Hi All,

I have a 2010 Clubman with 45,500. My warranty is about to expire and I'm just not sure whether I should buy the extended 100,000 mi one for $2,500. It's such a chunk of change; however, if something should happen to go awry it is possible that the overall expense of getting my MINI fixed would exceed that amount.

Any advice?

Thank you for taking the time to read this! I've always received such helpful information on this forum!!!

Enjoy your day,
Joy

 

do it!
i did.
saved me many thousands!!! its easily paid for itself 5x over.

 

Thank you kindly for your quick reply...I need to make my decision within the next 500 miles.

 

If I had bought the extended warranty, it would have ended up being money down the drain as I didn't have any repairs between 50,000 and 100,000 miles.

Keep in mind the warranty companies have access to data and analysis that makes them feel confident they will make money if they charge $2,500. That means odds are buyers will not have any repairs or repairs will be less than $2,500.

 

Thank you kindly for your advice...I really don't have the $2,500 in cash right now so that is why I'm hoping that I'll hear that I shouldn't buy it

 

Very logical.

 

If cash is a problem, MINI or whoever you are buying the warranty through will probably let you make payments. Alternatively, instead of paying for the warranty, take the extra amount you would have been paying for it and put it into a savings account. That takes some discipline. If you don't have any repairs, then at the end of the 100,000 miles you have your own "pot" of money. If you do have repairs, hopefully you've managed to save up enough to cover the cost of the repair. The risk is the repair cost might exceed the amount you have saved.

All depends on your risk tolerance level.

 

Thank you again for your advice...lots to consider. I'm praying for wisdom and to win the lottery (that I'm not actually playing so that would indeed be a miracle)!

 

I don't usually buy them, but in this case if you don't it will need repairs and if you do it will run fine (smile)

 

Also remember there is a difference between warranty and maintenance. If you buy an extended warranty what will it cover. I believe a lot of the operating cost of a car is related to maintenance - things like oil, brakes, tires and so on as well as other possible wear items like clutches. warranty is for things like water pumps or the engine explodes - assuming you didn't void the warranty by running low on oil or Modding the car.

 

Seems like an ext. warranty is good idea if you do a lot of reading here.

 

Put the $2,500 into a savings account and use that towards repairs. If repairs are greater than that then use it towards a trade-in lol