Extended Warranty- Yes or No ??
02-28-2007, 11:00 AM
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Extended Warranty- Yes or No ??
I'm purchasing my 2nd 996TT- a bone stock '02 w/ 33k miles. Had Porsche dealer PPI (buying car fron an independent) which it passed w/ flying colors. Also have complete, meticulous, maintainance records. This car will see limited use- approx. 2500 miles per year. I'm trying to decide whether or not to purchase an extended warranty. The Prizm warranty I'm considering is about $3200 for their Supreme (best) 48/48 $200 deductable plan- $150 more for $50 deductable.
Putting only 2500 miles per year on the car I'm thinking that the warranty is a bad deal. On the other hand repairing the tranny- 2nd gear pop-out, would cost
$2k-$3k- depending on who does the work. $3200 plus $200 per visit turns into $4000 pretty fast. $4000 will pay for lots of repairs. What to do ??
Putting only 2500 miles per year on the car I'm thinking that the warranty is a bad deal. On the other hand repairing the tranny- 2nd gear pop-out, would cost
$2k-$3k- depending on who does the work. $3200 plus $200 per visit turns into $4000 pretty fast. $4000 will pay for lots of repairs. What to do ??
02-28-2007, 11:26 AM
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The car is being purchased from an independent dealer not a P-car dealership- so no CPO is available.
BTW- the car did not exhibit any symptoms of the 2nd gear pop-out problem when I drove it on two occasions and during the PPI, and has not had that repair done previously.
BTW- the car did not exhibit any symptoms of the 2nd gear pop-out problem when I drove it on two occasions and during the PPI, and has not had that repair done previously.
02-28-2007, 12:05 PM
#4
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I've considered the same sort of thing and have decided against it for the time being, but, that is me and my decision. My feeling on it though was that the car isn't going to see a bunch of miles and I'll just toss the $4K in a bank account earmarked for repairs if needed.
Plus I have dealt with an aftermarket warranty company and believe me it's not as easy getting your car repaired when something goes wrong as they make it sound. They do everything they can to deny claims. Not saying they are all like that, but the 1 I have dealt with on my wife's Yukon XL was a MAJOR PITA.
Plus I have dealt with an aftermarket warranty company and believe me it's not as easy getting your car repaired when something goes wrong as they make it sound. They do everything they can to deny claims. Not saying they are all like that, but the 1 I have dealt with on my wife's Yukon XL was a MAJOR PITA.
02-28-2007, 02:52 PM
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Does the car have any factory left? Mine had about a month left when i bought it and a Porsche dealer was doing some warranty work fro me and i bought a extended warranty from them. Hendrick Porsche of Charlotte NC. Mine is 100 deductable each visit and they do need to do the work at their shop if the car is within 50 miles from them and if not the dealer that i would have do the work would need to call and get their ok to do the work. I have not used it so i do not know how good it is but any work done by them has always been 100%. I have 3 year after the factory warranty or 50,000 miles and mine only had 3.500 when i bought the warranty so at 2,200 dollars i am happy with it. My car did have oil leak that i would say leaked from day one when built and i had it repaired under the factory warranty. The engine had to come out and replaced a lot of o rings somewhere under the intake and the bill was over 2.000 dollars so i felt like the extended warranty was for me.
I would check with a Porsche dealer about buying one.
I would check with a Porsche dealer about buying one.
02-28-2007, 03:14 PM
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Think of an extended warranty like insurance. You should insure against losses you can't afford to pay, like a house fire or a liability judgement. They are making money on your warranty, so the odds are against you winning the gamble and making money yourself on it.
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02-28-2007, 06:51 PM
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I spoke to Mercury, at length, today and my takeaway is that they offer excellent coverages at reasonable prices. More importantly, they are on of the few extended waranty companies who is actually an insurance company rather than a Risk Retention Group. If you have a Mercury policy your policy is WITH Mercury rather than with XYZ Risk Retention.
02-28-2007, 08:06 PM
#11
I went overboard on my aftermartket warranty when I bought mine last week. That said, I priced all the major components and "assumed" catastrophic failure on the trans, the motor and the AWD. Doesn't take long to see that $3500-4000 for an extended coverage warranty is worth the purchase... Of course, I got "dent King" for door dings, and LoJAK installed, along with some extras, but that's because I'm planning to drive the car about 10K miles per year.
Mike
Mike
03-01-2007, 09:21 PM
#14
Originally Posted by Alexander Stemer
Mikelly,
That is belt and suspenders. Let us know in 3 years if you still feel the same. AS
That is belt and suspenders. Let us know in 3 years if you still feel the same. AS
I'm 40, I still riding mountain bikes, bicycles and motorcycles, and still wrench on my track car... So, please explain belt and suspenders... I bought a warranty and went "ala cart" on it because it was a modified and fairly unknown entity at the time...
Mike
