Extended Warranty

we have a 2012 458 and 2013 FF. personally, we plan on buying the extended warranty if we keep the cars past the first 3 years.

There is plenty of fair debate and opinions on the need and value of the warranty.

In our personal case, I enjoy "peace of mind" and tend to have overinsured myself in many dimensions, it's just my personal view. As long as the extended warranty is remotely reasonable in pricing vs. coverage, we'll do it. Others may have an equally fair and correct view to the opposite.

 

The warranty can be extended and paid for yearly at any stage so why not wait and see if you still have the car and if its likely to need the warranty in a few years time ?

To be honest I can see no upside to paying for it three years in advance

 

I suppose they can raise the price of the warranty down the road so one can avoid that by buying it now? It is transferable and will be reflected in the value of the car should one want to sell.

Having said all that, I would wait and consider the extended warranty in 3 years. By that time you will have a better idea of the experience, risk, etc.

 

Agree. And remember that paid-for warranties are designed to do one thing...make plenty of money for the company selling it; not to save you money on repairs. Personally, I believe if you pass on every paid warranty in life you'll end up way ahead. On the other hand, if it makes you feel more comfortable...

 

Get the two with the price break if you plan to keep it that long. Then again, a dollar today is worth more than a dollar tomorrow. But then again, who knows what Ferrari will be charging in 2/3 years for the warranty (think of the hike this year). If it's a keeper - get it and forget about it. If on the fence about keeping it, wait a couple years and see how you feel then.

 

I have a 2012 FF and added the year 4/5 power cube shortly after purchase. At this time my plan is to keep the FF for longer term (5+ years) and I did the two-year increment due to the discount. I am second owner (bought FF with 258 miles) and there's an inspection required ($1K range for compression checks, etc) to assess condition of a used vehicle. I would assume that adding 4/5 power cube at new vehicle delivery would not require that $ for inspection. It was $13,200 for FF (year 4/5) but V8's are cheaper. Worst case is you throw down $$ and year 4/5 warranty transfers to next owner (potentially at slight higher $) if you trade early.

I had a 2005 Mercedes CL600 and at years 4+ got probably $15K worth of benefit from a third party extended warranty program (Easy Care) that cost me under $3K (covering years 5-7) with $100 deductibles. However the CL600 was the exception. Due to disgust with certain vehicles (reliability issues) I've traded cars with extended warranty (Mercedes AMG and Jag) by second year of ownership.

Expect to see high costs for out of warranty repair (at 3+ years) if major engine or DCT gremlins land on your doorstep.

Dave

 

Absolutely right. Only special knowledge about a special situation might change the odds. Suppose for example there was a rash of transmission failures in 458s at 20-30K miles, necessitating replacement at $27K. And your car was coming up on 20K miles at the end of the warranty....

 

Your car is covered now and when/if you want extended coverage you can pull the trigger any time. You never know what may happen 2-3 years from now regardless of intentions.

The "only" extended warranty I ever purchased (keep in mind I own a Twin turbo Porsche, Bentley GT, Maserati GT, 458, etc, is our Jeep Grand Cherokee (yep). I paid (get this) $2,400 warranting the car for as long as there is a Chrysler Company. Best

QUOTE=dr.sb;141962665]Appreciate the feedback. How about if you are using the Ferrari like I intend to- ie with the kind of miles I intend to put on it? Does that change anything for you guys saying you would probably stay away from it?

Of all those people that buy the warranty- I can see mine being affected because I will drive it a lot.

I was wondering if their charge for warranty changes/depends on car use/miles covered etc?[/QUOTE]

 

I did the powercube on all my Ferrari's it helps in resale at 5800.00 it's worth it

 

FYI - info from description on Ferrari Power extended warranty (source www.ferrari.com web site). See max miles.


REQUIREMENTS:
The car must undergo an inspection by Ferrari's Official Network to certify its conformity (tallying of car's assistance history, service coupons, ordinary and extraordinary maintenance work carried out by Ferrari's Official Network; conformity of car to type approval requirements as specified by manufacturer) The coverage applies only to cars with a maximum entry mileage of 90,000 km.

 

The Ferrari power warranty simply states that you need to have less than 90,000 km to qualify for entrance into extended warranty program. At various points in life span of vehicle the available coverage changes but has potential for up to 10th year. It appears that you only get two-year purchase option for year 4/5 (discounted as 2-year option for first time since recent price changes if I understand correctly from service). I'm uncertain if Ferrari considers year 6 and up qualification as 'new entries' each year requiring 're-qualification' (compression test, etc.) and vehicle must still be at less than 90,000 km odometer. I would suggest that you establish relationship with your local Ferrari dealer to review logistics on coverage as they are also the sales point for coverage. I had only discussed the year 4/5 power cube with my service advisor. I typically travel total of around 4,000 miles per year (split between my Mercedes and FF) so I didn't ask for clarification on mileage from my dealer.

Dave

 

There is a bunch of clutch discussion in that - AFAIK there are no warranties that are going to cover wear items like clutches, or brakes.

