Do I Buy Extended Watranty?

Have you ever used the warranty? If so, to what extent? Personally, I would don't think it's worth it. Just create a 458 warranty account and put your money there.

 

They keep trying to sell it to me on a 430, 6 years later and all that money saved and no issues. Remember dealer must be on a cut so they want you to buy it.

 

I put $4500 away every year in a separate account instead of buying the warranty. At this point I have more then enough set aside for any large repairs.

 

A reason you might is if you plan on selling the car. A car with warranty is a more attractive proposition for a buyer.

..oh and 4950 miles in 5 years? You aren’t driving it enough

 

I'm kinda in the same boat. I bought the extension when I got my 458 a couple years ago but it's about to expire and I don't think it's really providing any value. If you want to resell soon it's probably worth it since it provide some measure of exclusivity but for me, I have no desire to sell it so I'll probably just let it lapse since the car has been basically trouble free.

 

I sell warranties (properly worded as extended service contracts — warranty, by definition, is free) as a finance manager in a dealership— I agree with having a ‘warranty’ on every car. You don’t need it until you need it, like any insurance…. Typically, it is much cheaper to buy a warranty than to pay for repairs… most warranty prices are only about the cost of one repair like AC or water pump or control module etc… that said, when it comes to Ferrari, the CPO factory extension which covered everything the same as factory new is an excellent value and I bought it for my F8… ($4900 cost to dealer- regulated in Florida and sold for $5995- other states are able to markup to what they want but most cap at $8,400 for a $3500 dealer profit)I believe you can only get this one if the car still has factory warranty remaining and bought from a Ferrari dealer— the POWER15 warranty and others do not cover anywhere near the things that the factory CPO extension covers….

Since the powerXX warranties etc mostly only cover drivetrain and some electronics as I understand…. For the older, out of factory warranty cars, I would probably self insure.

As of about 8 or 9 months ago, Ferrari now allows you TWO CPO extensions where they used to only offer it once… so, on a new(er) car, you can get an additional 2 years beyond the end of the factory 3 year and once that is over, you can now do it once more for another two years— bringing the total to 7 years of FULL factory warranty. THIS one is a good deal and smart imo, but for the power 15 and others, I agree with post above to set as much money aside as you can and self-insure for major repairs as this is all those warranties cover anyway.


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If the warranty covered ALL the electronics I'd be much more likely to get it. Not because the individual components are that expensive, but because the labor to diagnose electronic problems and get at them to replace them can be alot.

 

"Costs a lot less than my kids"... that's... true

 

I say NO WARRANTY, save and book that money for any future repair should it ever happen. I got sucked into doing one from my dealer(my first Ferrari) after I told him I would pass on it, he lowered the price to $3,500 for 2 years and I took it. I won't be renewing that.

 

This is always a crap shoot and one that worked out literally 10 fold for me! I got a deal on my warranty for like $4k then had to have the trans box replaced w/ a new unit, to the tune of $40k! So $4k bought me $40k in repairs.

 

I think I used the 458 warranty once in 16 months but the F12 one has also brought me like 7x it’s cost in repairs, also the DCT. Plus alternator belt twice, alternator pulley, fuel neck, batteries. They covered the mesh corrosion but I suspect that was more as a defect claim than warranty.

 

$5995 for CPO Ferrari warranty on your F8? Nice! Then let me ask what is up with Tampa Ferrari telling me the extended warranty for my 2019 488 is $11,800 plus inspection? These service contract warranties are price regulated here in Florida? I need education and help on this. My 1st extended Ferrari warranty expires October so I need to figure this out. Thanks!

 

Are you saying you bought the first 2 year extension already, it's almost over and are now thinking of buying the 2nd 2 year extension? Or, are you confusing the CPO warranty with just an extended warranty like a POWER15 or whatever it's called (VERY DIFFERENT coverages and prices)... the CPO extension is a FULL extension of the factory coverage for an additional 2 years beyond factory end date... to be purchased WHILE car still has factory remaining AND only if bought from Ferrari dealer...... if you still have factory warranty on your Ferrari, the first 2 year extension is a regulated amount in Florida (one of the only states, if not THE only state that regulates warranty pricing) is $5995 and a dealer cost of $4900....Ferrari now allows 2 MORE years after those two years are over and that one is still a FULL coverage extension but it is more than the first 2 yr extension... I believe it's between 8-10k.... It was just this past year that Ferrari changed their policy and allow for this 2nd 2 yr extension.. It was always only once previously..... so now, we can have up to 7 years of full factory coverage....

I am a finance director/manager in a car dealership so I know about these things. I bought my car from Wide World Ferrari who also own Ferrari Tampa--- In NY, they can charge whatever they want (within company policy etc) and asked for $8400 for my first CPO... once I told them that I knew the cost was 4900 and is regulated in FL for 5995, they were nice enough to give me a break and sell it to me for 6900 which is still a deal imo so I bought it.... I HAD to buy it from Wide World at the time of purchase and couldn't simply buy from my Ft Lauderdale store for the $5995 but oh well, I'm still happy and feel its a great deal for the extra 2 years.... I'm sure I'll buy the second extension as well..... but as I've mentioned in a few threads, I doubt I'll ever buy the other extended warranties that aren't full coverage factory extensions once the car is older.

 

$11800 MUST BE 2 YEARS

 

Yes 2 years…..

 

Thanks for reply. Yes my extended 2 yrs is up in October. Im either selling my car or keeping it and considering doing 2 more year’s warranty. 2019 488 with 8k miles…yes I drive it but take great care of it. The Tampa service dep has been cool. However they pointed out I’d need to remove the Novitec spring and go back to stock to get the extension on the warranty….so that’s another couple thounsandsand in labor on top of the $11,800 and inspection cost. Not sure it’s worth it.

 

Sounds right

 

Ya, looks like that second extension is quite a bit more expensive than the first one (expected I guess)- at that price, it’s definitely a decision- not sure what I’ll do 3 years from now when facing same decision. The $5995 first extension is a no brainer but that second one at 11,800+ isn’t. I might have to gamble/self insure at that number.


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Yes it's a lot more...plus with my situation I will have to pay to have the Novitec springs removed, my stock springs put back on and car re-aligned. My Ferrari dealership did the Novice's for me and my car is not slammed but I am not excited about stock springs again...nor the thousands in labor to swap out.

Seems like the 488 overall is a trouble free car. Other than turbo's on them sometimes, but most of those are on 488's with exhaust mods. I looked at Pure Turbo re-build with better internals for the Turbo's and that would be $5000 using my Ferrari Turbo's put a day in labor. Much less money and better stock turbo's than OEM Ferrari.

Only warranty claim I had was my cars headliner. My dealership Tampa Ferrari fought Ferrari and got this covered. They had a local place redo the headliner using better heat resistant glue. Fantastic job! Ferrari would have sent another OEM headliner and in Florida heat the headliner would be falling down in a few years again.

I really like the 488 and love my car. I want to keep it. I just can't see paying $150k more for a F8. That's not a good financial move for me. I am not as rich as some here...LOL....so I am not downgrading those that trade up to the F8. It's all what your personal finances allow. ;-)

 

I’m in same boat financially. I can’t afford these cars at all lol.. I just do it anyway and live paycheck to paycheck literally. F it… so I consider all these things as you do- I’m nowhere near your typical Ferrari owner. I had 3 cars with payments, no investments and rent where I live lol. No worries though. ‘Just make more’ is my motto


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