31K miles.. Should I get extended warranty?
Senior Member
Joined: Sep 2006
Posts: 1,316
Likes: 2
From: Northern Illinois
Originally Posted by cskrmetti
Ok, here is the truth. Most personal finance experts will advise you to skip the extended warranty. At the end of the warranty period, you don't get any of your money back so you could potentially pay $1200 and not ever get anything from it. Instead of putting $1200 into a warranty that only covers things for your truck they will tell you to put that $1200 into a good high yield CD. If anything ever goes wrong with your truck, this CD is earmarked for your auto repairs. If nothing ever goes wrong then you keep your money and it keeps growing and you end up with more money in your pocket.
But.... If you know that you will not put this money into a CD or hold on to it in some fashion then you are not getting the true benefit. Also, if purchasing the extended warranty gives you peace of mind then $1200 is money well spent in my opinion. Like I said above the financial experts have it right if you stick to their prescribed method, however, you know yourself better than they do. Just weigh the options and ultimately you have to choose what you are comfortable with.
But.... If you know that you will not put this money into a CD or hold on to it in some fashion then you are not getting the true benefit. Also, if purchasing the extended warranty gives you peace of mind then $1200 is money well spent in my opinion. Like I said above the financial experts have it right if you stick to their prescribed method, however, you know yourself better than they do. Just weigh the options and ultimately you have to choose what you are comfortable with.
Just for the record, I pulled out the paper work on my warranty. Here are the high points :
My cost : $1000
Warranty life : 7yrs/100,000miles
Coverage Plan : Platinum (there were 5 to choose from, least coverage to most : “Powertrain”, “Silver”, “Gold”, “Gold Plus”, “Platinum”)
Deductible : $0 (other options were 50, 100 & 200 all of which are WAIVED if you have the work performed at the selling dealership)
The Platinum covers absolutely everything (bumper to bumper) plus it pays towing, road side assistance, travel reimbursement (food, lodging), $40/day for a rental, road hazard tire coverage, 100% transferable (depending on which state you live in) …..
So, will that high yield CD cover all that too? Thought so.
Last edited by rms8; Feb 26, 2007 at 02:36 PM.
Senior Member
Joined: Apr 2004
Posts: 184
Likes: 0
From: Davie,Fl
Originally Posted by rms8
Yeah, we’ve already debated the “invest the cash vs buy the warranty”. Tell me this….how will that high yield CD cover all the bases? Simply put, one will only benefit from the investment if one has zero problems with the truck over the life of the warranty. If one has but just a few “expensive” issues, then that CD is now wiped out and one must pray they suffer no more bad luck with the vehicle. Worse case scenario yes, but again, peace of mind knowing all bases are covered no matter what AND more importantly…no matter how many times. That investment will dry up if you ever have to use it. The warranty will last until it expires, period.
Just for the record, I pulled out the paper work on my warranty. Here are the high points :
My cost : $1000
Warranty life : 7yrs/100,000miles
Coverage Plan : Platinum (there were 5 to choose from, least coverage to most : “Powertrain”, “Silver”, “Gold”, “Gold Plus”, “Platinum”)
Deductible : $0 (other options were 50, 100 & 200 all of which are WAIVED if you have the work performed at the selling dealership)
The Platinum covers absolutely everything (bumper to bumper) plus it pays towing, road side assistance, travel reimburment (food, lodging), $40/day for a rental, road hazard tire coverage, 100% transferable (depending on which state you live in) …..
So, will that high yield CD cover all that too? Thought so.
Just for the record, I pulled out the paper work on my warranty. Here are the high points :
My cost : $1000
Warranty life : 7yrs/100,000miles
Coverage Plan : Platinum (there were 5 to choose from, least coverage to most : “Powertrain”, “Silver”, “Gold”, “Gold Plus”, “Platinum”)
Deductible : $0 (other options were 50, 100 & 200 all of which are WAIVED if you have the work performed at the selling dealership)
The Platinum covers absolutely everything (bumper to bumper) plus it pays towing, road side assistance, travel reimburment (food, lodging), $40/day for a rental, road hazard tire coverage, 100% transferable (depending on which state you live in) …..
So, will that high yield CD cover all that too? Thought so.
