02-14-2017, 03:34 PM | #1 |
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buying New X5 vs buying Extended Warranty
I just thought of something since my X5 is coming up to 4 years of ownership meaning no more factory warranty and i have to purchase extended warranty for a ridiculous amount here in Canada.
Let's say theory if I'd trade in my X5 for new, off the lot 2017 with $30K CAD difference ($23K USD) vs. -Paying for extended warranty -pay for new tires -pay for new brake set -windshield replacement -other consumables Usage - I average about 6K miles/year, increasing as kids grow up and I don't want to be bothered by DIY's anymore as I am too busy. So the question is, is $23K USD worth a new vehicle and headaches? Thank you! |
02-14-2017, 05:45 PM | #2 | |
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Get new one , iam going to get 2017 now , interest % lower for X5 now , for 20$ less in monthly payments i'am getting 9000$ more in options than existing truck . Plus peace of mind . |
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02-14-2017, 06:50 PM | #3 |
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For me trade it in.
I trade in after 3rd year, apparently better than 4th year. 2014 X5 50i (13k km) for 2017 X6. Got 68% as trade in value. 2% Trillium discount and $1500 loyalty credit before dealer discount. Also with age as issues pop up more time in shop ( it does add up) and hoping its covered under EW. If diy or good indy shop then no need for expensive EW. When I investigated EW I managed to get 11% off. The numbers seem reasonable to trade in. I also factored in the higher HST credit for trading in earlier as opposed to later with a lower Trade Value. |
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02-14-2017, 10:34 PM | #5 | |
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it is also off the dealer lot and possibly a demo with 60 miles (they call this brand new somehow here in Canada). |
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02-14-2017, 11:40 PM | #6 |
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well if my math is right, that x5 would have cost you 6k a year to own. not bad at all.
but on the flipside, if you're going to spend 23k more just to have a same x5 but with just less miles, you're better off just keeping your current ride and save the 23k. odds are in your favor you wont have any major expenses, especially with the low miles. and the 23k you save will most definetly exceed any expenses you have in the future. |
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02-15-2017, 06:19 AM | #7 | |
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I understand your current situation because I had the same thought process when I was approaching the end of warranty on my 2009 X6 back in 2013. It was tough when trying to decide to either extend the warranty or get new. let's face it, repairs and maintenance can be costly when owning such an expensive car and BMW offers a pretty convenient warranty and service program for their new cars. I usually finance my cars up until this point. Ultimately, I traded my first X6 and leased a 2013 650 GC. I am now a fan of leasing these "considerably expensive" cars because not only do I get to enjoy a fresh and late model for driving pleasure, but I also have peace of mind knowing that the warranty covers maintenance without having to worry about pricey service needs in the future. Just a thought OP. I wish you well, whatever you decide.
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02-15-2017, 07:13 AM | #8 |
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Geico has bumper to bumper warranty extension if you are the first owner of the car, and do it in the first year owning it.
it costs pennies, something like $30 per 6 months. takes affect after original warranty runs out, covers everything original warranty did.
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02-15-2017, 10:09 AM | #9 | |
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Regardless if you car is new or old you'll still need for maintenance items. I just feel if your current car is going great, why replace it with something new that potentially could have problems? Getting a new one doesn't mean it'll be devoid of issues. I mean if you don't care about the price difference for a new one, then I don't see how running costs of owning an older car is really a problem unless you want a new car. Basically I would keep the car until the next model comes out at least.
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02-15-2017, 10:41 PM | #10 | |
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I have this on all my cars but hopefully when it comes time to use it after the standard warranties expire there is no red tape or fine print. And I never checked up until what point they will cover the car..... |
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02-16-2017, 08:15 AM | #11 |
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Well since OP is coming up four years of ownership can't see that being an option.
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02-16-2017, 08:31 AM | #12 | |
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In Canada, auto insurance and extended warranty are in thousands per year, same as parts and labour. |
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02-17-2017, 07:19 PM | #13 |
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uhh...do you understand how depreciation is killing you everytime you swap to a new car? Your 2014 is worth 50% of its MSRP next year, and you're willing to continue that trend with a 2017 model for 4 more years?
If you care about the real costs of owning a car, then nothing makes sense buying a brand new car, especially of the same make and model, short of your current car being a lemon.
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02-17-2017, 11:00 PM | #14 | ||
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Another $1,000 for an XPel paint protection film redone. |
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02-17-2017, 11:28 PM | #15 |
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you say you drive 6k/year? so you have 24k miles? i would not bother with an extended warranty with such low miles, unless you had the v8. lol
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02-19-2017, 08:09 AM | #16 |
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Question you need to ask yourself is if extended warranty , downtime, consumables plus eventual trade in value is greater than or less than a brand new lease. For me the difference is roughly cad 15k on my X3 vs doing another 4 year lease. I'm keeping mine as only driven 42,000 kms
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