Service Contracts - worth it?
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Laughing Gas
Joined: Feb 2009
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From: New Braunfels, Texas
Service Contracts - worth it?
My new truck ('06 F250) is financed through my local credit union, who is also offering a nearly comprehensive service contract on it for additional $2700. The truck has 68,800 miles on it, and a clean OASIS. Given that, would you spring for the service contract as a CYA, or just hope that the truck continues to be as trouble-free as it has been in the past?
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Joined: Sep 2006
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It depends. They sell these contracts because they make money by selling them, usually a lot of money. How are you going to use the truck? If you are going to be working it hard and a major repair will put you in a financial bind then it might be worth it. If you do decide to purchase it, read the fine print carefully, especially the part which requires meticulously detailed maintenance records.
Laughing Gas
Joined: Feb 2008
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From: SW Indiana melon fields.
I have never bought any extended warranty and never will. I can't see making payments on a repair you "might" need. If you need a major repair and don't have the $$$ go borrow it then, and only then make payments. Extended warranties are not for your protection they are for profit. When a salesperson mentions one to me I just tell them they are not a good enough salesman to sell me one.
BTW, years ago I had a transmission failure on a Chevy S-10 that I had bought new. It was 6K out of warranty and they covered it anyway, less $100. A couple years earlier I had a Silverado that I had bought used (also salvaged) that had a worn out camshaft. It was also repaired under warranty, less the $100. My dad has also gotten his Ford repaired out of warranty as well. Mfrs. can and will sometimes make the call to go ahead and take care of a customer if they choose. If my '08 takes a crap just out of warranty and I have to cough up, oh well I'm way ahead of the game.
Just my $.02
BTW, years ago I had a transmission failure on a Chevy S-10 that I had bought new. It was 6K out of warranty and they covered it anyway, less $100. A couple years earlier I had a Silverado that I had bought used (also salvaged) that had a worn out camshaft. It was also repaired under warranty, less the $100. My dad has also gotten his Ford repaired out of warranty as well. Mfrs. can and will sometimes make the call to go ahead and take care of a customer if they choose. If my '08 takes a crap just out of warranty and I have to cough up, oh well I'm way ahead of the game.
Just my $.02
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For what its worth, Consumer Reports always advises against extended warranties.
Companies are always pushing them .... for everything from electronics to washing machines to trucks ... because they are a big money maker for them.
Having said that, I bought one from Ford when I bought my new SD in 2002. I was just starting a new business with a very tight budget, and extending that 3years/36K was a feel good move on my part. It did not come close to paying for itself.
After it expired, my 5.4 spit its sparkplug, and it would have got me a replacement head.
Companies are always pushing them .... for everything from electronics to washing machines to trucks ... because they are a big money maker for them.
Having said that, I bought one from Ford when I bought my new SD in 2002. I was just starting a new business with a very tight budget, and extending that 3years/36K was a feel good move on my part. It did not come close to paying for itself.
After it expired, my 5.4 spit its sparkplug, and it would have got me a replacement head.
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Postmaster
Joined: Aug 2006
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2horses bought a 6.0L PSD which brings up a good point. As ironmine pointed out ESP's are generally not worth it and are just money makers for the sellers since the purchaser rarely ever puts one to good use. However, when it comes to the 6.0L and 6.4L PSD's there is a greater chance that a ESP could benefit the owner. One "minor" repair on a PSD and the ESP could have easily paid for its self...
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Laughing Gas
Joined: Feb 2009
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From: New Braunfels, Texas
I guess a second question would be, how much of a factory warranty do I have left, if any? I am under the assumption that the drivetrain (which I think includes the engine) is covered up to 100K miles - meaning I have at least 30K left. Is that correct, or should I contact Ford to make sure?
Hotshot
Joined: Aug 2006
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From: Whittier, CA
I guess a second question would be, how much of a factory warranty do I have left, if any? I am under the assumption that the drivetrain (which I think includes the engine) is covered up to 100K miles - meaning I have at least 30K left. Is that correct, or should I contact Ford to make sure?
Not exactly. You have a motor warranty for 5yr/100k. Not drivetrain.
Postmaster
Joined: Aug 2006
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I guess a second question would be, how much of a factory warranty do I have left, if any? I am under the assumption that the drivetrain (which I think includes the engine) is covered up to 100K miles - meaning I have at least 30K left. Is that correct, or should I contact Ford to make sure?
Ford does offer ESP's for used vehicles which have various levels of coverage at various costs. It could be anything from basic coverage to pretty much bumper to bumper. There is also the option of a Diesel EngineCARE plan that would extend coverage of most major engine components to 7 years / 200,000 miles.
If interested in finding out what is available that may suit your needs I would give Troy Dietrich a call or email. He has sold quite a few ESP's to members of FTE...
(413) 773-5455
TDietrich@FactoryDiscountWarranty.com
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Make sure you let Troy know that you are a FTE member...