Senior Member
Joined: May 2004
Posts: 772
Likes: 0
From: Reno, TX
Nobody is answering the question I want to see answered... what price can you expect to haggle to?
Should you talk to a salesman at the dealership or to someone in the service department?
Suggestions are appreciated!
Thanks!
Should you talk to a salesman at the dealership or to someone in the service department?
Suggestions are appreciated!
Thanks!
Senior Member
Joined: Sep 2006
Posts: 1,316
Likes: 2
From: Northern Illinois
Originally Posted by SR89racer
i was quoted 2100.00 for the platinum at my dealership the other day. I walked out. I told them for 2100.00 i will take my chances and put it down on a new truck if i need to.
WOW! Maybe they use a different warranty administrator??? The admin for my warranty is Fidelity Warranty Services, Inc. I did not haggle. I did use the X-plan and it was different than the outright cost.I would be willing to pay a couple hundred more than what I already did for this warranty, but $2100 ????? That's practically highway robbery.
Senior Member
Joined: Sep 2006
Posts: 1,316
Likes: 2
From: Northern Illinois
Originally Posted by ()smoke()
in general, it's not worth the cost...of course there are a million anecdotes from all perspectives, so do what you want
Perhaps you should correct your statement to "...in general, it's not worth the cost TO ME...".
Senior Member
Joined: Apr 2004
Posts: 184
Likes: 0
From: Davie,Fl
Originally Posted by rms8
$2100 WOW! Maybe they use a different warranty administrator??? The admin for my warranty is Fidelity Warranty Services, Inc. I did not haggle. I did use the X-plan and it was different than the outright cost.
I would be willing to pay a couple hundred more than what I already did for this warranty, but $2100 ????? That's practically highway robbery.
WOW! Maybe they use a different warranty administrator??? The admin for my warranty is Fidelity Warranty Services, Inc. I did not haggle. I did use the X-plan and it was different than the outright cost.I would be willing to pay a couple hundred more than what I already did for this warranty, but $2100 ????? That's practically highway robbery.
Senior Member
Joined: Jul 2004
Posts: 1,430
Likes: 2
From: Northern California
Originally Posted by ieee_raider
Nobody is answering the question I want to see answered... what price can you expect to haggle to?
Should you talk to a salesman at the dealership or to someone in the service department?
Suggestions are appreciated!
Thanks!
Should you talk to a salesman at the dealership or to someone in the service department?
Suggestions are appreciated!
Thanks!
Have you tried www.fordwarrantys.com? They were MUCH lower than my local Ford dealership was. I just got my ESP a few weeks ago - 5yrs/75,000 miles with $50 deductible = $1050. Yeah, I know that it is probably not the best FINANCIAL decision that I could make, but it definately helps the MENTAL HEALTH aspect of things... With frequently towing a 7400+ lbs travel trailer, I have a feeling that the tranny is going to go out... I had the $1050 in a savings account, but I thought it would serve me better by putting my mind at ease... The value of peace of mind is different for everyone... For me, $1000 is a compartively small amount of money for the serenity it provides me. (Not saying that I have alot of money, but the for me the value/benefit ratio was in favor of the ESP).
Senior Member
Joined: Jul 2004
Posts: 1,430
Likes: 2
From: Northern California
Originally Posted by ieee_raider
Nobody is answering the question I want to see answered... what price can you expect to haggle to?
Should you talk to a salesman at the dealership or to someone in the service department?
Suggestions are appreciated!
Thanks!
Should you talk to a salesman at the dealership or to someone in the service department?
Suggestions are appreciated!
Thanks!
Have you tried www.fordwarrantys.com? They were MUCH lower than my local Ford dealership was. I just got my ESP a few weeks ago - 5yrs/75,000 miles with $50 deductible = $1050. Yeah, I know that it is probably not the best FINANCIAL decision that I could make, but it definately helps the MENTAL HEALTH aspect of things... With frequently towing a 7400+ lbs travel trailer, I have a feeling that the tranny is going to go out... I had the $1050 in a savings account, but I thought it would serve me better by putting my mind at ease... The value of peace of mind is different for everyone... For me, $1000 is a compartively small amount of money for the serenity it provides me. (Not saying that I have alot of money, but the for me the value/benefit ratio was in favor of the ESP).
