Ferrari Approved Warranty Costs Extra?

It depends on if there was still time left on the previous owner's power warranty. The car I'm buying just had it expire so I had to pay to "renew" it (my term, I don't remember what the correct terminology is). The cost was pretty reasonable IMO but it should factor into the total price out the door relative to another car you look at which might still have a year or more of warranty.

 

First what car is it ?

Next if its 3 years old and just finished its 3 year warrantee I would demand the extra 2 years of factory warrantee at their cost. They refuse walk. BTW that is an extra 10 k approx. ITS DIFFERENT to the power warrantee.

If its older than 3 years and only power warrantee available , still demand they pay for it or else walk.

 

Yes. That is correct. I have done that twice on two different cars in the last 2 years. CPO is a prerequisite for buying the Power warranty.

 

This is basically a car just out of warrantee. I would demand 2 years full factory warrantee or walk. They are not giving you any deal on the 2 year factory warrantee for 10 K as many have said before a deal is 5 k for 2 years. 10 K is the normal cost. DO NOT RUSH into anything. Dont be emotional. Look under the car for any scrapes. I can bet you anything they do that when they buy a car to devalue it.

Note this car most likely was traded in on a new purchase possibly Pista or F8 . I can tell you the owner was screwed on the amount he received. The price if you are happy has PLEANTY OF MEAT to absorb the extra 2 years full factory warrantee . Dont cave in. Oh power warrantee not recommended until its 5 years old. You want the leather in your car under warrantee especially in Florida and being a spider.

 

BTW i would always buy from a Ferrari dealership, but i would personally buy of someone local to you that is upgrading to a new Ferrari. EVERYONE that upgrades is screwed by the dealer in their trade in value. Ask the Pista guys how much they got screwed. And im sure also the F8 guys. Put out the feelers in anyone upgrading.

BTW a Ferrari Dealership will have to go over the car to allow a 2 year extended factory warrantee on the car and cost 10 K but im sure you would save 10's buying local a privately and pending on the inspection..

 

I just purchased 2017 - 488. They added the 2 year power warranty at no cost and came down on price a little. Market is hot but they should include this at no charge.

 

You don’t need the extended warranty. Make sure service history is good and you should be good to go. These cars are bulletproof.

Having said that, getting the extended warranty included in the price is a matter of negotiation but it normally is 6k/year.

 

CPO = They have completed the attached inspections and have spent the time and money reconditioning the Ferrari so that it qualifies for whichever warranty you choose.
Currently ( and its is constantly changing ) you can get 2 years of New Power Warranty for the price of 1 ( $4,500 )
As for the " higher price " I am sure its because of the money spent reconditioning, marketing, and buying into the family.
Only you can decide what that is worth to you.

IF they will give you the option, I would strongly suggest that you purchase the warranty extension either 4th or 4th&5th year. Warranty extension is literally an extension of the current 3 year warranty. New Power warranty is still a great option, but not as much coverage as the extension.

The reason I suggest this, is that my experience has shown that TTV8 engines will experience engine oil leaks that would only be covered under the extension.
( NOTE: Head gasket leaks would be covered under New Power Warranty )
Up to you and your risk tolerance.

CPO = Has been reconditioned to meet the requirements of the program.

Once the warranty is added to a chassis, it cannot be removed. So its easier to offer it as an option, as this thread shows, not everyone wants the warranty, but prefer the piece of mind that having been through the inspection process offers.

This is a Ferrari that has been through the CPO inspection process, not just an out of warranty Ferrari ... a little bit of a difference IMO
( Actual value is up to each owner / buyer.. like you, not that important to all )

$9,900 is 2 years of warranty extension vs 2 years of new power warranty for the price of one $4,500.00

We could start an entirely separate thread on trade in condition vs owner perception of condition at time of trade in... LOL

New Power doesn't cover leather , warranty extension does, you are 100% correct, you want it!!! < wink > Italian leather doesn't have a clue what to do with the heat in Southern states!

Define bulletproof... Engine oil leaks are pretty common in my experience. I would suggest that anyone with a TTv8 as to have their valve covers, front cover, head gaskets, etc inspected for oil leaks sooner than later. Then, hope that its is still under factory warranty or at least has warranty extension to cover the cost of repair.





All of this to say, you can still negotiate the price to your established budget, but keep in mind there is a value to having a Ferrari CPO level inspection performed.
Having a buddy from FC " go look at a car for ya " and kick a tire is a bit different


All of my replies above are meant to be conversational and not meant to come across argumentative, please take it as input from my side of the desk, my personal experiences, that I want to share with the group, YMMV.

Steve

 

Agree 100%. When they did mine they did replace both back tires and fixed a few minor things as part of the inspection process. Was comforting to have that done and get the two-year power warranty.

 

Here is an example of a trade in that buyer claimed " just needed tires " ....

 

There have been the odd occasional 488 GTB that has had a leak but its rare from what we have been told and usually seen less than 4,000 kms. The CPO is very interesting , technically shouldn't all those boxes have ticks and ok after every service ?

Oh and another point the car has to also be approved by Ferrari if it can have the extension. I dare say they want to down load all the information of what the car has gone through, e.g 0 or 1,000 launches.

 

But that's an older 458 AND fully understand having a Ferrari approved vehicle.

The OP is looking at an 2018 488 Spider and on its 3rd service any defects , leaks etc. should have been rectified and an all ticked and OK CPO ?

 

Im a bit confused by your reply. Are you stating that the rear tires and fixed a few minor things were not done at the last warrantee date / service ?

That should be done regardless if you take up any more warrantee.

 

$299 for 4-wheel alignment is a good price! My dealer charges $399-$499. Only 0.5 hr allocation to wash the car? I spent all day today doing mine

 

YMMV, I have 5 cars in the shop right now for engine oil leaks. I am not trying to make more of it than it is in reality, at the same time, its information needed when considering getting the warranty extension or new power warranty. I am NOT saying it is like this everywhere in the world, but it IS more than " odd occasional " and in my experience, it has been far from rare.

Regarding should the boxes be ticked, yes absolutely, as of today, that does not mean 7 months from now an oil leak wont appear. If its not leaking, just like you as an owner, Ferrari is not going to fix something that hasn't happened yet.

Yes, I understand, it was an example of what I see on the Dealership side in comparison to the owner side...

Seller - My car is perfect why am I not getting retail value for my trade in

Dealership - You are being offered X amount because we can see that it needs $xx,xxxx in reconditioning in order to pass CPO inspection

Buyer - Why isn't the car perfect, its been through the CPO process, right???


Sometimes a seller IS offering a very nice car that needs very little reconditioning, sometimes there are items the seller doesn't even realize.

There are examples for many situations.


Hope my replies make sense,

Steve

 

The car being looked at is out of warrantee the following week. So it would have just had its 3rd and final year of warrantee doone. So at this stage it should be perfect with Zero issues.

My 2 cents if he likes the car , take it and pay the 2 year extended full factory . If it was me ild walk and find another car. Buyers market especially when it comes to 488 GTB's. Ild bet 100% the dealer has plenty of meat on this car especially given it hasn't sat on his lot too long.

You as a dealer know damn well all 488 GTB owners are being shafted at resale because of cars coming in and the fact of the F8.

IMO Ferrari created this situation , but alas they would never do anything about it.