458 Extended Warranty

I think there was a similar discussion a couple of weeks ago

 

Have you had any problems with th car?

Would help resale if under warranty. Are you going to sell in two years?

 

They try to get you for 2 years but you can do 1 year for around $5400 roughly, just a thought.

I suppose it all depends on how long you will keep the car. As for me, I will not own a 458 without a warranty, just my opinion, too many high dollar items that could go wrong.

 

I have a 2010 with about 4,500 miles and recently purchased the two year extended warranty. If nothing else it is peace of mind.

 

8500

 

I passed but it is worth considering.

My local dealer sales person estimated that the market value of a 458 with the extended warranty may be about 5k more than the same car without it. This value difference obviously declines with time over the two year period. So in effect the cost of the warranty is only about half of what you pay due to the increased capital value of the car. This may be especially important if you intend to sell it some time in the next two years.

Having said this, I passed anyway because I judge the car to be very reliable and I usually self insure except when the risk of loss is too high (e.g., house insurance). Over the years this has paid off.

I would just go with my gut. The peace of mind factor is the tie breaker IMO.

 

I need to buy an extended warranty as well. My dealer is quoting me at $6300 per year. I heard of other guys buying it as low $5000 a year? Can somebody correct me if I am wrong? I don't want to get ripped off. Thanks

 

My 11 expires one 4 of 14. Wonder if I should extend my as well. Need to call around and see who has best price.

 

Just to revive this topic, with updated data: my 2012 coupe is in for its annual service, and I had them quote for the warranty (full factory extension). $6300 for 1 year, $9900 for 2 years.

I always turn down extended warranties on stuff, and hate those idiots selling (likely worthless) car warranties with email, phone and snail mail spam. But this is an exception for me: a Ferrari factory/importer warranty, good at any dealership and transferable to another owner. Based on my past Ferrari ownership experience (5 cars in total), if ANYTHING goes wrong, it costs a ton of money. I don't have a reason to expect that anything WILL go wrong with the 458, but $4950 per year is cheap insurance IMHO. And, being more than slightly anal retentive, a warranty ensures that I can scratch that retentive itch by fixing anything that goes wrong. I'm trying to imagine what, say, a display with a faulty pixel line would cost to replace out of my own pocket....

 

I think (but could be wrong) that the Ferrari extended warranty is fully refundable as long as the covered period hasn't started yet. So If you buy one now and don't plan to keep the car after 3 years and sold it before the 2 extension years start, you can get a refund. If you are keeping it that long, I think 5k a year is better than 20k for a gearbox or worse.

I bought my 458 in 2013, in 5 years I will be in prime position to buy the replacement of 458 or pick up a used Speciale. So I think I will do it when my dealer does a special promotion in 2015 for the extended warranty, which they always do once or twice a year.

 

Have always bought extended warranty on my FCars. Never really used it though. I intend to do the same on the 458 (two year factory) as I do drive them as they are meant to be driven and don't want to change that.

 

I would consider it as I get closer to the end of the oem 3 year warranty. My 14 spider is only 3 months old but I plan on putting 5-6k miles per year as a dd. I bought the fidelity 2 year package for my California which was two years of power cube and 2 years free service for $10k. One year was $7k or so and it seemed like a decent deal while I waited to get a 458. As luck would have it, I got bumped up the spider list and within 9 months got my allocation. One month later I traded in my Cali. I didn't use fidelity warranty once but it would have cost me $7k for the one year of power cube anyways and the dealer gave me an extra couple grand for the balance of the fidelity warranty on my tradein. The Cali was gone in a couple of days and I assume the balance of the fidelity warranty provided some incentive for the new buyer. For someone like me that drives these cars more than normal, it allows me more worry free miles without freaking out over a random warning light or click on a downshift or squeak when opening the roof. IMHO that reassurance now backed by a true extension of the oem factory warranty is reasonable at the very least for peace of mind motoring and at the most for dudes like malibuguy who suffered repeated catastrophic failures.

 

Interesting the range of prices people say they have been quoted by their various dealer's. It would be worth a call to Ferrari NA, to see what they price the 1 and 2 year warranty extension at, and then figure out how much additional markup(gouging), the dealer is adding onto the price. Wonder, can the extended warranty be purchased directly from Ferrari NA? When it comes down to it, Ferrari is extending the warranty on your car, and takes care of the payment of claims, not the dealers.

 

FWIW, the different quotes everyone is stating are on different models, different terms. etc.

Ferrari NA set's the price , the Dealerships extend that price.

I for one discount the list price $250.00 for FCA / FC members, this is under FNA MSRP
< wink > which is about the only time you can get that advantage.. lol.

S

p.s. Regarding buying directly from FNA, since they are extending the warranty and payment of claims, maybe they can perform the repairs as well? ( smiling when I write this )

 

Another point that I make when this discussion comes up is how a buyer may look at it:

If a car they are considering HAS a warranty, there is a piece of mind, knowning that more than likely, if something came up, it would have been addressed under the warranty.

Where-as , a car without warranty, , items needing attention may be " over looked " since it would be coming out of the sellers pocket. Something may be left for the new owner...

S

 

You don't get back your warranty money dollar for dollar even if you sell it right away.

I passed on the bet that it will be a waste of money at the level I use the car.

 

This is always a tough one. I think there is no "one" answer. It sort of depends.

I think it's about piece of mind. If you have plenty of cash to handle whatever may happen, then don't get it.

If you are worried that everytime you hear a funny noise it's money flowing out of your wallet, the insurance just makes you not worry anymore. Then again, if you take it out for a thousand miles a year, chances are it's not going to break as much as someone driving 15k miles a year.

I also think it helps in resale as I believe its transferable (at least it SHOULD be!)

Bottom line is it depends on how much risk you want to have. And remember: these cars go through money like crazy when they need actual repairs. 10 grand is a drop in the bucket for some repairs of the engine and gearbox.

Would I get it? I think I would. Would I recommend it to someone? I think that depends on what risks they want to take and their driving habits.

 

I guess it depends how someone views insurance. As mentioned, there is no right or wrong answer. Personally, I have a tendency to over insure on my home, cars, etc, never had a claim (knock on wood), but for my 458, when warranty is near expiration and I planned to keep it two more years, I will buy the plan. However, if it wasn't transferable, I would roll the dice.

Ironically, today, I had same situation with my GT3, I bought it back from lease, and paid 3K for two additional years under PCNA's CPO transferable warranty. Yea, Ferrari prices are Ferrari prices.

 

Well said Mayor...I think this post really says all that needs to be said about the extended warranties. One post fits all