Extended Warranty - Worth It?

[Blwnsmoke]

So the Granger deal is $1,265 for a 10 year / 60,000 miles Premium Care plan (including an extra $35 to cover all interior/exterior lighting). The deductible for this option is only $50.

It looks like most all mechanical and electrical is covered. The electrical in particular is a concern to me, since there are so many components that could fail. The big exclusions are "fixed" body parts, paint, rust, glass, water leaks, weather stripping, wheels, convertible top fabric.

I only put 70,000 miles on my last "fun" car over a 15 year period, so I am pretty comfortable with the mileage limit. As I understand it, the 10 years is from the date the car was first sold as new, which for my car (which I bought used in Feb of 2022) was April of 2021.

I have never owned a car for less than 8 years and I have kept most for 10 - 15. I also have been thinking about doing some light mods to the car (wheels and tires, maybe drop it an inch, some cosmetic stuff), and I don't want to put cash into the car unless I do plan to hang onto it for a while.

I have always had the attitude that most here expressed of it not being worth it since they would only sell it if they were likely to make money. BUT, I just don't trust Ford quality these days. If I was going to dump it in 5 years, then I agree that it would never be worth it, but if I am planning to hang on to it for the next 8 years or so, it becomes tempting.

Sorry for the long post, just trying to work this out in my own head with you all (who are much smarter than me) as a sounding board.

I would average your miles out per year, multiply it to how long you want to keep it and then go up one level on the mileage (my suggestion).

I do about the same thing.. 5-6k a year and am going to get a 10 year. But will go up one to 75k from 60k because if I start driving more, I don't want to run out before the 10 years is up.

Also when it comes to deductibles, I always do the $50 but if you look at the pricing difference, going to the $0 is usually one extra repair to break even.

Example for my gt350. Didn't look at the GT pricing but would assume it's pretty close as far as the uncharge for a lower deductible.

Standard $100 deductible $3,960
$50 deductible $4,010 (only $50 more which I break even on the first repair)
$0 deductible $4,140 ($180 more then the standard deductible which means I'm ahead on the 2nd repair).

Just something to think about.

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[TonyNJ]

So the Granger deal is $1,265 for a 10 year / 60,000 miles Premium Care plan (including an extra $35 to cover all interior/exterior lighting). The deductible for this option is only $50.

It looks like most all mechanical and electrical is covered. The electrical in particular is a concern to me, since there are so many components that could fail. The big exclusions are "fixed" body parts, paint, rust, glass, water leaks, weather stripping, wheels, convertible top fabric.

I only put 70,000 miles on my last "fun" car over a 15 year period, so I am pretty comfortable with the mileage limit. As I understand it, the 10 years is from the date the car was first sold as new, which for my car (which I bought used in Feb of 2022) was April of 2021.

I have never owned a car for less than 8 years and I have kept most for 10 - 15. I also have been thinking about doing some light mods to the car (wheels and tires, maybe drop it an inch, some cosmetic stuff), and I don't want to put cash into the car unless I do plan to hang onto it for a while.

I have always had the attitude that most here expressed of it not being worth it since they would only sell it if they were likely to make money. BUT, I just don't trust Ford quality these days. If I was going to dump it in 5 years, then I agree that it would never be worth it, but if I am planning to hang on to it for the next 8 years or so, it becomes tempting.

Sorry for the long post, just trying to work this out in my own head with you all (who are much smarter than me) as a sounding board.

You are a good candidate for it if because you're the type to keep the car. I got it on my F250 and F350 and they both paid for themselves because 100k miles over 5 years etc.

I got it for my GT500. The salesman pitched a helluva deal, and I will probably keep the car for 8+ at least. I got the longest one you can get.

 

[Slopoke]

I plan on keeping mine til the wheels fall off, or the wheels fall off of me. I got the 10 year 100K and the price was reasonable. If it were a Honda or Toyota, I'd forego coverage, but my luck with domestic cars, it's peace of mind.

 

[ay1820]

I would average your miles out per year, multiply it to how long you want to keep it and then go up one level on the mileage (my suggestion).

