| Author |
Message |
Frank Parker (Parkerfe)
Intermediate Member
Username: Parkerfe
Post Number: 1258
Registered: 9-2001
| | Posted on Tuesday, August 27, 2002 - 10:33 am: | |
For a high end car it is a great product to have. I have bought one on three BMW M cars I have owned and they have all paid off. But, like all forms of insurance it is a waste of money unless you need it. On a Ferrari, one small repair could cost thousands of dollars making the warranty well worth the cost. |
Ricky Nardis (Rickyn_f355)
New member
Username: Rickyn_f355
Post Number: 10
Registered: 8-2002
| | Posted on Tuesday, August 27, 2002 - 8:01 am: | |
what is the price/length of the powertrain warranty? |
Scott A. B. Collins (Scott)
Junior Member
Username: Scott
Post Number: 67
Registered: 6-2001
| | Posted on Tuesday, August 27, 2002 - 12:03 am: | |
FWIW, I have purchased extended warranties on two cars I have previously or currently owned. In general, the higher the intrinisic (or, I hate to say it, Consumer's reports) reliability and the lower the repair costs, the less valuable the extended warranty is. Some would argue that if reliability is low and repair costs high, don't buy the car in the first place. But then again, we have this passion...
I came out $1600 ahead on my first extended warranty, and am currently $3400 ahead on my current extended warranty (Chrysler minivan). So far, my gambles have been good ones.
I have heard, from many sources, that Ferrari gearboxes and engines are relatively bulletproof. It is the ECU's, A/C units, brake lines, etc that are not paragons of reliability. On the powertrain plus warranty I looked at, none of these items were covered. Unless you think the car was abused (e.g. many trips past redline, ham-fisted shifting) I would imagine it isn't worth the money, unless you can get it included in the negotiation. |
Tim N (Timn88)
Intermediate Member
Username: Timn88
Post Number: 1436
Registered: 6-2001
| | Posted on Monday, August 26, 2002 - 9:58 pm: | |
Obviously they wouldnt offer them if they knew the car wold break and cost more to fix than the warranty. This is almost always true for normal cars. But since this is a Ferrari and they arent normal cars i think it would be a good insurance policy and offer peace of mind. |
Clark Driggers (Clark)
New member
Username: Clark
Post Number: 46
Registered: 11-2001
| | Posted on Monday, August 26, 2002 - 9:49 pm: | |
I am getting the details of what it covers and what it excludes.
Clark |
L. Wayne Ausbrooks (Lwausbrooks)
Junior Member
Username: Lwausbrooks
Post Number: 183
Registered: 8-2002
| | Posted on Monday, August 26, 2002 - 9:27 pm: | |
Doc, Doc, please don't say that! Clark, the reality is that an extended warranty is just like any other insurance policy:
1. If you file a claim, it's worth it. If you don't, it was a waste of money.
2. Manufacturer's and warranty companies are just like any insurance company, they're not in business to lose money. The difference in what they earn in premiums and what they pay out in claims has to be enough to pay their expenses and still turn a profit.
Now, that said, what really matters is what you pay for the extended warranty vs what you're getting. How long is the warranty for? What does it cover? What DOESN'T it cover? Are you financially sound enough to be able to pay for the worst that could happen without the warranty? Are you emotionally sound enough to do the same?
As far as purchasing from a dealer or outside source, if prices are similar, it is far better to purchase the warranty from whomever will be doing the repairs for you in case of mechanical failure. Trust me, the claims process will be much easier and your life will be much more pleasant.
Yes, I work for a dealership and, yes, I profit from every extended warranty sold. That doesn't mean that they are a bad deal for my customers. Now, both of you are physicians, would you recommend that somebody never get "sucked in" to buying medical insurance? I've paid for medical insurance my entire adult life and have paid in much more than I've ever claimed, but, believe me, I'm not going to cancel it any time soon. |
martin J weiner,M.D. (Mw360)
Member
Username: Mw360
Post Number: 536
Registered: 5-2001
| | Posted on Monday, August 26, 2002 - 8:16 pm: | |
As a rule extended warranties of all kinds are a bad deal for the purchaser and excellent for the seller.In 50 yrs of buying cars never got sucked in.
Good talking to you yesterday,Clark.
Martin |
Clark Driggers (Clark)
New member
Username: Clark
Post Number: 45
Registered: 11-2001
| | Posted on Monday, August 26, 2002 - 7:44 pm: | |
I am looking at some 1995 355's and some dealers offer a powertrain warranty or state that they are eligible for it. Is this a definite to have for a 1995 or would you be OK buying from a non-authorized dealer or individual
Clark |
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