Just bought a 07 430 F1 spider should i get a warranty?

As per title- just bought my first ferrari and really cant afford to spend much on "incidentals"...should I buy a warranty for 4000$ (I live in Zurich Switzerland)a year? What are your opinions on this? Very hesitant as i read through some of the horror stories some fellow F owners have undergone!

 

Did you have someone, who knows Ferrari's, look at the car before you bought it? I hope you did so you had some idea of what you were getting yourself into.

Always go into the purchase of a Ferari with some money in your back pocket (like $5K) to pay for surprises once you own the car. You and I together do not have enough fingers and toes to count the number of people who have bought a Ferrari, and been surprised by what they found out about theri car once they owned, and that includes me.

Whether you should purchase the warranty depends upon what it covers and how long does it cover those items. A warranty is like life insurance. Your betting you are going to die early, the life insurance company is betting you live long and make them rich.

If you did not have a PPI performed before you bought the car, I would have one done now to have some idea of the condition of the car.

If you do not know where to take it, let me know. I have a friend in Switzerland who owns two Ferrari's and has a shop nearby that maintains his cars.

Good luck.

ceb39

 

Ceb you are a good man! I bought this car without even Seeing it belieVe it or not!! Asked a friend to go check the car, which he did ,all seems good , called ferrari where it had the last service 4 months ago and they say the car seems ok. It has 28.000kms and looks mint inside and out (i know thats not enough). I live in Zurich does your friend live nearby??
Thanks so much!!!
Ps- im kind of nervous

 

F430 is a very reliable car....I have owned one for 9 years and put 52'000 km on it with no issues, ever.
The only thing you need to check is if the headers have been replaced recently but since your car is 2007, I assume it will already have the MK2 headers. You can ask your Ferrari dealer and he can tell you the entire story of your car.

Drive your car.

 

From where did you purchase the car? Authorized dealer or independent? How many owners? I personally would buy the best factory warranty available with a new car to you. Even a great PPI is not a crystal ball. To be honest with you I'm not even sure you can buy a warranty for the car. Even if you can, you may have to pay for an inspection first that may find issues you'll have to fix before the warranty starts. In the end, I think a warranty may make you sleep better since you don't yet know the car and/or why it was sold by its prior owner who may have known more. My $0.02.

 

GET
THAT
WARRANTY
BEFORE
U
EVEN
GET
ON
THAT
CAR

4k euros per year for the COMPLETE peace of mind ? And you are debating ? Seriously ? The clutch is more than 2k alone, let alone if the engine or the transmission blows.

Get that warranty !

Ah, and be sure it covers EVERYTHING.

 

If your car is Certified Pre-Owned, which I'm assuming it is if you are being offered the warranty for $4000, then I would. You will get the Power warranty which covers the powertrain. You have peace of mind for one year. This is what I did

 

What the heck are you talking about? What factory extended warranty covers the clutch? None that I know of. Also what do you mean it covers everything? Not true by a long shot. A warranty that can be put on a 2007 will cover the big ticket items but not everything. The extended warranty for a 2007 is by no means a bumper to bumper warranty like the original 3 year warranty.

 

yeh I never get extended warranties...

 

Lots of info here http://www.ferrarichat.com/forum/360-430/457897-ferrari-extends-power-warranty-up-12th-year.html

 

1 year $4K
2 year $8K
3 year $12K

I can fix a lot of issues for $4K per year...

 

Gotta agree--I can do a lot of work for $4K/yr,...thankfully, mine has been virtually trouble-free from 12k miles when purchased to the 21k miles it has now.

Like all warranties, if you need/use it, it can be a good buy, if not, it's money wasted.

 

The 430 is very reliable. No issues in my 08 f430 spider besides stupid stuff. And when it does, will fix it. 4k per year is insane

 

Hmmm im even more confused now lol i think i will wait till it has next years inspection and see what they say.. I bought it from a stand but never really checked anything...

