Hi Everyone,
Im picking up my new Mini S today (Tues. 5/27) from the Palm Harbor FL. dealer. I want to go with an extended warranty on the car as well get the insurance coverage on the wheels and tires. Im wondering do you all believe i should go with the one that they are offering or do you know of a better Co.,
Any help you can give me on this i woud sure be happy for your help.
THank you very much,
Michael
AKA sykomikeo@aol.com

 

uh, why do U need an "extended" warranty on a new MINI?? They are already covered nicely for 4/50. Other than extending yr scheduled mtce from 3/36 to 4/50 ($500-$700 dep on dealer) I dont see nor understand the need. As far as the tires, if U have Discount Tire in yr area U can purchase full road hazard warranties (mine were $24/tire), the wheels, however, I cannot help U on.

 

Honestly, I have talked to quite a few people regarding extended warranty's..

wait until your existing warranty is up to purchase one. At that time, you're going to get more junk mail trying to get you to extend your warranty then you want. They'll probably be giving discounts too, which you won't get up front.

Also, I wouldn't get an extended warranty, as long as your car doesn't have many problems. If you find that your car is constantly in for warranty work, then yea, get one, but wait to make the decision.

 

Good advice above, extended 'warranties' (insurance really) are a major auto dealer profit center, but rarely worth the cost.

Here is one website with a lot of information to study first and I would not stop with 'one..."

 

good advice. check my sig: if I keep my S past its warranty period expiration this Oct damn straight I will get an extended warranty the BEST and ONLY way--one that the dealer knows and honors.

 

The dealer warranty can only be purchased at time of sale no?

 

No. The closer might want the customer to purchase the warranty at time of sale (along with a tire warranty, rust treatment, and other crap) to pad revenue, but there really is no upside to getting an extended warranty at time of sale. What if the car is totalled 4 years later in an accident? Or worse, what if the insurance company goes under after 4 years?

FWIW, I have Warranty Direct on my own car (MINI is the SO's) and it's pretty much paid for itself with 2 years to go. The dealer service writer says that of all the 3rd party warranties they've worked with, they are the easiest to work with. I recommend it.

 

No you can purchase an extended warranty as long as your initial warranty does not run out. That's what I plan on doing when mine arrives. I am going to spend the $1400 for the 72 month / 100,000 miles full maintenance b/c I drive 24,000 miles a year. I am not going to buy the tire/wheel plan for $600 and when my warranty is expiring I will buy another (prob 60 / 100 for ~$2000) warranty. The only benefit of buying an extended up front is that you can finance it and it will also be cheaper that having to purchase it down the road.

 

Ok so right before the warranty runs out I'm going to buy the extended one, but what at my options at that point? meaning what kinda warranty? 100,000? for how much? I'm not sure how many years and or millage and price...

 

Just hand me your money......that's what it worth. Don't waste your money dude.

 

Remember that even the best and most honest (look for "exclusion" wording) like Warranty Direct will (like any insurance company) need to take in a lot more money than they pay out to stay in business.

You will know if you are stuck with a 'lemon' long before your factory warranty runs out and covering a lemon might be the only way to come out ahead on the deal.

Adding it to your car loan would be an expensive way to purchase something that you are not going to need for years to come, if ever.

 

IIRC most extended warranties will not extend beyond 4 years/100K miles. The more coverage, the higher the premium. Also the lower the deductible, the higher the premium. By the time the OEM warranty is about up, it will be pretty clear what type of coverage would be most appropriate. If the R56 turns out to be fairly reliable and/or you have enough $ in your emergency fund to cover a major repair, then maybe no extended warranty is needed.

It is important to understand that extended warranties are really a form of insurance, like life insurance, disability insurance, medical insurance. The whole point is to reduce the volatility risk of a rare big loss (e.g. engine replacement) by taking a small loss upfront (i.e. paying the premium). Nobody hopes to "win" by collecting on life insurance, and the same should be true of 3rd party warranties. If one has enough $ to weather the catastrophic loss, then one can just self insure and in most cases save $.

 

I work as a tech at a dealership & deal with various extended warranties all the time, they're almost never worth the money & that's based on the cars that actually do come in for repairs.. obviously many more never make use of their warranties at all. Remember, they're For-Profit, they wouldn't be in business if the odds were in your favor.

If you're going to purchase an extended warranty, buy it from the dealership, if you don't they're not obligated to honor it and you may have to make up the difference out of you own pocket.

put the money in a savings account and change your oil every 5k, proper maintenance (not that free scheduled BS) will keep your car in good shape & help you avoid those really expensive repairs.

Mini's in the business of selling new cars & the dealerships are in the business of repairing them, neither of them really have your financial well being in mind.
Eg. Ford's up front/honest about their engineering, they design their products for a 7-year life cycle, that's what they've deemed long enough to keep customers satisfied & buying new on a regular basis.
Other companies aim a bit shorter, say 5 years...