Hi Curious to know how many of you keep buying the factory Power Warranty. I think it’s $5000 a year. Mine is up soon, and I am contemplating buying it or not. My car is a keeper. What have you guys’ experience been without warranty? Thanks.
How many miles on your 458 and what year is it? I never bothered with extending mine. The car was rock solid and I never had any issues with it. Unless your 458 is pushing 50K miles, I don't think I would blow $5K into a warranty for a largely bullet proof drive train. Ray
Given the known issues with the 458’s timebomb transmission, I will buy the power train warranty every year Sent from my iPhone using Tapatalk
15 dollars a day for peace of mind. I don't know. mine is up. never got to use any of the 2 year warranty and power afterward. mine is 2015, 8k miles.... thinking about skipping it or just **** it, buy it again. Same for FF too. 2016, 11k miles. it's like extra 10k a year for both cars...hmmm...
Just put the $5k aside every year as an emergency fund, that’s what I do. I have $25k sitting separately in a car account from the 458 and the 430 before it. If I have some giant repair hit me then the money is there, if I’m lucky and nothing major then I just keep saving it.
I can understand the warranty if the car is new to you, but if you've been driving it hard for a year with no issues, $5k/year doesn't seem like a good value. I've had several warranty claims in my time, and they all happened within two years of me owning a car. Once the bugs are worked out, a regularly driven car seems to do just fine. This will be an unpopular opinion, but If repairing your gearbox or replacing your engine is going to be a financial stress in any way, you might want to reconsider owning this toy long term. If you are owning it long term, why spend $50k over ten years to have a transmission rebuilt for $15k for free?
I wrestled with this also when I bought my 458 6.5 years ago. I didn’t buy the Power warranty, so I am $35k + the the growth of that money ahead. The relatively minor repairs along the way wouldn’t have been covered anyway as the Power warranty isn’t like a new car 100% warranty. My average cost of maintenance including tires is about $3500/yr. I drive it about 3000 miles/yr. I have a very good and honest independent exotics mechanic which saves me money. My car is 10 years old now with 23K miles..
On my 488 I first bought the 2-year extension as it's the same cover as the initial 3-year warranty, but after I did not renew. Self insurance should statistically be better value, specially since the power warranty has limited coverage.
Oh I love this subject. There is a masterful analysis on this by actuarial members here. I’ll do a search. In the meantime consider the answers with these biases in mind: 1 sample bias. People who answer are not a random sample 2 confirmation bias. Those that were vindicated in their approach tend to over answer/ reply. 3 overconfidence bias we believe our assessment to be better than our neighbors. That said I have not bought a Ferrari except my 430 without one included or added. I have not renewed one yet. Cali come with it and the roof scared me. No issues. FF came with it thank gawd due to ptu. Made money on that transaction. F12 added extended warranty. It was a wash. The paint bubbled by the mesh. One can argue about non warranty coverage. 812 same. No info yet. Lusso same. No issues to date. 360 self insured. There’s some data points. Of my dealer has never tried to sell my the renewal on the warranty. good luck.
Well here is a whopper of a thread A Poll to decide if a warranty is worth it https://r.tapatalk.com/shareLink?share_fid=9080&share_tid=588663&url=https%3A%2F%2Fwww%2Eferrarichat%2Ecom%2Fforum%2Findex%2Ephp%3Fthreads%2FA-Poll-to-decide-if-a-warranty-is-worth-it%2E588663%2F&share_type=t It has a lot of info. Skirts thread bans with insults but has very valid points. And safe4now participated so there is legit information. For me, the warranty on purchase is against knowledge of the car being imperfect and ongoing warranty is against the car. So this thread covers all of that on a round about way. Good luck.
With the amount of driving I've been doing the warranty would cost me about $15/mile. On a low mileage, low use car passing on the warranty is a pretty easy decision.
