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Thoughts on warranty


quinn347

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Looking for imput and thoughts of purchasing extended warranty. Thoughts and experience on Ford ESP or any other ones

 

Whether or not you buy an extended warranty is a fairly personal decision. The 2 vehicles I've owned that had extended warranty's were at opposite ends of the spectrum, one more than paid for itself and the other was barely used. In any case, never, never, never buy any aftermarket warranty (only manufacturer). If you decide to get one, search online and shop around, prices can vary greatly.

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Whether or not you buy an extended warranty is a fairly personal decision. The 2 vehicles I've owned that had extended warranty's were at opposite ends of the spectrum, one more than paid for itself and the other was barely used. In any case, never, never, never buy any aftermarket warranty (only manufacturer). If you decide to get one, search online and shop around, prices can vary greatly.

Agreed. Mostly a personal decision. I had a extended warrenty on a previous car and there was no need but the previous car I had I could have used it and I didn't have it. Not really much help from me but you can justify it either way.

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Agreed. Mostly a personal decision. I had a extended warrenty on a previous car and there was no need but the previous car I had I could have used it and I didn't have it. Not really much help from me but you can justify it either way.

I plan on purchasing the warranty as there are way to many high tech things that can go wrong. I look at it as cheap insurance and one claim could pay for its self. I will only buy the Ford warranty so I know there won't be any problem with them honoring it if there is a claim. I did a lot of looking around and and seems all the dealers sell them on line. Prices are all over the place but funny thing is the best price I found on line is from the dealer Flood Ford in RI where I'm buying my truck. http://www.floodfordesp.com/

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I plan on purchasing the warranty as there are way to many high tech things that can go wrong. I look at it as cheap insurance and one claim could pay for its self.

 

Ask yourself this - if the odds were in your favor, what would happen to the company selling the warranty? Answer? They'd go out of business.

 

On average you will come out cheaper overall if you insure yourself. You might lose on one or two vehicles but overall you'll save money (again, on average - there are always exceptions, just like there are people who sometimes win in Vegas).

 

And it's not cheap - you're looking at $1500-$1800 for full coverage. I've had my last 4 vehicles at least 2 years beyond the warranty and I've never had a repair that would have been covered by an extended warranty. Add in 2 of my wife's vehicles that also went 2 years beyond warranty coverage and I've saved at least $9K by not buying extended warranties. I can pay for a new engine tomorrow and still be way ahead.

 

I get a lot more peace of mind knowing I have $9K in my pocket, but to each his own. If you feel lucky (or unlucky) then go for it but understand its a gamble and the odds are not in your favor.

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Another aspect to look at, is how mechanically inclined are you? If you can do basic to intermediate repairs then there is a less need for the extended warranty as you can do most of the work. I agree the extra coverage is like a nice warm blanket, but why spend money on it when most defective parts will show themselves in the original warrranty and you can fix the rest of the stuff.

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You might want to ask the dealer......what if your vehicle is involved in an accident and it is damaged beyond repair?

 

You may lose your plan. I haven't read the plan because I am not interested in extended warranty, but if you are, it might be worth checking on before spending that much. Just a thought.

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Ask yourself this - if the odds were in your favor, what would happen to the company selling the warranty? Answer? They'd go out of business.

 

On average you will come out cheaper overall if you insure yourself. You might lose on one or two vehicles but overall you'll save money (again, on average - there are always exceptions, just like there are people who sometimes win in Vegas).

 

And it's not cheap - you're looking at $1500-$1800 for full coverage. I've had my last 4 vehicles at least 2 years beyond the warranty and I've never had a repair that would have been covered by an extended warranty. Add in 2 of my wife's vehicles that also went 2 years beyond warranty coverage and I've saved at least $9K by not buying extended warranties. I can pay for a new engine tomorrow and still be way ahead.

 

I get a lot more peace of mind knowing I have $9K in my pocket, but to each his own. If you feel lucky (or unlucky) then go for it but understand its a gamble and the odds are not in your favor.

 

My thoughts are if during the 3yr/36mo time period I'm having issues with the new truck then I may look to replace it instead of extend the warranty. I've ordered the ecoboost and I will probably be even more watchful and diligent with this new engine than I ever have in the past. (and that's from a guy that usually keeps his vehicles maintained and driven for ten plus years at a time!) Maybe I've been lucky, but I've never owned a vehicle that I'd consider a lemon or generally just felt had issue's. My current 01'supercrew that I'm replacing still looks good and runs strong and it has 235,000 miles on it.

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My last new truck was in 2005, noticed on the window sticker for my new truck that they now carry 5 year/60,000 Powertrain and Roadside Assistance. That is enough piece of mind for me. I can buy another in 5 years and always be under warranty (assuming powertrain should cover most major expenses). I bought a 75k mile extended warranty on an '01 SuperCrew that dropped a valve at 78k. I got some out of it (can't remember if Ford covered 50% of the costs since it was so recently out of warranty) but after that experience I won't buy another. I'm very happy to see the 5 year/60,000! Even though I'm probably close to 100,000 after 5 years its a lot better than 36,000.

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From what I've heard you can check out competitive providers to negotiate a better price:

http://www.factoryplans.com/

 

We had an extended plan with our Mazda MPV with a feature that if your claims were less than what you paid, you get a refund. Only problem was we had to remember to file the paperwork ... which, of course, we didn't.

 

For us, we're factoring in:

a) we've got an independent mechanic that we trust/like

B) we don't keep meticulous service records and would loathe a service manager denying a work due to improper maintenance

c) we have a lot (perhaps too much) confidence in modern technology. We had a lemon from dodge back in the 90's, but our cars have all been reliable since then.

 

Good luck with your decision!

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