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I spent $3k on an extended warranty for my M5 last year. Like 2 months after i bought it i had a $6500 clutch sensor go... Took 2 weeks for the part to be shipped from the factory in Germany. The warranty covered me for a brand new 3 series loaner from the dealership plus of course all costs (except for a $300 deductible).
So for me the extended was worth it...
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