 

They don't sell warranties to lose money on them.....

 

+1

 

I have a 2007 spider and was told the warranty available at this point would NOT cover the roof or the F1 pump, probably the two most expensive failures barring a blown engine or trany. So I decided to keep my $4500 for future repairs. My car has 18,000+ miles and is well sorted out and running great.

 

Unfortunately these are questions you should have been asking before you bought the car. Assuming your car was not a dealer certified pre-owned, and that your friend was not competent do a proper PPI, I would advise you to have that done right now.

Unless the PPI reveals there are serious problems with the car, I would not get the warranty. Instead take the $4000 and invest it in a safe dividend paying stock, or some other instrument paying dividends or interest, and use that to pay for any future repairs.

 

Before getting the warranty, check very carefully what it covers and even more importantly does not cover.

The warranty will not cover consumables. Breaks and clutch are consumables.

Not sure if it will cover wear and tear items. For instance, if it is determined that the F1 pump has failed simply because of age and use, is it covered?

Many here found that self-insuring is the right way to go. Put aside (pick your own number) $2K/yr, dont touch the money, in case something goes wrong, you have the $$ to cover the repair.

My way of thinking is: if a car I am looking at makes me think I need extended insurance on it, I am probably looking at the wrong car.

Having said all of this, when I bought my 2005 in 2009, I worked into the deal 1 year of warranty coverage, I figured if I didnt check out the car properly prior to purchase, and since I was planning to drive the car, any issues will show up in the first year of ownership. I experienced no problems in the first year, in fact the car has been rock solid.

Generally speaking 430s if they are maintained well, are essentially bullet proof.

 

THE perfect definition of insurance premiums!

 

I would probably get it for the first year only. Worth the piece of mind it will provide, IMO.

 

Marmist- Bad information. Clutches, brakes, tires, batteries, etc are considered expendables and are not covered by warranties. The F1 system is, but not the clutch.

 

That's not a bad rule of thumb.

There are good points on both sides of whether to buy an extended warranty, and really I don't think there is a right or wrong response. It depends on each individual's risk tolerance, financial situation, and comfort level with their particular vehicle.

There may also be other factors that enter into the decision. If you drive your Ferrari hard and the transmission fails, can they refuse coverage due to alleged abuse?

 

Dias7777 – I think Chuck (ceb39) meant me. I live quite close to Zurich between Zurich and Zug and I own a 575M and a 512TR (well, no 430 though).

When I bought my 575M I bought it with two years of warranty from an official Ferrari dealer (this was part of the deal). Ferrari requests an official dealer to check more than 100 things on the car. So I guess this must be one of the best PPI because Ferrari has to issue the warranty and they want to be sure the car is in a tip top shape. This was my main reason the get the warranty and of course because of the ease of mind. I knew that there would be no (financial) issues with my car besides wearables such as clutch, breaks, tires etc.

Now to your situation: You already bought your car, so getting the Ferrari warranty would be of no use regarding the aspects of a PPI. When you would like to have a Ferrari warranty on your car you have to go to an official dealer to have checked your car against the >100 check points. If they will find any critical issues they will refuse the warranty or you have to fix these issues first before they can issue the warranty.

Personally, if I would be in your shoes, I would not go for the warranty. Just put these $4K on your bank account every year and you are done. After two years you have 8K and after three years there are 12K. That is a lot of money to fix any problem on your car. And as others have mentioned the 430 are one of the most reliable Ferrari so I would not worry about that (except you bought a bad car but then you are in a different situation).

Feel free to shoot me a PM with your mail-adress and/or your phone number and we can talk by e-mail or by phone (in English or [Swiss] German). We could also meet somewhere around Zurich, have lunch together and do a nice tour with our cars.

Markus

 

Markus- Affirmative, especially now that we have a couple of sources for rebuilding F1 actuators, which was the big ticket failure. Now we can get the actuator rebuilt for as little as $2600.