Senior Member
Joined: Dec 2005
Posts: 481
Likes: 0
From: Mississippi
Originally Posted by rms8
Yeah, we’ve already debated the “invest the cash vs buy the warranty”. Tell me this….how will that high yield CD cover all the bases? Simply put, one will only benefit from the investment if one has zero problems with the truck over the life of the warranty. If one has but just a few “expensive” issues, then that CD is now wiped out and one must pray they suffer no more bad luck with the vehicle. Worse case scenario yes, but again, peace of mind knowing all bases are covered no matter what AND more importantly…no matter how many times. That investment will dry up if you ever have to use it. The warranty will last until it expires, period.
Just for the record, I pulled out the paper work on my warranty. Here are the high points :
My cost : $1000
Warranty life : 7yrs/100,000miles
Coverage Plan : Platinum (there were 5 to choose from, least coverage to most : “Powertrain”, “Silver”, “Gold”, “Gold Plus”, “Platinum”)
Deductible : $0 (other options were 50, 100 & 200 all of which are WAIVED if you have the work performed at the selling dealership)
The Platinum covers absolutely everything (bumper to bumper) plus it pays towing, road side assistance, travel reimbursement (food, lodging), $40/day for a rental, road hazard tire coverage, 100% transferable (depending on which state you live in) …..:
So, will that high yield CD cover all that too? Thought so.
Just for the record, I pulled out the paper work on my warranty. Here are the high points :
My cost : $1000
Warranty life : 7yrs/100,000miles
Coverage Plan : Platinum (there were 5 to choose from, least coverage to most : “Powertrain”, “Silver”, “Gold”, “Gold Plus”, “Platinum”)
Deductible : $0 (other options were 50, 100 & 200 all of which are WAIVED if you have the work performed at the selling dealership)
The Platinum covers absolutely everything (bumper to bumper) plus it pays towing, road side assistance, travel reimbursement (food, lodging), $40/day for a rental, road hazard tire coverage, 100% transferable (depending on which state you live in) …..:
So, will that high yield CD cover all that too? Thought so.
By the way, where did you buy your warranty? My truck has 21k and my quote was $2895 for Premium Care, $0 deductible, 7/100! <-----fordwarrantys.com
Last edited by cskrmetti; Feb 26, 2007 at 09:51 PM.
Senior Member
Joined: Sep 2006
Posts: 1,316
Likes: 2
From: Northern Illinois
Originally Posted by cskrmetti
What an A$$! I presented the pros and cons of both and then proceeded to say that if an extended warranty makes you feel warm and fuzzy all over then it is worth the purchase. I am considering a ESP myself, especially if I could get 7/100 for $1000.00. All I am saying is that there are other options. If you like to pinch pennies and you will lose sleep over potentially wasting money on an ESP then you would probably benefit from getting a CD. ON THE OTHER HAND, if you will lose sleep over potential after warranty repairs and like the idea of an ESP and don't mind spending the money then the ESP is for you! Geeeezzz.
By the way, where did you buy your warranty? My truck has 21k and my quote was $2895 for Premium Care, $0 deductible, 7/100! <-----fordwarrantys.com
By the way, where did you buy your warranty? My truck has 21k and my quote was $2895 for Premium Care, $0 deductible, 7/100! <-----fordwarrantys.com
I'm an ***? Oy vey! At least I'm a very kewul ***.
Anyway, $2895 !!!!!!!
Holy CRAIPE SHAITH !!!!!!!!! Was that quote for the truck brand new, or with 21K on it? If it is the later, then I would understand a higher rate, but cripe, not damn there 3 grand!!!! I got my warranty from the selling dealership. I did use the Xplan, and they did give me a good deal since I am close friends with the owner (actually all three owners, it's owned jointly by 3 brothers). So knowing I may have been "cut some sort of deal" still doesn't justify some of the insanely high prices others have quoted. If your vehicle already has that many miles on it (not that 21K is a lot by any measure) then unfortunately you may have to live with the higher cost of the warranty, but seriously, if I had to pay that much, I would have invested it in a high yield CD !!!!! <--- Now I know that sounds funny, but I'm actually being serious at this point. Almost 3 grand does not sound like "peace of mind" to me.As someone else jokingly said (heck, they may have been serious too)..."for that much money, I would just trade the dang thing in instead of getting a warranty".
