Extended Warranty
Postmaster
Joined: Nov 2004
Posts: 2,511
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From: Marion, VA
An extended warranty is actually an insurance policy for certain mechanical breakdowns. It is a high markup product with high commissions. If you need the security of protection for unforseen problems, it may be for you but if you take the money it will cost and put in a savings account to pay for problems, the odds are in you favor. If you decide to buy an extended warranty, you need to be very careful as many nonmanufacturer providers go belly up and leave the customers holding the bag. I would go with a manufacturers warranty if I ever got one.
MMNC (SS)(Ret)
Joined: Mar 2004
Posts: 11,606
Likes: 149
From: SE Georgia
I bought the Ford one for 6 yr 75,000 miles. As I usually offload my vehicles at about 75000, I figured this was perfect. that in addition to the problems I had read about on the forum, seemed safe insurance.
if nothing else, it'll only be about 3 more payments over the long haul. I had thought about the money in a saving account idea, but with the average cost of transmission work and/or motor work being a minimum of $1,000 that concept isn't so good anymore
if nothing else, it'll only be about 3 more payments over the long haul. I had thought about the money in a saving account idea, but with the average cost of transmission work and/or motor work being a minimum of $1,000 that concept isn't so good anymore
Freshman User
Joined: Jan 2006
Posts: 45
Likes: 0
I buy extended warranty on any new car. Mainly for piece of mind. I typically keep my cars/trucks for about 6 or 7 years and buy the warranty to fit this timeframe. Without exception - I've needed 3 or 4 repairs on the vehicles that happened after the 3yr/36K factory warranty. These days, most any repair is expensive (400-500 on up) so the cost of the warranty often justifies itself.
Three lessons learned :
1. Only buy a OEM (Ford) plan. Do not buy a 3rd party plan. 3rd party plans involve an approval process that can add days and uncertainty to getting your truck fixed.
2. Do your best to keep up with recommended services (example transmission service). Ford is not going to cover a major repair on an extended warranty if you've ignored the recommended service(s).
3. Use the internet to get a few estimates. You can use these as leverage to get the finance person to discount his/her offering.
Three lessons learned :
1. Only buy a OEM (Ford) plan. Do not buy a 3rd party plan. 3rd party plans involve an approval process that can add days and uncertainty to getting your truck fixed.
2. Do your best to keep up with recommended services (example transmission service). Ford is not going to cover a major repair on an extended warranty if you've ignored the recommended service(s).
3. Use the internet to get a few estimates. You can use these as leverage to get the finance person to discount his/her offering.
Senior User
Joined: Feb 2004
Posts: 415
Likes: 4
From: St. Mary's MD
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Freshman User
Joined: Oct 2003
Posts: 49
Likes: 0
From: Minneapolis MN
I am 59. I have purchased several extended warranties over the years and found over time they are not worth the money. If you cannot prove with receipts and a log that you have performed every single maintenance item (especially for large ticket items) you will be denied coverage.
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Hotshot
Joined: Aug 2002
Posts: 12,679
Likes: 15
From: BC, Canada
Originally Posted by pvstansel
1. Only buy a OEM (Ford) plan. Do not buy a 3rd party plan. 3rd party plans involve an approval process that can add days and uncertainty to getting your truck fixed.
I'll second that. Most aftermarket warranties aren't worth the paper they are written on.
We run into stupid problems like on an engine that's burning oil they will pay for the piston rings but not for any gaskets or bearings. If it's only 1 cylinder with low compression they will pay for only the rings for that cylinder. etc etc etc.
Posting Guru
Joined: Jul 2005
Posts: 1,832
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Originally Posted by jobguy
I am 59. I have purchased several extended warranties over the years and found over time they are not worth the money. If you cannot prove with receipts and a log that you have performed every single maintenance item (especially for large ticket items) you will be denied coverage.
Junior User
Joined: Jan 2006
Posts: 61
Likes: 1
From: New Jersey
Quote:
Originally Posted by jobguy
I am 59. I have purchased several extended warranties over the years and found over time they are not worth the money. If you cannot prove with receipts and a log that you have performed every single maintenance item (especially for large ticket items) you will be denied coverage.
Proving it is what jobguy means I believe.
For the people that perform their own service work, proving it could be a problem.
Originally Posted by jobguy
I am 59. I have purchased several extended warranties over the years and found over time they are not worth the money. If you cannot prove with receipts and a log that you have performed every single maintenance item (especially for large ticket items) you will be denied coverage.
Originally Posted by Red Star
Is there any reason why somebody would not perform every single maintenance items?
Proving it is what jobguy means I believe.
For the people that perform their own service work, proving it could be a problem.
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