Ford ESP
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Joined: Mar 2008
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From: Canada
Ford ESP
Hello all,
I am in the process of purchasing a 2007 f150 lariat with 20000km, the dealer is offerings the extracare plan which extends the coverage to 5 years 100000km for 113 more components. The cost would be $1175.
My question to all of you, is this extra coverage needed / worth it? I am stuck and can not choose. The lariat has lots of extra crap that I can only imagine is expensive to fix but I also expect that most problems would happen after 100000km? In regards to the timeframe I would be over the 100000 mark before the 5 years (probally in 3 years) so it is really the millage coverage I would be buying.
Please provide any comments / advice you can. I need to decide.
- Mike
I am in the process of purchasing a 2007 f150 lariat with 20000km, the dealer is offerings the extracare plan which extends the coverage to 5 years 100000km for 113 more components. The cost would be $1175.
My question to all of you, is this extra coverage needed / worth it? I am stuck and can not choose. The lariat has lots of extra crap that I can only imagine is expensive to fix but I also expect that most problems would happen after 100000km? In regards to the timeframe I would be over the 100000 mark before the 5 years (probally in 3 years) so it is really the millage coverage I would be buying.
Please provide any comments / advice you can. I need to decide.
- Mike
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Joined: Sep 2005
Posts: 816
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From: Indianapolis, area
The ESP is just peice of mind insurance. Me personally I do not buy them. My reasoning is that every vehicle if treated right and well maintained should not need $1000+ within 100k miles. Also the warranty companies have to make money so they are betting that you won't need that much in repairs too. You just never know for sure with a vehicle, things do happen occationally, is the money worth the piece of mind to you?
Last edited by dkstone05; Mar 10, 2008 at 10:32 AM.
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Joined: Feb 2007
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From: Rhode Island
Last year in 2007 I purchased the Ford Premium ESP warranty on my 2007 Screw, the thing is covered bumper-bumper with over 500 componets covered for a period of 7years-100,000miles! I don't have to worry about a tranny going at 80,000mi or a air conditioner compressor going out, even the factory radio & electric windows are covered! Heck I even get a car if they need to keep the truck longer than a day! If you plan on keeping your truck for eternity like me, it's well worth it!.......
Senior Member
Joined: Jun 2004
Posts: 2,823
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From: Houston, TX
Why not consider doing what I do instead:
After purchasing a new vehicle, I religiously take $25.00 out of every paycheck and set it aside in a fund for unexpected repairs on that vehicle. This will accumulate $600.00 every year, and with the 3/36 bumper-to-bumper warranty on a new vehicle (is the mileage limit larger with the F-150 now?) assures that you will have at least $1800.00 set-aside before you would ever have to dip into the fund -- and probably a lot more if you maintain your vehicle in good fashion. Keep in mind that I do not pay for preventative maintenance (oil changes, brake jobs, tires, batteries, etc.) out of this fund -- only larger unexpected items!
The secret to this, obviously, is to not raid the fund for every other purpose under the sun. I'm disciplined at stuff like this, so it's no problem for me, but I have plenty of friends who would never be able to keep from continually dipping into the fund for mods, vacations, beer money, etc......
After purchasing a new vehicle, I religiously take $25.00 out of every paycheck and set it aside in a fund for unexpected repairs on that vehicle. This will accumulate $600.00 every year, and with the 3/36 bumper-to-bumper warranty on a new vehicle (is the mileage limit larger with the F-150 now?) assures that you will have at least $1800.00 set-aside before you would ever have to dip into the fund -- and probably a lot more if you maintain your vehicle in good fashion. Keep in mind that I do not pay for preventative maintenance (oil changes, brake jobs, tires, batteries, etc.) out of this fund -- only larger unexpected items!
The secret to this, obviously, is to not raid the fund for every other purpose under the sun. I'm disciplined at stuff like this, so it's no problem for me, but I have plenty of friends who would never be able to keep from continually dipping into the fund for mods, vacations, beer money, etc......
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Joined: Sep 2005
Posts: 816
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From: Indianapolis, area
Originally Posted by ddellwo
Why not consider doing what I do instead:
After purchasing a new vehicle, I religiously take $25.00 out of every paycheck and set it aside in a fund for unexpected repairs on that vehicle. This will accumulate $600.00 every year, and with the 3/36 bumper-to-bumper warranty on a new vehicle (is the mileage limit larger with the F-150 now?) assures that you will have at least $1800.00 set-aside before you would ever have to dip into the fund -- and probably a lot more if you maintain your vehicle in good fashion. Keep in mind that I do not pay for preventative maintenance (oil changes, brake jobs, tires, batteries, etc.) out of this fund -- only larger unexpected items!
The secret to this, obviously, is to not raid the fund for every other purpose under the sun. I'm disciplined at stuff like this, so it's no problem for me, but I have plenty of friends who would never be able to keep from continually dipping into the fund for mods, vacations, beer money, etc......
After purchasing a new vehicle, I religiously take $25.00 out of every paycheck and set it aside in a fund for unexpected repairs on that vehicle. This will accumulate $600.00 every year, and with the 3/36 bumper-to-bumper warranty on a new vehicle (is the mileage limit larger with the F-150 now?) assures that you will have at least $1800.00 set-aside before you would ever have to dip into the fund -- and probably a lot more if you maintain your vehicle in good fashion. Keep in mind that I do not pay for preventative maintenance (oil changes, brake jobs, tires, batteries, etc.) out of this fund -- only larger unexpected items!
The secret to this, obviously, is to not raid the fund for every other purpose under the sun. I'm disciplined at stuff like this, so it's no problem for me, but I have plenty of friends who would never be able to keep from continually dipping into the fund for mods, vacations, beer money, etc......
