2006 612 - warranty or not?

So, if I do end up purchasing the 2006 612 from Scottsdale Ferrari (which I most likely will), is it worth getting the year-to-year warranty from the dealership? The car is just under $100k, and the warranty is $7,500/year for up to 4 more years. That alone is $30k - that's one third the price of the car. That seems like a lot of money. Now, if something were to break, then it may be worth it, but I would hope that nothing that expensive would break over the next 4 years. The car is reliable, and I can't see me putting more than 3,000 miles on it a year. If the engine were to blow up that would be a big issue, but how often does that happen? What other major problems are likely to occur that would cost me upwards of $30k over the next 4 years? I am leaning towards not buying the warranty, but just want input. Another option would be a third party warrant, but I have not looked at that. Thanks again for any and all help.

 

7 and a half k dollars/year ? Lol ? a 458 is 4,5k ! My suggestion ? Don't buy it. Too risky. And I am not talking about the warranty.

 

Its great peace of mind, I would try to get them to throw in a couple of years, that's what I did with my car, I bet they don't pay $7500 a year. Make sure you get in writing, my dealership was trying to do me out of a year, but I have it in writing from the sales man, so they will be hard pushed not to add it on. Having a warrantee also helps if you need to resell as its transferable.

 

I wonder why it's $7500. I just bought a Cali with "New Power" warranty that covers the engine, trans and top and it was $3600 per year for up to 12 years from date of manufacture.

 

I've had only one unexpected expense on my 06. In the last almost 2 years...gasket replacement. I did not get an extended and I think $7500 is way too much. Peace of mind though would be great if they added more years or cut the price way down.

 

The only reason that I figure that it is $7,500 is that this is an '06, and your Cali is probably much newer so they figure it would be less likely to break down. Just a guess.

Aside from the consumables, what is likely to break down on this car? I know that the unexpected might happen - the engine may explode or something, but what are the things that can most likely or that do most likely happen? What typically goes in these cars? I can't imaging a gasket replacement costing $7k. I am pretty sure that I will not be buying the warranty, but what do you guys see that typically breaks in these cars, and what would it cost to fix "that thing?"

Also, the last major service on this car was last year, and the clutch wear on the printout shows 9.83%. I see me driving this occasionally on weekends, and don't expect more than 3,000 miles per year. How fast does the clutch go on these based on occasional driving - roughly?

Thanks.

 

Frequently the clutch reading is remaining life, confirm that. It depends on how you drive, but I hear 25-30k miles for a clutch, more for some.
I heard tie rod ends can be suspect. Other than that, sticky parts, dash shrinkage and headliner are weak spots.
Mechanically, the V12 and F1 have been pretty reliable from all accounts I have read.
I had a steering rack go bad ($10k)
My 612 warranty was also in the $3600/yr range (CPO warranty, the New Power is their new program I am told) for an '05. I think the dealers have a cost, and then sell the warranty for cost +. It sounds like your dealer is looking for a big profit. AFAIK, any dealer can warranty the car after an inspection and compression test. Check around.

If you're going to worry about it, you're not going to enjoy it. Make a great deal and drive without worry or regret.

 

The printout on the clutch says "percentage clutch wear (19h): 9.83%". Just had a major last year with clutch work according to their paperwork, and per my reading this means 10% used - hopefully. Waiting for PPI still, so will confirm with him as well. Also the dash leather is already shrunk - but they will take care of this prior to selling it. The dealer was up front about this. The dash and a small nick in one of the wheels is the only thing that I saw. Rest of the car looks flawless - not bad for an '06. The little previous warranty work that was done was for 2-3 small things, nothing major. So that is a good sign. I have heard about the tie rod ends and the sticky parts on this forum as well, but at least the heart of the car is solid!

I will pass on this warranty, and like you said I will look around. $3,500 sounds fine, but $7,500 sounds way to high. I can't wait to enjoy this baby.

