Extended warranty for leased car

i would never have this kind of car without one... but everyone has their own ideas.. some like to gamble some dont.. you need to do what is right for you.

 

2 questions:

Do you pamper the car and drive it barely breaking 70 MPH on any given day?

Do you drive the car like a go kart racing every single stop light and attacking chicanes on the daily?

If the answer is yes to #1 - I wouldn't bother.

If the answer is yes to #2 - definitely buy it for another 2 years....

 

The fact that you're leasing has little to do with it especially wince you state you are planning on buying it at the end of term. Leased or not if you have problems they may cost you, if you're unhappy with the car if it's leased you hand it back or perhaps you feel the issues were not a concern going forward but the lease is irrelevant with the exception of maybe the balance of teh value of the warranty being "lost" if you should hand it in?

Contrary to Phantom I would do the exact opposite - if you truly baby your car and don't put miles on it you're more likely to incur issues than if it's driven regularly. Most cars, especially exotics, don't like just sitting they like to be brought to operating temps often. Miles and use are not the enemy. The potential damage done by "driving it like a go-kart and attacking chicanes" won't be covered by a maintenance policy that'll be hopefully covered by your insurance company should you have a mishap. driving these cars like they are meant to be driven in no way adds any risk other than crashing or earning a performance award boasting local PD revenue.

Here's the simple truth behind extended warranties - "it's a crap shoot". You are essentially paying for piece of mind not much more. You are paying what skilled actuaries work out to be the likelihood of incurring any issues then they take that number, add marketing costs, extremely high mark-ups, admin fees, etc then it's usually doubled by Ferrari or other secondary sellers. If it was EVER in your best interest do you think they'd offer something that doesn't make them a very serious profit? Think about that for a bit. You'll always have a few anecdotal instances, even some here on this forum, who will claim it worked out in their favor but the extreme vast majority it was only piece of mind, money spent to feel good. You'll hear the justifications of "it's only a small amount", you're buying a Ferrari so what's a few more grand?, think about how much a catastrophic claim might run??? Al this is wonderful hype but the truth is is that the new breed of Ferrari's RARELY have issues especially ones that range anywhere near the costs of warranties... lastly there's little talk about when a claim is actually sought will it be covered... this is often the case when it is not the actual mfg's warranty but rather an after-market company and those can be VERY sketchy so beware. This isn't the Cali with roof issues the 458 is quite solid and robust the likelihood of having any sort of issues that might run as much as that extended warrant are almost totally unheard of.

 

The lease only increases the likelihood that you will own the car for the next two years without warranty coverage, so you will likely get the full use out of the warranty. The warranty you can add before the existing warranty ends covers everything the new car warranty does, unlike the typical New Power warranty which covers only major components. Essentially, you can calculate adding $9600 or so to the cost of your lease over two more years, and count on not spending a dime on the car since the maintenance is also covered -- about $400 per month. If $400 a month is worth it for the peace of mind, then it's worth it -- it was to me on my own car.

It's unlikely that you'll have a major failure, but something with the motor or the gearbox could surpass that figure. As we all know, even "little" problems can be a couple thousand bucks on these cars. Seat motors, headlights, TFT screens, backup cameras, etc. etc. etc.

Predictably, I've had my 13 California extended warranty in effect for 15 months now and ... zero issues at 17k miles.

 

You can go 15 years total on the power warranty

 

Just curious to know why you would lease a car (closed end as well) for 5 years, being well past the factory warranty. Not being judgmental, just curious to read your perspective/thought...

 

Do you hav any idea what a faulty gearbox may cot you ? How about between K$ 7 - K$20 ?