Yes.
Curious about this too. I intend on buying out my lease and getting the extended warranty to cover major items in case something goes.
I always get the maxcare warranty when buying from carmax. It is absolutely 100% worth it for that particular combo
Pro
It’s always, definitionally, “not worth” getting the warranty on average. The warranty is priced such that it will pay out less than you pay for it.
It may be worth it for you, specifically, if you’re someone who can’t afford or doesn’t like the idea of paying out for unexpected repairs. If that would really hurt your budget or your pocketbook get the warranty. Otherwise, putting the warranty cost in a savings account is a better bet.
Chief
I have owned my 7-Series, bought used from CarMax, for 16 months. They are already almost $12,000 in the negative. There are 44 months and 70,000 miles remaining from MaxCare.
I paid $3,200 for the warranty up front, and I pay $250 for each repair deductible. (CarMax will let you save $50 to take it to CarMax, but I prefer to have it at the BMW dealer since they have specialized diagnostic tools.)
I may just break Doug Demuro’s record for his Range Rover.
If you plan on buying an out of warranty, modern luxury car, get an extended warranty.