Extended Warranty

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Chad Lee

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Apr 2, 2002
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Location
Port Hueneme, CA
Hi all,



Looking at a new Ford F350 to pull our RV. Pricing extended warranties but the one that Rusty works at is down...anybody know if this is just temporary?



Liberty
 
looks like www.fordserviceplan.com is just being updated.. probally adding the 07 modles...

here is another i found...



 
If you're purchasing a "New" vehicle why would you purchase an extended warranty at the time of purchase? You can purchase an extended warranty (even from FORD) until the day your factory warranty expires, no questions asked. Also, if you're financing the vehicle and warranty, IMO it's a huge waste of $$ to pay interest on something that you won't be able to use for 5yrs/60K miles.:eek:

What are your opinions on this?
 
Extended warranties are a waste of money, overall. If the truck proves problematic while under warranty, then dump it before it goes off warranty. Buying a warranty on the new vehicle, especially if financing that vehicle, doesn't make much sense as Lil Red said, because who knows if you will even still have the vehicle when it goes off-warranty.



Now is where a bunch of people will chime in about how their $1500 extended warranty paid for itself because they replaced whole transmissions at 50K to 80K miles, etc. That really is more of a statement about how they purchased junk that needed an extended warranty, then the value of an extended warranty.



TJR
 
Couple:



Gets it all done up front. I can add first day rental car so get a car on those service days (from what I am told). Lower interest. Price goes up after 1 yr or 12k miles (but you are probably right on the interest cost).



Chad
 
Remember, an extended warranty is an insurance policy. You buy it betting you will need it. They selling it hoping you wont.



They are making money.



Who is making out on the warranty?





Tom
 
Whatever you decide Chad just make sure you understand all the aspects of what you get. Sometimes the rental car is only for first-day, of multi-day service, meaning if you drop off and pick up the car the same day you get no rental.



Also, you mentioned lower interest...what did you mean? Are you saying if you buy the ext warranty you get lower interest on your Ford loan? If so, that alone would be a deal breaker for me just on principle. I am ruthless when it comes to interest rates, have perfect credit, and therefore demand the lowest interest rate ALWAYS, regardless what other options or do-dads I purchase.



Good luck.



TJR
 
TJR,



My cousin was offered a lower intrest rate if he got an extended warranty. It was from an aftermarket company and NOT from Ford.





Tom
 
Chad,

Find out how much they pay for the rental car, most of the time it's only up to $25/day so you end up having to make up the difference anyway. That's not significant enough to justify the warranty. As TJR mentioned, if they're saying they will give you a better interest rate for buying their warranty, that smells like a Big Rat to me. What they are really saying is that if you buy this vehicle w/extended warranty we'll give you the best interest rate that you ALREADY qualify for.(whether buying the warranty or not) The principle of what they are doing is all wrong and I would be real weary of that deal.
 
Caymen, I'm not saying that doesn't happen, it happens all the time, especially with third-party warranties. It' just stinks to high heaven that's all. What the sales guy is saying is:

You know, I always could have gotten you this better rate, but I was holding it hostage in hopes that you would buy this extended warranty that I get a bigger commission on.
Click to expand...



When those scenarios come up, I turn around and say.



"No thanks, I don't want the extended warranty. But I will take that lower price (or financing) that you mentioned!"



If they say NO, I walk. I have done it three times now...two times I got the lower price. One time the sales persons hands were tied.



TJR
 
TJR,



I refuse to buy an extended warranty. Like they say about Las Vegas. It wasn't built by the winners. No Casino was. It is a gamble. Some people hit big in Vegas, most people don't.



The games give the house an advantage. Those that sell the extended warranty have an advantage. They are the ones making money.



9 times out of 10, you are going to lose on your extended warranty.



Dealers are crooked people. The money they make off a sale is obscene. You think buying a car at cost is keeping them from making money?



Keep dreaming. They are making more money on that sale then you make in a month.



Extended warranties are another bonus.



As for fordservicesplan.com, I think it is pretty much over with them. Rusty left and the time my cousin talked to whomever answered the phone at the dealer made it clear that they are not going to be selling over the internet anymore.





Tom
 
Now is where a bunch of people will chime in about how their $1500 extended warranty paid for itself because they replaced whole transmissions at 50K to 80K miles, etc. That really is more of a statement about how they purchased junk that needed an extended warranty, then the value of an extended warranty.
Click to expand...



I am out of the country a lot, so when we bought DW's 99 Sable in 00 (demo), we got the ford premium care ext warranty, simply since the car had 15k miles and only 21k left on factory warranty.



At about 40k, tranny ws slipping badly. Took it in, cost me 50.00 for a new valve body. While driving home, tranny slipped again and they rebuilt the entire tranny for 0.00



Warranty cost me about 1300. Total to me, 1350.00 for a new tranny, but I had the piece of mind the entire time I was out fo the country. It would have cost me about 3000.00 for the rebuild, according to the service writer. Since then, no other issues, the car has 140k on it now. Can't say the car was junk.... I was flushing the heater core and got water in the tranny dipstick, so I caused the problem. :eek:
 
Cruz,



Right!



I should have also said if you are one of those backyard mech-a-necks that does their own work to save money but in the process rakes up thousands of dollars in damage then you might want the "insurance policy" that an extended warrany provides. ;)



Or, you could take that same mone you are spending on the extended warranty and pay someone else for major mileage interval maintainence. $1300 should easily pay for 30K, 60K, 90K maintainence services.



TJR
 
Top 5 reasons you should not purchasee an extended warranty on a New Vehicle:



1. You have 5yrs/50K miles, why pay for more....

2. Wasted $$$ to finance anything that you can't use for 5yrs/50K miles.

3. If the vehicle gets totaled in an accident within 5yrs/50K miles, you wasted ~$1,300.

4. If the vehicle has not proven to be reliable within the first 5yrs/50K miles, you're probably better off applying that ~$1,300 towards the purchase of another vehicle.

5. If you feel you need an extended warranty on a new vehicle, this might not be a good investment to start off with.
 

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