The bubble wrap serves as mechanical protection for the sealing, so that it is not damaged by sharp stones or other things. This is still done today – alternatively, relatively thin Styrodur boards.
50 years would at least be a period after which you should take a look at the sealing, but that does not necessarily mean it has to be leaky. Nevertheless, I would keep this in mind – when considering purchasing the described object. It is simply not a carefree new build.
If the basement below the garage becomes leaky, the only option would probably be to seal it from the inside. Google "Schleiervergelung."