 

So, looking over the service record, in 8/2013 - the clutch wear was 3% when it was replaced, and now, just over 1 year later it is at about 10% - so 7% in a year. Now, it has sat at the dealer for about 2+ months, and the difference in miles is about 3,000 miles since the service work was done. So, I guess I could have answered my own question if I had done some homework - but thanks anyways.

 

Well I guess it depends on your risk tolerance, but I think spending that much money each year on this car is way too expensive. In general most extended warranties on anything are not sound buys.

 

I concur with you Nospinzone. I never buy extended warranties because I figure if the item goes bad, I can afford to buy a new one. Also, the likelihood of something going bad is pretty low usually. If I buy a stereo receiver for a couple of thousand dollars and it dies, I can afford to buy another one. Now, I'm not rich, but I can afford to pay to repair this car if something were to happen. It would hurt temporarily, but it is doable. In the long run though, you can't take it with you.

Now for a $100,000 car, it may be worth it if the price is right. I would spend $3k for peace of mind, but not $7,500. I have also heard that most after market car warranties are useless. Having said that, on a previous used MB that I had purchased from a private party, they had a Platinum Warranty by Mercury. I tell you that both times that I had the car serviced, they paid for it without any issues. Once it was $4k for ABS, and another it was $2k for something else. That was well worth it, but then again, it came with the car.

Like you said, the whole thing boils down to risk tolerance and the cost associated with that.

Thanks for all of the input from everyone!

 

Insurance companies employ plenty of actuaries who do the numbers. Then they do them and mark that number up to sell it to you. It's never a good bet (if it was, there would be no insurance companies,) but sometimes I feel it's worth it for my own stress free enjoyment.

 

Kindof like Vegas

But I agree, you have to go by your own comfort level.

 

I'd say no to the $7500 warranty. In my experience, my car has been quite reliable. Aside from minor niggles here and there, and consumables, I haven't had any large issues - and certainly nothing more than $7500 per year.

As an example, during a 12 month period, including the 5,000 mile service and other little matters on my 2006, I spent not more than $4,800. (And the major milestone service would not be included in your warranty anyway, nor would consumables).

Buying a Ferrari is never a 'conservative' purchase. But if you are pro-active with regular service, I think the odds are well in your favor (with a good quality 2006).

 

I have a 2005 612 that I've had for a couple of years.
I have spent money on the car but mostly on servicing and tyres which wouldn't be covered by a usual warranty. The other things (mirror switch, TPMS sensors etc) would probably not come to more than £1000 in total...
Hope that helps.

 

I think that they are selling the waaranty at too high price, my 599 is about $5600 per year. I had a 612 previuosly, and boy i was glad i bought the warranty. I had lots of problems. Shop around on the warranty. You can buy it from any dealer as long as you meet the requirements.

 

Thanks all. No warranty from this dealer. Will look around.

 

I didn't have a warranty on my '08 612 but the previous owner had a transmission issue and had to replace it for ~$17k.

I have a '10 458 now that's out of warranty and am considering getting it for $4500.

 

I just purchased a 2007 599 with 28,00 Kilometers (in hong kong). I opted for a one year power warranty for peace of mind. It was around US$ 5000 for the year. I figure if something is wrong I'll find it in the first year. Otherwise from reading these cars are pretty reliable. Your right 30k is too much.

 

FWIW , the Ferrari backed " New Power Warranty " would run $5760.00 per year, on a year to year basis for any V12**

It would have to be inspected and meet the requirements, like be current on services, etc.

Also, there would be renewal discounts and no claim in the previous year discounts available after your first year of coverage!

S

p.s. V8's would run $4500. per year and cars still under factory warranty have warranty extension options as well!

**10 years or newer, under 56k miles, no major accident history.

LMK if you have any questions, happy to help!

Steve

 

Does the car need to be purchased from a Ferrari dealer to get this coverage? Specifically, can I buy the car from a private party and then get it inspected by a Ferrari dealer, brought up to specs and then buy the power warranty?

 

Does not need to be purchased from a Ferrari dealer.