Warranty or no Warranty ?

The way I always think about these types of things is like this: The warranty company has all of the relevant data. They know how often their warrantied cars need work and they know what they cost on average. They take all of this data and then figure out their average cost per car per year and add markup on top of that to make a profit. So - on average (key words), you would be better off keeping the money and rolling the dice. Of course that assumes you can take the risk. By buying the warranty you are essentially "betting against the house".

 

The exhaust may still be covered. Seven years I recall.

The big ticket items are the Getrag DCT and the Variators.

 

Except for the things MalibuGuy pointed out, you can get a lot of things done for 15 grand. Remember that service is not included, same goes for wear items. You will need something pretty bad to happen if you have to spend more than what you'll pay over three years. So yes, it is a bit of a gamble, but looking at the history of the Cali and seeing that you have that many troublefree miles on it, I'd keep the money for sure. The odds are in your favour, simply because as someone else said, the business offering the warranty is in it for the money. It's like insurance. We pay a lot of money for it, and most of us don't get a "full return" in the end. A few unlucky ones do, but those are way fewer than who don't and just end up paying to have had "peace of mind".

 

I'm not selling you the warranty , so I have no dog in your hunt.

BUT, a few points I will make to help you make your choice.

Actual Cost of the New Power Warranty for the next 3 years:

Year 1 $4,500
Year 2 $3,750 $375 dicount for renewing year over year + $375 discount if no claims yr 1
Year 3 $3,750 Same as above

DCT ( Gearbox failures ) RHT ( Hard top componants ) and Variators would be the big ticket items I could see you having problems with over the years. Now, would you have ALL of them happen in 3 years?

Yes, traditional 3rd party warranty companies are absolutely about playing the %
But from my perspective ( behind the desk ) Ferrari is using the New Power Warranty as a retention tool, help keep their product in the Dealership network, vs going out to someone else without factory training, who attempts a repair by trial and error. Whic, if you think about it, looks bad on Ferrari**. So this is a way Ferrari can keep a client coming back. It's the same with the 7 year GMS program... keep the car coming back year over year for services.

Since your car is out of warranty, it will need an initial inspection to get it back into the warranty program, but after that, you're good to go!

LMK if I can help answer any questions, either way, enjoy your California!

S


** If a Ferrari is broken down on the side of the road for everyone to see, do you think anyone will ask where it was being repaired / serviced? Nope, they just know it's a Ferrari on the side of the road. So Ferrari WANTS their cars fixed right the first time, not on fire because someone who didn't know the correct procedure when filling fluids on a simple service.

 

All depends on your personal perspective. Do you prefer to have stuff covered if it goes wrong, or are you fine with paying up (potentially big) for whatever goes wrong. Simple as that.

For me I don't want a car out of warranty - I've had Ferrari's and Porsche's blow engines and gearboxes in the past (granted 10+ years ago), and I hate getting unexpected big expenses. But that's a personal evaluation.

The chance of something happening? Not big, but that's the case with all insurance. Will your home burn? Likely not, and yet most people insure against it.

 

Out of curiosity if within the factory warranty it gets extended another two years, if it gets extended yet again within that timeframe does it still stay like the original factory warranty? On my 2012 it has been extended 1 time for two years, does it qualify for the 375$ extension if done again (for the 3rd time)?

 

if under the original 3 year factory warranty and you choose to extend 1 or 2 years, it is the extension of the ORIGINAL bumper to bumper warranty. i think that's a great deal. i'm not sure if the discount applies to the 2nd year extension.

after that 2nd year extension (5th year) you go to the new power warranty which is the same price roughly but only covers major items. i believe you can continue this for another 2 years and the discount applies each year assuming you got the 4th and 5th year extensions already.

 

To answer both at the same time:

If your car is still under factory warranty ( 3 yr ) you have the option of purchasing a 1 or 2 year extension of the same new car factory warranty coverage $6300/$9900 ) if you chose to extend coverage again, it goes into the New Power Warranty program ( $4500 ) per year until its 12th year. Each year, you have a $375.00 discount for renewal and an additonal $375.00 if you have no claims in the previous year. ## These prices are for V8's only )

New Power Warranty has reduced coverage, if you send me a PM , I will send you a book that outlines the coverages in more detail.

I can tell you that if I were selling you the policy, I would give it to you to continue our business relationship, regardless!

LMK if I may help,

S

 

In speaking with my dealership, the warranty is a little more than $5k per year. You will also need to have a CPO inspection each year (outside of a normal service) at $800. They will not offer the warranty without the inspection. Chances are there will also be a couple things you will need to do/buy to be certified(new battery/tires/something).

 

No way! Save the money for sure

 

My opinion is it depends on how disciplined you are. If you're actually going to save and reserve the money for potential repairs then you're golden. However, if you're like me, then the warranty provides some much appreciated peace of mind.

 

I once chunked an engine in my 308. Not cheap, I bought the warranty on my Cali.

 

especially if the car has had no issues!

 

Since we are talking about market forces and self interest, just follow the money. Ferrari's interests are different from the dealer's interests. The factory has an interest in protecting the brand, while the dealer has more of an interest in making money than it does in protecting the brand. A Ferrari broken down by the side of the road harms the brand far more than it does the dealer. Every article on any major appliance that I've read recommends that you never, ever buy an extended warranty.


Sent from my iPad using Tapatalk

 

For $5K/year, I say save your money.

 

I think extending the original bumper-to-bumper warranty two more years if you are going to keep the car is not such a bad idea. It is a Ferrari, after all, and any little annoyance, rattle or electrical thing that can go wrong can get expensive if they are chasing it for a while. Plus, if you are going to resell the car, having the factory warranty in place is a nice selling point to someone new to the marque.

Beyond that ... not sure. What's peace of mind worth to you? I live right next to a little stream and pay for flood insurance every year although I will probably never need it.

 

If you are extending the original bumper to bumper warranty I say yes it is worth it once it expires you cannot go back and get it you have to get the new warranty which is not as good.
so keep the factory bumper to bumper .... or go with none.....