When I bought my CVT equipped '04 Cooper in 2009, I decided I needed a warranty to cover the possible $6-8K CVT repair and the even more likely $1000-1500 power steering repair.

While the CVT is still going fine despite my liberal use of SD and "manual" modes (knock on wood), the power steering failed and melted the wiring harness and shorted out another portion of wiring. While in for repair (at the MINI dealer that sold me the warranty), the warranty also took care of the crank sensor o-ring leak, the oil-pan gasket, control-arm bushings, an out-of-spec axle that was causing vibration during acceleration, and a rattling sunroof cassette. The ~$2k warranty has now paid for more than $4k of repairs... and I still have over a year and 20K miles left.

While fun to drive, 1st Gen MINI's do not have the durability/reliability of a Honda/Toyota of similar vintage.

 

This makes me feel good about the aftermarket warranty I got with the '06 MCS I just bought. It was very well taken care of and is in excellent condition for its mileage (~96k), but I think many of the major components are nearing the end of their lives. It's a little pricey, but I think it'll be cheaper in the long run.