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There are no perfect answers. You’ll get a lot of perspectives, but ultimately you’ll want to do what you feel is best for you.
I would suggest reading the extended warranty details pretty well to know what is covered and for how long then decide if you feel it is worth it…
For me, I extended the warranty on my BMW 530e with the BMW ESC option. I also extended the maintenance out far as well. People opined that extended both of these were a bad idea, but I purchased my extension as COVID impacts were getting started and things looked very inflationary to me. That has proven correct. The ESC and MP have allowed me to lock in 2019 prices in a market that has seen significant inflation.
Additionally, people will always be quick to quip that extended warranties must not have claims to still win. I’d suggest that’s the world isn’t black and white. Meaning, they could actually make money even if you have claims and even if most people exceed the cost they paid for the warranty (on sticker price repairs) for a given brand or model. Just like insurance they have a larger more diverse pool to spread it across if they are a generic underwriter. So, they may have elevated losses on BMW 5-Series cars and lower than expected losses on Toyota Camry cars. But more importantly, they are often able to access pricing that isn’t easily accessible by you. So they can purchase the part at fleet discount rates and negotiate labor rates. Making their out of pocket cost for the repair lower than you’d pay. If it is a BMW ESC then BMW likely pays the same rates it does when the car is under factory warranty further lowering their costs. Allowing them to still make money on a repair that would have been a “loss” if priced at the same rate you’d pay.
My advice is always the simple. If you don’t think an EW buys you piece of mind and you’d prefer to save. Do so, but make absolutely sure you know what the EW price would have been. If your car exceeds that in repair costs during the time that you would have had the EW. Sell it and get out from under it. To minimize your losses. As without the EW you’d have no cost backstop and you can use the EW pricing to gauge a “reasonable” repair cost estimate since that’s what an actuary has done pricing the plan.
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