Extended Warranty?

I purchased my 2010 458 Italia a couple months ago from a F chat member. The car sits at 17.3k mileage and it has been solid through the PPI and throughout my short time with it.

The current CPO warranty will be ending on 4/16. I have an offer from South Bay Ferrari for $4,500 to extend their New Power warranty for 1 more year.

I am coming from the Audi/Porsche world. Would you recommend purchasing the warranty?

I appreciate your feedback in advance. Thanks!

 

If you do a quick search you will find this question has been asked and answered a lot. Just try searching for “ extended” and you will have lots of reading.

 

You should also ask your dealer about the Main Power extended warranty option as it includes Annual Maintenance. I just extended my 2015 458 Spider for a year. While you have too look at extended warranties as insurance policies. Hope you never need it but glad that you spent the money if you do have some major issue, the value I found in Main Power was the maintenance which I would need to do anyway.

 

I bought my '14 w/ 4k on the clock and took the power warranty. Here's the thread I started about my transmission and since it expired, I didn't renew for another year. I simply felt I got the best out of it and taking a gamble there after. However, the transmissions are one of the 458's "Achilles heal" and now mine is at least brand new and 100% under my driving control. Never can know how previous user really drove the car...
https://www.ferrarichat.com/forum/threads/458-tranny-issue.628502/page-2#post-147437897

 

Many variables. There an exhaustive thread with an actuarial analysis included in one thread that was highly insightful.

Summary of major themes

1 Ferrari makes money not only off their leverage in cost but in incidence relative to the premium.
2 to an individual the likelihood of use is dependent on the model, prior use and maintenance , and luck. For some it will save money and for others it will be a cost. The net thought is it is hard to accurately predict which you are. In my prior warranty costs all in 14 or so cars with say 6 extended warranties it’s been about even to slight ahead in value. I recently replaced a gearbox on my lusso on extended warranty. My car known history and about8k miles use. That alone covered the extension of the factory warranty -7k or so with 2 years for one.
3 not everything is covered but major things are.
4 it depends on how comfortable you are with the small probability of a large repair.
5 A good ppi and or service record is a reasonable flirts assessment of whether a specific car has a higher than average likelihood of needing a major repair in the near term compared to the general
Population of that model.
6 consider your use model - weekend driver, daily, rally etc and your wear and tear factor - in your probability of experiencing a problem relatively for that model.


In the end most on fchat self insure in one way or another by being able to afford the work, do the work, or defer the work.

For me when I purchase the cars preowned I prefer to keep a warranty for the initial period as a hedge against the unknown and let it lapse as I learn and know how the car is and what I’ve got. That said there are know issues that will help sway your assessment of probability of something major like the vent bubbling issue on my f12 or the roof on a early Cali.


Recently I bought a 16m that had been sitting and had about 40k of work done before my purchase. I added the warranty for a year in case as I drove there were new issues as a hedge. Because the car had 290 miles in 9 years I thought it was money well spent even if nothing happens. That was my analysis. Everyone is different.


Good luck.


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Thank you all for your input and individual experiences. I have decided to go through with the 1 year purchase of the warranty just like ScottS said “to hedge my bet for the first year”. This will give me both the peace of mind and let me drive the car freely to understand what it’s most likely going to do. The prior owner had it for 22 months and drove it 900 miles. From my conversations with him and the independent Ferrari shop owner that did the PPI, it seems the car is solid. However the $4,500 is worth the potential of something major like transmission going out on it. Thank you all again for your input and can’t wait to enjoy the vehicle with a worry free mentality these next 12 months.


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FWIW, pricing and options changed on April 1st

Reconfirm with your selling Dealership on pricing now.

S

 

If you do take it out take the new Main Power as that will include the service.

 

Steve tell us more.


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