Hey, I've got got 3 days to buy the extended warranty for my 2009 MCS and I've checked with Global Imports in Atlanta since I bought my car there. At the end of last month, they were quoting me $3570 for the 7 year \ 100k warranty. Is that a fair price? Does anyone know of another dealer where I can get it for less? Also, should I just put this on a 0% credit card or do you like the Mini financing option where it's 20% down and then 18 months to pay it off. Thanks!
I got 8 year, 100k service contract for $2400, but this is for a new vehicle, so the price you're being quoted for a used vehicle seems in-line. Zero percent sounds like the best possible world, provided it really is zero percent. The way credit cards play that game is they'll give you zero percent as a teaser rate. But you only get that rate so long as you keep using the card. And any payments made to the card go to pay off older debt first. So, you buy a car at zero percent, then you buy, say, groceries at 24%. You make a payment. That payment pays down part of the car, but the grocery debt sits there accruing interest until you've finished paying off the car. Let's say it takes three years to pay off the car debt. Now you've had all the purchases you've made on that card in those years accruing interest at a rapacious rate for that time. You always have to ask yourself "why are these people offering me this opportunity? what's in it for them?" They don't like you. They're not your buddies. They're in it to make a profit. (Note that I'm totally cool with them making a profit, so long as everything is laid out up front.) The car company, on the other hand, is offering you financing because they know that this might be the difference between a sale and no sale--they don't make money by not selling cars! So, I'd bet that the financing through Mini is the better deal, but read the fine print on the credit card, perhaps they're offering something that you really can turn to your advantage. But I doubt it. Good luck!
Thanks for the suggestions. It's actually 0% for 15 months which will be cheaper than the dealer's offer. That is a 10% upfront financing charge and zero interest. So, take the purchase price * 10% and that's the cost... This way I can avoid the 10% upfront hit and just pay it off over the 15 months. I hate running a balance that long, but I don't have the $4k to just pay for it all upfront.
The real question is if you think you need this warranty in the first place. You have a lot of repairs covered by that large expense. MINI's are fairly reliable cars I really don't see the need for any sort of extended warranty and I am sure neither program covers basic maintenance items which if kept up with properly usually keep other problems from showing up. But then again in general I do all my own work.
I have the full maintenance plan from Mini already. The first oil change I took it in for cost over $3k in cover repairs. I got a clutch, brakes, timing chain tensioner, sun roof seals, key fob and a few other misc. items I can't remember. I've done my own work on many cars in the past, but I don't have time to mess with this one. I need it to work reliably and if it's not going to, I need a decent loaner. Mini does all that for me.
I assume you're talking about the extended mechanical warranty(?). I'm window shopping for mine now. In pinging some of the folks in my local club the AAA one seems good: https://midatlantic.aaa.com/Automotive/ExtendedWarranty/Overview But I haven't priced it yet. I've approx 10 more months before I will need to buy it, so I've already started putting money away towards it (I like to do cash & carry if I can help it).
Give USAA a call as I've had the best luck with their extended warranty. Plus I know my last cust only paid $2k for it
:cornut: USAA is my Ins Co. They are great. I don't have warranty coverage with them as mine's through MINI from day 1. Jason