I do about the same thing.. 5-6k a year and am going to get a 10 year. But will go up one to 75k from 60k because if I start driving more, I don't want to run out before the 10 years is up.

Also when it comes to deductibles, I always do the $50 but if you look at the pricing difference, going to the $0 is usually one extra repair to break even.

Example for my gt350. Didn't look at the GT pricing but would assume it's pretty close as far as the uncharge for a lower deductible.

Standard $100 deductible $3,960
$50 deductible $4,010 (only $50 more which I break even on the first repair)
$0 deductible $4,140 ($180 more then the standard deductible which means I'm ahead on the 2nd repair).

Just something to think about.

It's a good thought on the mileage, but there is a big jump in price to go from 60k to 75k. The price goes up over 44%! There must be some good statistics behind this saying that somewhere in the 60k-75k range is when certain things start to go bad.

As this is not my daily ride and I leave it stored from Nov - March, I am pretty comfortable with 60k over 10 years. It only has 3k on it right now.

 

[Blwnsmoke]

It's a good thought on the mileage, but there is a big jump in price to go from 60k to 75k. The price goes up over 44%! There must be some good statistics behind this saying that somewhere in the 60k-75k range is when certain things start to go bad.

As this is not my daily ride and I leave it stored from Nov - March, I am pretty comfortable with 60k over 10 years. It only has 3k on it right now.

I believe the big bump up is because the powertrain ends at 60k. So to pay for 10 years at 60k compared to 5 years at 60k (factory coverage).. it's the same wear and tear, just spread out longer and chances are, you won't see anything major happen to powertrain with the same mileage (engine and trans are obviously the most costly repairs).

 

[ay1820]

I believe the big bump up is because the powertrain ends at 60k. So to pay for 10 years at 60k compared to 5 years at 60k (factory coverage).. it's the same wear and tear, just spread out longer and chances are, you won't see anything major happen to powertrain with the same mileage (engine and trans are obviously the most costly repairs).

That makes sense.

 

[ay1820]

OK, I talked myself into it and pulled the trigger on the Grainger site. I honestly hope I never need it, but having it gives me some peace of mind.

Thank you all for your input!!!

 

[AZlb5.0]

If you can pay for it cash I would do it. These cars are getting more and more complex by the day.

 

[Slopoke]

Don't forget that you can use your Ford points to offset the costs.

 

[RTFM]

So the Granger deal is $1,265 for a 10 year / 60,000 miles Premium Care plan (…). The deductible for this option is only $50.

No brainer. Go ahead.

I went with the 10y/75,000m Premium with 0 deductible for $2175. The $50 deductible was ~$350 cheaper but I am guessing that Ford is therefore expecting ~7 interventions before 2033. I took the coverage for the electronics and, as one of my mentors said, “when there is a bug, there is a nest”.

 

[ice445]

I did 6yr/75k just to give extra cushion after it's paid off. There's certain things on newer cars that can sneak up on you with no real warning. Like for example, the headlights and taillights are sealed LED with no replacement bulb. Replacement assembly only. Each front is $900+labor a side.

 

[young at heart]

I plan on keeping mine til the wheels fall off, or the wheels fall off of me. I got the 10 year 100K and the price was reasonable. If it were a Honda or Toyota, I'd forego coverage, but my luck with domestic cars, it's peace of mind.

Gotta ask: is your ESP through Ford and are you expecting it to pay even though you’re Whippled up?

 

[Slopoke]

Gotta ask: is your ESP through Ford and are you expecting it to pay even though you’re Whippled up?

I didn't get it for the engine, but more for the electronics and other things. Before getting the warranty, if the engine were to go, I was and am, prepared to get it fixed on my own dime.

My warranty is a Ford ESP.

 

[Shodown220]

I plan on keeping mine til the wheels fall off, or the wheels fall off of me. I got the 10 year 100K and the price was reasonable. If it were a Honda or Toyota, I'd forego coverage, but my luck with domestic cars, it's peace of mind.

Even those brands aren't what they used to be. I just did a transmission on a Honda Pilot for $7500 covered under extended warranty. Double the warranty cost in one repair.

 

[KingKona]

I've bought Ford extended warranties for my last 3 or 4 cars. Each one more than paid for itself.

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