Is a CPO worth it for a 458?

2012 or newer I would suggest getting the CPO inspection and make sure the car is up to spec. Probably wouldn’t buy the warranty but that’s just me.

 

I purchase my 2015 Spider as a CPO and after the extended warranty expired, I renewed it. Ferrari is offering a Main Power extended warranty that includes the maintenance service. Like any insurance policy, it offered me some piece of mind against an unexpected very expensive repair.

 

Here’s my 2 pence, now adjusted to £150 for inflation…

I bought a 2015 458 Italia in December of 2019 with two years of the CPO coverage included. That cost me an additional $5,800 at the time. This was my first Ferrari and I opted for the coverage for “extra peace of mind” on any major (if a covered item) repairs.

Fast forward to today and I’ve had my 458 for well over 2.5 years without any issues. It had 8,600 miles on it in ‘19 and it recently turned 20k on the odometer. Woo hoo!!! I want to be the first 458 owner to hit 250k miles…

When my warranty expired, I was quoted ~$7, 250 for *one year* of coverage on a car with no mechanical repairs (or other repairs, not counting recalls) from new and 100% Ferrari dealer serviced. I was told that there is a discount on renewal for cars with no claims, but my dealer at the time chuckled and said “No discounts.”

I should note my car is full stock, save the Ferrari Approved OZ rims (half of these blokes probably fainted at the thought of a full stock car). I do not track it or thrash it around, neither did the previous owner. So after doing a bit of math, if I have a DCT repair some say it’s around $12 - 15k, maybe a bit more. Replacement is up to ~ $40k or more (who knows with inflation now) IIRC..

At $7,250 per year, a repair could be just about paid for with savings in two years. December of ‘22 will be two years since my warranty expired and I would have saved $14,500. (Yes, I know the new plan includes an annual service that I did not account for to keep this from becoming a full blown Excel spreadsheet).

That’s enough savings to pay for a DCT repair (give or take of course) or a healthy discount off a full replacement. So, it’s a *big* gamble if you go without a warranty, but if you’re a lucky bloke and don’t have any major repairs you might save a few of the King’s Gold Sovereigns.

The 458 models have a pretty good overall history (with a few exceptions), so I’ve decided to pay the $7,250 each year into a “Ferrari Repair Fund” that I will tap as needed if the fickle finger of fate comes a calling for this cheeky geezer.

Your mileage may vary! I was happy to pay for the warranty when I bought my 458, but I’m not so sure now. If I have a major repair, I’ll be putting a roll of quarters in the bum kicking machine… If I don’t have a major repair, I’ll be singing and dancing in the rain…

Please accept my apologies for the long reply… My cost to benefit analysis is well honed from 43 years as a licensed insurance agent. Whatever you decide is best for you, good luck to you and enjoy your 458, they are awesome whips!

P.S. I love my 458!!!

Cheers!

 

Insurance is never a good deal. But if a $40k repair bill would disrupt your life, then it might be worth it. I personally roll the dice and occasionally the bill comes due. For things that would disrupt my life, I have umbrella coverage. I pay for broken arms and bumpers, I don't pay for totaled cars and six month emergency room visits.

 

My warranty is up in February 2023 on my 458. I won’t be renewing it. I did have a replacement A/C compressor issue that was $6k covered under the warranty that I bought for $5800… so basically I’ve saved myself $200 when it’s all said and done. I feel good to have blown the warranty on SOMETHING otherwise it would feel like $5800 in the sewer


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The real advantage to the CPO is if you’re purchasing the car from a Ferrari dealership and the two years for the price of one warranty is still available.

 

That was a total bluff by the dealer - there is a healthy markup on the warranty as a third party product they get to sell. They could have but chose not to, to see if you would bite.