My 01 has just days left before the original 4 year warranty expires.

If I decide to purchase an extended warranty, it has to be done now, or never.

Should I?

The cost is high - about $3500 + / - for 4 years coverage.
I've had the usual claims in the 2 years I've owned the car (RMS, coolant tank, mass airflow sensor ...) and the cost would have been $500 to $1000 for each repair.

Fortunately I have deep enough financial pockets that I can afford any repair even without insurance. So the decision is really about gambling finances.

Which do you think will ultimately cost more:
(a) Pay $3500 now for the extended warranty - a certain expense.
(b) Pay for repairs out of pocket over the next 4 years

The only subjective item to throw in is that the extended warranty is transferrable, and should I decide to sell the car during the next four years it has some value to the prospective buyer.

 

with a prior rms problem i'd buy the warranty--just make sure it's a company with a good track record @ your local dealer/repair shop

 

I wouldnt gamble with $3500. But if you do, check with the dealer and see if they ever worked with that co. before.

 

Insurance companies are like The House in Vegas. They are not in business to lose money. They have specifically made the odds in their favor that the $3500 will be more than you are *likely* to spend. I say *likely* because it's all averages. I think if you have a very troublesome car, maybe you should consider it. I have a few issues with my 996, I passed.

As they say when they hand you the chips, "Good luck."

 

If you decide to purchase an extended warranty, the resale aspect, IMO, is the best reason to do so. You may not sell the car for more money, but you will ease any concern the buyer might have.

From a purely financial perspective, I would not (time value of money, control over your own repair decisions, etc . . . )>

 

Buy it... I didn't & I'm sorry..... I'm an RMS junkie, noting all complaints, etc...

Great for resale, cause rms may become more widely known (since they may still be producing cars that get it)....

 

If the money at the moment is not an issue then I certainly would. Once paid, it's one less thing toi worry about. You know your covered for any major issues. PEACE OF MIND!

Cheers and safe driving.

 

Be careful. If you decide that you will get one, get from Porsche dealer. I wasted $1,500 on "reputable" and hihgly recommended company that went belly up.
It's gamble, but for $3,500 I would not

 

I passed on it when my warranty ran out a year ago. Here's why, I would have been betting $4000 (my quote) that I would have a major repair in 4 years. The fact is that the car only had about 22K miles at that time with no troubles at all. So what are the chances I would have a major repair, that was covered, over the next 4 years ( or another 20K miles)? The odds are the car should not need anything major.
The other thing is a lot of the fly by night warranty companies will not cover certain things, things like any rubber component which I beleive an RMS might qualify.
Maybe I'm lucky but so far so good, I have only had a couple of minor things come up.

 

Will you really keep it 4 more years? Re-sale value or peace of mind might be there but you could always come down a few grand when selling for the buyer...

I am in the same boat and passed since I hope to get a 997 in a year or 2...

 

I would say keep the money to maintain a good relationship with your dealer. Spend the money on servicing your car at your dealer.

 

Like when your dealer tells you you need a new engine (out of warranty) and you ask them to replace it free?

 

I picked up my car Monday from the dealer. Had the RMS replaced, along with a new head gasket. Cost was $3600. I had my air flow sensor replaced earlier in the summer for $500. I've only had the extended warranty 15 months and the car has 37000 miles. I didn't figure to get the cost of warranty back fully, just wanted to be covered for a catastrophie. I guessed right this time!

 

I would either buy the extended warranty or sell the car and get a newer car. Driving around without a warranty would keep me up at night. I just bought an '03 Range Rover and paid $2k for a warranty through 2009, and I don't regret it one bit.

One other option: If you have a really good relationship with your dealer: ask him to buy the car from you and then sell it back to you for a couple of grand more as a certified car with a 2 year FACTORY warranty. Many, but not all, dealers will do this to maintain good relations with a regular P customer.

 

Robert, I plan on keeping the car a long, long time.