I'm thinking of buying a 2002 520i with 66,000 miles on the clock and with manual transmission. I'm also going to buy a warranty from warranty wise (which is purportedly better than warranty direct for cars of that age) as I don't know anything about car maintenance since this will be my first car (it had to be the e39 as the M5 variant was my favourite car as a kid!).
I'm worried about the potential running costs though. Are there any additional expenses that I might incur which would not be covered by the warranty?
I've also noticed that the warranty policy agrees to pay for repairs for up to the value of the car. What would happen if the repair costs exceed the car's value? Do I end up empty handed or do I still get the payout for the repairs up to the value of the car (which I can then use to buy another E39 of similar value instead of repairing mine)? If they don't agree to pay out for the repairs, is there any way of recouping some money such as by selling spare parts or scrapping the car? Admittedly I shudder at the prospect of having to scrap such a beautiful classic car, but I'm on a quite tight budget and need to work out if a fairly new low mileage e39 with a warranty would be affordable (including the worst case scenarios).
PS. This is my first post on this forum. I've tried to search for the answers to my question but haven't been too successful - I therefore apologise beforehand if this thread has been discussed before.