Are extended Warranty's worth expence?

[gcatal01]

I recently purchased my 2003 Tbird, with 38000 miles. I had my vehicle completely inspected at my local Ford dealer and everything is fine. My question, is it worth the expense of buying an "Extended Warranty", thru Ford. I was quoted around $1250 for 3yr/36000 additional miles with their "Premium Plan" plus a $125 inspection fee?? Reading the threads you hear from people who, unfortunately, have or had problems, but are they the "Exception"? Thank you

[jerrym3]

Re: Are extended Warranty's worth expence?

Consider it insurance.

If it were good for the customer, companies wouldn't offer it.

Crapshoot.

Got it, but never needed it, on my TBird except for one "free" jumpstart when the battery went dead due to non use. (Same battery is still chugging along.)

Did not get it for my LS, and have not yet spent enough money on repairs that would have equalled the cost of the coverage.

[Gobird]

Re: Are extended Warranty's worth expence?

Like Jerry said,It's a Crap Shoot. I never had this on my 02 from day one when it came from the factory. I have stuck a few hundred in it in the past couple of years but not near the cost of an extended warranty. It now has over 70,000 on it. The 03's did have a transmission problem with the select shift. It's nothing but insurance, sometimes it pays off and sometimes it's money down the drain. The fact is I'm sure you paid much less for this used Bird compared to what I paid from brand new. It's your decision.

[Treken]

Re: Are extended Warranty's worth expence?

I agree with Spence...

It seems everything you buy nowadays, you can buy a warranty on the item. I went to Radio Shack to buy a 10 dollar phone battery and the sales person was trying to sell me a warranty on the battery. I could not believe it...

If you do buy extended warranty, my advise is to find out exactly what it covers. I found that normal warranties are limited too much at what they cover...

[Graybird]

Re: Are extended Warranty's worth expence?

I bought an extended warranty from Ford after paying $1700 last year to repair the transmission of my 2003. This past week the thermostat went out, and a local Lincoln dealer fixed the problem for the $100 deductible. According to the service writer, without the warranty I would have been $500-600 out of pocket. Our Birds are aging, complicated machines, and things will go wrong. I wish I had bought my warranty earlier.

[bronzebird]

Re: Are extended Warranty's worth expence?

Gerry:

I paid $2,020 in '07 for an extended warranty on my '05. It was for 100,000 miles or 72 months (from date of delivery in '05). I have used the warranty twice for a total of about $900 and I paid the $100 deductible each time, so I actually saved $700. The 72 months will be up next April and if things go alright between now and then, I will be out of pocket by about $1,300.

I have been looking into my options and find that once the car has 60,000 miles on it, apparently I won't be able to get another Ford Extended warranty. The car now has 57,000 on it so it is clear I will hit 60,000 before too much longer.

My options are to buy another Premium ESP for 48,000 more miles (or 48 months) at a cost of $1,690 or to just buy the base plan that covers the major stuff like engine, trans., rear end, suspension, ac unit, etc. for about $900.

I'm thinking I'll just buy the protection on the big stuff and take my chances on the less expensive items.

It's like term insurance on your life. You are betting that you will die and the insurance company is betting you won't.

Bronzebird

[Leroy]

Re: Are extended Warranty's worth expence?

It's an insurance policy, It gives you peace of mind and it's transferable if you sell the car, or you can cash the remainder in if the car is stolen or totaled. It's a big plus to have it on your car if you're trying to sell it. Mine is covered with Premium Care with Zero deductable till 08/11, at that time I'm planning on extending it 48/48 Premium Care with $50.00 deductable and I wont have to have my car inspected because it's allready covered. I wouldn't mess with the 36/36, go for the max 48/48 with either $50.00 or $100.00 deductable Premium Care. Leroy

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[Banar]

Re: Are extended Warranty's worth expence?

I purchased my T Bird from a dealership and it came with a glowing report card too. Shortly after a few miles, it developed the "E" Code Transmision problem. I have the Base Care Plan, financed into the payments, no big deal. The "E" Code would have cost about $1200 or so to have fixed without, but with a warranty only $108 w/tax. Next came a suspension problem, and a few oil leaks- another couple of hundred here. This next dealership visit added up with the previous one, came out to equal the total cost of the warranty - if they would not have been covered. Now it can live another 40,000 miles or three more years- and all I hope to pay for is the deductible, on all the covered items. Any insurance is a "Gamble" for the outlay of money "NOW", but in my case-my later is going to be less expensive since most of the pricey fixit stuff has been covered and taken care of now. Yes I paid up front for it, but it will cover more than the total cost of the plan "IF or WHEN" you need it, nothing on this car is on the inexpensive list. I will say go for the warranty, mine panned out well, and I have little fears of all that stuff that can go wrong now. Just cracked 98,000 on my 03, and enjoy every mile driven. I hope this helped.
3rd Mate Banar

[Ski]

Re: Are extended Warranty's worth expence?

I agree, it's insurance, just a bit of piece of mind. Rather the premium than a big hit for a major repair. I hope I never need mine.

[007Cruiser]

Re: Are extended Warranty's worth expence?

I opted for no warranty since I knew that I would have low mileage. By now I would be on a second warranty period and I've only needed one large dollar repair. I'm still way ahead by paying as I go. That said, do whatever makes you comfortable.

[gnilier]

Re: Are extended Warranty's worth expence?

When I bought my 2004 in March I got the premium ESP from Ford for 2000.00, 50.00 deductable, 2 weeks ago my cooling let go. I brought it to Ford I also told them to replace the emergency brake boot, cover. When I picked it up, The whole bill was 53.00, both were covered. I am covered to 98,000 miles. I may or may not get the full 2000.00 out of it. But i like the peace of mind of if something breaks go to ford and it's covered. I would do it again.

[Ediron]

Re: Are extended Warranty's worth expence?

With any type of extended warranty weather a Ford or independent type I like the fact if the vehicle breaks down you can go any were to have it fixed if traveling.My Caddy will be coming off factory warranty and I'll be extending that one also.With a tranmission going for 3K plus they pay for themself and it's a trade factor if you sell.

[JAB02LHS]

Re: Are extended Warranty's worth expense?

I bought my '04 in '04 with only 750 miles but no warranty [Canceled by Ford]. six years later total out of pocket for what would have been warranty work $450.00. Most all consumer advocates recommend not buying extended warranties as they are high profit money generators. But to many they are worth it for peace of mind.

[gcatal01]

Re: Are extended Warranty's worth expence?

Thanks to All for the replies. I guess the "Old Insurance addage" You are betting your going to Need it and the Company is betting you won't, still holds true.

[My T]

Re: Are extended Warranty's worth expence?

I just renewed my extended warranty for another four years. My take on this is a bit difficult to explain - - - my own personal logic, (but it works for me).

I weigh the pros and cons carefully. I labor over the decision to spend the money, even fret over it a bit. Then I make the free will decision to go ahead - - knowing that I don't HAVE to do it. It is my choice. I am in control.

Compare that with the situation of a BIG expense later, down the road (transmission, engine work, etc). Then, there will be NO CHOICE. I will be FORCED to come up with all that cash, like it or not. I would feel trapped. No (or very few) options. I would not be in control. I know that I would very be unhappy, complaining, and probably grouchy.

I much prefer the first scenario. Pay now (your decision). Otherwise, you may pay later (no choice, dealer's decision).

Sidebar: there is also much to be said for PEACE OF MIND for the next 4 years. Face it, our cars are getting older.