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Do you pay New Power warranty for your cars?

Discussion in 'Ferrari Discussion (not model specific)' started by pninja005, Jan 31, 2020.

  1. pninja005

    pninja005 Karting

    Nov 10, 2010
    146
    Europe
    Just wondering what people thoughts are on this topic?
     
  2. 3POINT8

    3POINT8 Formula 3

    Jan 23, 2014
    2,036
    I think this has been thoroughly discussed on this forum if you search. I believe the consensus on new cars (458 and beyond) it doesn't work out mathematically to purchase the extended warranty but some people buy it for peace of mind. I bought an extended warranty as a 458 was a really big purchase for me and I wanted that piece of mind. I drove the car almost 5000 miles and nothing happened so I didn't extend the warranty any further.
     
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  3. Nospinzone

    Nospinzone F1 Rookie

    Jul 1, 2013
    4,801
    Weston, MA
    Full Name:
    Paul
    Well for the overwhelming number of extended warranty buyers it is a losing proposition. Not just for Ferrari warranties, but for warranties on anything from toasters to washing machines and TV's. It is a huge profit center for the company underwriting the warranty.

    However, for people who are very risk adverse, or for people who cannot afford to have a major failure, then the warranty is probably worth the peace of mind or financial security the warranty gives to them. The conundrum for those who cannot afford a major failure, is they cannot really afford the exorbitant cost of the warranty.
     
  4. PhilNotHill

    PhilNotHill Two Time F1 World Champ
    Silver Subscribed Owner

    Jul 3, 2006
    27,063
    Aspen CO 81611
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    FelipeNotMassa
    Yes. I can afford the $4,500 per year. Sleep like a baby.
     
  5. Way2fast

    Way2fast Formula 3

    May 24, 2006
    1,847
    Santa Barbara County
    Full Name:
    Sam
    I paid $6k last May and it covered $15k transmission repair last December plus 2hr towing each way

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  6. BillyD

    BillyD Formula 3
    Silver Subscribed

    Feb 28, 2004
    1,530
    Pacific Northwest
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    Bill
    Didn't work for me, after 1 year and 3k miles the car had bad motor mounts, NOT COVERED, broken exhaust headers, NOT COVERED, leaky shock, NOT COVERED. Now if I had had a transmission or top failure they say it would be covered.
     
  7. Scott98

    Scott98 Formula 3
    Silver Subscribed Rossa Subscribed

    Nov 3, 2004
    1,923
    Weston, FL
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    Scott
    What kind of car?
     
  8. up4speed

    up4speed F1 Rookie
    Silver Subscribed

    Feb 16, 2012
    3,038
    Long Island, NY
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    Chris
    I started a poll thread on this topic. If I remember correctly, it's about a 16% chance that a warranty will be a good purchase. An 84% chance you are throwing your money away. I like to minimize my risk and maximize my value when I make my choices, so I look at numbers and take emotion out of it. All that said, I NEVER get warranties on anything...…..BUT, I can afford any repair necessary, AND I'm also very handy and like to do work on my own. It would be very rare that I would be in a situation where a warranty is actually worth it to me. Of course, everyone is different and some would rather feel comfortable knowing that they are covered no matter what. And that's ok if that's what works for you. Just remember, these companies that give warranties are in business to make money, not hand it out. Also check the terms of the warranty VERY carefully. I think that you will find that high risk parts, or parts expected to fail within a certain time period, will NOT be covered! These companies specialize in covering parts that almost never fail.
     
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  9. Way2fast

    Way2fast Formula 3

    May 24, 2006
    1,847
    Santa Barbara County
    Full Name:
    Sam
    2012 FF with 34k miles

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  10. Themaven

    Themaven F1 Rookie
    Rossa Subscribed

    Nov 2, 2014
    2,993
    London
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    Darius
    That must have been pretty upsetting, I would have been very annoyed to be told some of these were not covered. Is this on your 2010 Cali (in your profile)? Are cracked headers really not covered on a 1 year old car? Or was it older at the time? Leaky shock I can understand is a wear and tear item esp if the car was older at the time.
     
  11. BillyD

    BillyD Formula 3
    Silver Subscribed

    Feb 28, 2004
    1,530
    Pacific Northwest
    Full Name:
    Bill
    Car was 7 years old but within 1 year power warranty term. Hard to believe the broken headers don’t qualify as an emissions device since if the exhaust doesn’t get to cat it’s breaking smog limits.
     

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