So don't make clutch costs part of your warranty thoughts. On the 458, the clutch is wet, and expected to last the life of the vehicle - anyone have
the specific language that confirms the 458 clutch is covered under power cube?

 

I think anyone with a 458 or any current production Ferrari that is coming up to 3 years old would be nuts not to have some kind of extended warranty. The odds are you will pay more for the extra year cover than you would for any repair that you end up needing. However, lets say the odds are only 60/40. Still makes sense to take the warranty cover even at odds of 70/30. My 458 is just over a year old and has no more than 4000 miles. But still last month when it went in for a tiny problem to be fixed and a couple of service bulletins the dealer noticed a tiny oil leak from the gearbox. They said the gearbox is a sealed unit and cannot be serviced in any way whatsoever. It has to be totally replaced. So that is what they did. Now anyone who says the extended warranty is not worth it think again. How much is a new gearbox + labor ??? I am thinking $30k upwards.
I would not buy an extended warranty at day one. Best to wait closer to the 3 year date. I am pretty sure the price can be negotiated too. The dealer mark up on the F warranty has to be huge from what I see.

Oh yeh, almost forgot, with the gearbox replacement came a new clutch and a bunch of other parts that must be fitted when a gearbox is replaced. More $$$ !

 

I would very carefully read what's covered and especially what's not and then make up your mind. Don't asume it equivalent to the 3 year std bumper to bumper waranty. It's not. i was very disappointed years ago with my Power cubed coverage on my 360 and did not buy another on my 430, 30,000 miles and still bulletproof.

When my 458 reaches the end of the 3 year std warranty, I would be very interested ito see how it covers the twin clutch transmission, probably the cars weak point and extremely expensive to replace since I understand its not easily repairable.

If the transmission is not covered, it would be a deal breaker in my opinion. Does anyone know?

 

Well I had an extra year as a Power Cube on my 612. In that 4th year I had some expensive work covered. The dashboard leather peeled up and all had to be replaced. Also the clock stopped keeping time. It would lose a minute or two each day. They replaced the entire dash console (at $6k). The new replacement had the exact same problem so had to be replaced again. Then, finally a rust bubble appeared on the passenger door by the mirror and then a small second rust bubble next to that. They had to fix that problem and paint the door. All of this was done under Power Cube.

Without that cover I would have been way over $10k out of pocket.

I was told by my F dealer that it can take a little extra time to get authorization from Italy on Power Cube repairs but they usually want to keep the client happy even if the Power Cube warranty doesn't strictly cover your problem.

 

What's covered (source www.ferrari.com web site)

POWER CUBE: the fourth and/or fifth year warranty.
POWER CUBE is a full warranty that offers the equivalent coverage as the manufacturer's warranty; It lasts one year and can be repeated for further year;
it can be purchased only if the additional year of warranty has been subscribed to, or the vehicle has a commercial warranty coverage of thirty-six months from the time of purchase.

POWER NORMAL: the sixth year warranty.
POWER NORMAL is the Ferrari Pre-Owned Warranty offered for cars for which the manufacturer's warranty has expired and which are six years old or under;
The warranty can be renewed and so the period of cover can be up to four years; It covers the main areas of the car: engine, transmission, trim and electrics.

POWER TRAIN: the 10th year warranty.
This warranty only covers the gearbox and the engine and is available for cars under nine years old, for which the manufacturer's warranty has expired. Power Train is a flexible warranty and so may be purchased at any time.
However, there are two scenarios:
Purchase between expiry of manufacturer's warranty and sixth year (Option 1);
Purchase between the seventh and ninth year of the car's life (Option 2). The Power Train Warranty can be repeated several times to cover the entire period of possible coverage. However, its purchase excludes the purchase of any other successive warranty product. However, by purchasing the various Ferrari Pre-owned Warranties in succession you will be able to cover your car for a period of up to 10 years.

 

I just purchased the 2 year Power Cube warranty for my 2010 California last month. I had to do a $130 multipoint inspection at the dealership. For an extra $500, I also purchased 2 years of annual servicing for year 4 and 5.

 

Insurance is for catastrophic loses. If a 10k repair is catastrophic to you then a Ferrari is not really what should own. I am with RBK if I could buy a lifetime warranty for 2400 I would do it.

 

The OP asked a reasonable question that does not call for value judgments on the price of entry to owning a Ferrari. The extended warranty is strictly a matter of reward and risk, like any other investment. It is a particular kind of investment: insurance. We buy insurance policies not because we expect to make money on them; we know that on average it is a losing proposition. We buy them to pay someone else to take a risk we don't want to take. The question here is what is the risk, and does the OP want to take it or pay Ferrari to take it for him, and when.

The consensus is that there is little or no reason to buy the insurance now but it is reasonable to consider it down the road in the light of information available at that time.

 

Dumb comment.
Oh yes, we all love dropping $10k on a repair bill that could have been covered for free.
Dream on with your wish for a lifetime warranty!