This is a good idea for repairs. More than likely it should save you some money unless something takes a major dump within the extended warranty time frame and costs more than the warranty. This is what I'm doing with truck payments. Once this truck is paid off then I'm setting aside close to my monthly payment still so that when it comes time for a new one hopefully I will not have to take out another loan....as long as the truck has some resale value when it comes time to trade. I plan on keeping this truck for at least 10 years which will be about 150k miles, unless it starts to have a lot of problems.
Last edited by dkstone05; Mar 10, 2008 at 11:02 AM.
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Joined: Jun 2004
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From: Houston, TX
Originally Posted by dkstone05
Once this truck is paid off then I'm setting aside close to my monthly payment still so that when it comes time for a new one hopefully I will not have to take out another loan....as long as the truck has some resale value when it comes time to trade. I plan on keeping this truck for at least 10 years which will be about 150k miles, unless it starts to have a lot of problems.
To this day, we each still make the same monthly payments into this fund as we did back in '02 after our cars were paid off. By doing this, we were able to pay cash for her new '05 Escape, and we will be able to do the same when the time comes to replace my "daily driver" Ranger.
FWIW -- when we purchased her Escape, we actually took the FoMoCo financing because they offered an extra $1000 rebate if you did so. Then, when the first payment came due, we just wrote the check and paid off the vehicle in total.
You could also easily do this by going in (as you indicated) with the intention of keeping the vehicle for a minimum of 10 years. Spend the first 5 years paying off the note, and the last 5 years making the same payment into a car fund. Voila -- by doing this, you should have enough money saved to essentially pay cash for your next vehicle!
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Joined: Sep 2005
Posts: 816
Likes: 1
From: Indianapolis, area
Originally Posted by ddellwo
My wife and I do this as well -- when we both purchased new vehicles back in '97, we payed off our notes and then kept making the exact same payment into our "car fund" with the idea that when we needed to replace a vehicle, we could then just go ahead and pay cash for it.
To this day, we each still make the same monthly payments into this fund as we did back in '02 after our cars were paid off. By doing this, we were able to pay cash for her new '05 Escape, and we will be able to do the same when the time comes to replace my "daily driver" Ranger.
FWIW -- when we purchased her Escape, we actually took the FoMoCo financing because they offered an extra $1000 rebate if you did so. Then, when the first payment came due, we just wrote the check and paid off the vehicle in total.
You could also easily do this by going in (as you indicated) with the intention of keeping the vehicle for a minimum of 10 years. Spend the first 5 years paying off the note, and the last 5 years making the same payment into a car fund. Voila -- by doing this, you should have enough money saved to essentially pay cash for your next vehicle!
To this day, we each still make the same monthly payments into this fund as we did back in '02 after our cars were paid off. By doing this, we were able to pay cash for her new '05 Escape, and we will be able to do the same when the time comes to replace my "daily driver" Ranger.
FWIW -- when we purchased her Escape, we actually took the FoMoCo financing because they offered an extra $1000 rebate if you did so. Then, when the first payment came due, we just wrote the check and paid off the vehicle in total.
You could also easily do this by going in (as you indicated) with the intention of keeping the vehicle for a minimum of 10 years. Spend the first 5 years paying off the note, and the last 5 years making the same payment into a car fund. Voila -- by doing this, you should have enough money saved to essentially pay cash for your next vehicle!
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Joined: Jul 2004
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From: Nashville, TN
Originally Posted by dkstone05
The only thing that sucks about this method it that you never get away from having a payment, either real payment or not. On the plus side you never owe the bank money, however the 0% interest is always eye catching and tempts me from saving but who's to say 0% interest will still be around when it comes to buy new again.
When our 2003 Explorer was paid off last month, my wife bought a 2008 Edge AWD and we gave the Explorer to our 16 year old daughter and 15 year old son. Our payment actually went down over $100 a month.
She bought the ESP on the 2003 Explorer and she bought the ESP on the 2008 Edge. Between the torque converter going out and the rear differential making noise, the ESP on the Explorer more than paid for itself. Hopefully we don't have to use the ESP for the Edge, but if we need it, it's there. I, on the other hand, did not buy the ESP on my 2008 F250. With a standard 5 year, 60,000 mile powertrain warranty and 5 year, 100,000 mile engine warranty, I figured I would be fine without it. Of course, my truck doesn't have a lot of the electronic gadgets like automatic climate control, moonroof, and power rear slider that are more likely to go out either.
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Joined: Jun 2004
Posts: 2,823
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From: Houston, TX
Yeah -- being without a car payment only becomes a workable reality when you stop driving......
To say you paid off your vehicle and can now take the money and spend it on other things is, in a way, fooling yourself, because eventually the vehicle you own now will need repairs or replacement. I've just accepted that a car payment (whether it's to pay off a note or go into savings for repair or replacement) is a reality of modern life and you're best off to go ahead and budget for it on an ongoing basis.
The beauty of being able to pay cash is that it gives you so many more options as far as when and what kind of vehicle to buy, and over the long haul, is the cheapest way to go.
To say you paid off your vehicle and can now take the money and spend it on other things is, in a way, fooling yourself, because eventually the vehicle you own now will need repairs or replacement. I've just accepted that a car payment (whether it's to pay off a note or go into savings for repair or replacement) is a reality of modern life and you're best off to go ahead and budget for it on an ongoing basis.
The beauty of being able to pay cash is that it gives you so many more options as far as when and what kind of vehicle to buy, and over the long haul, is the cheapest way to go.
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Joined: Jul 2004
Posts: 1,430
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From: Northern California
If you do decide to get a Ford ESP, you can get it really cheap from www.fordwarrantys.com. The downside is that it won't be financed in with your truck payment. But again, you can probably get it MUCH cheaper than what your selling dealer is asking.