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 > Extended warranty. What are your thoughts

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Chuck ..

Salem, Oregon

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Posted: 04/09/20 09:57am Link  |  Quote  |  Print  |  Notify Moderator

My 2017 Ford dually 350 truck has 12,000 miles on it. Thinking of buying an extended warranty????? I was picking up a B&W hitch I purchase at supply shop just after I purchased the Ford and ran into a Dodge service manager. He told me years ago that the best advice he would give anyone is to purchase an extended warranty before your truck factory warranty runs out. With the newer truck electronics, if anything needs replacing it will cost you thousands.


Any recommendations and or advice?


Chuck

B.O. Plenty

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Posted: 04/09/20 10:06am Link  |  Quote  |  Print  |  Notify Moderator

I can understand why a Dodge service manager would recommend one. I USED to own a Ram. If you have a Ford or Chev, probably not. For what they charge there isn't much you can't fix for less than the price of a service contract. If you MUST buy one go with the one supported by the factory not some company you never heard of.
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gbopp

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Posted: 04/09/20 10:10am Link  |  Quote  |  Print  |  Notify Moderator

Ask for a copy of the insurance policy. Read it and understand all the exceptions.
Don't give them any money or sign anything until you know what is and is not covered.
Some like these policies (extended warranty) and some do not.

Fordlover

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Posted: 04/09/20 10:10am Link  |  Quote  |  Print  |  Notify Moderator

It is all about your tolerance for risk. Extended warranties are simply a form of an insurance policy.

Extended warranty companies are businesses, and they intend to make money, which means they must charge you more for the warranty coverage they offer than it will cost them to sell, administer, and pay claims on average. If they don't cover these costs, they will go out of business, and your extended warranty will cease.

My thoughts are if an unexpected 2k repair bill will decimate your personal finances buying a new car is probably not the best move. For some, the piece of mind of not being potentially exposed to an unexpected repair bill for a set period of time is worth the up front cost of the warranty.

To each their own. Best of luck with your decision.


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romore

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Posted: 04/09/20 10:13am Link  |  Quote  |  Print  |  Notify Moderator

The dealers love sellinng extended warranty, it is a cash cow. Look at it as a game of chance, in the end the house wins. Put the premium in a no touchee account each month, if you need it fine. If you don't it's still yours.

FishOnOne

The Great State of Texas

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Posted: 04/09/20 10:21am Link  |  Quote  |  Print  |  Notify Moderator

As for the electronics and sensors it could pay off or maybe not but I wouldn't worry about the drive train. Based on your usage of your truck I doubt it would pay off. As for my truck I thought about it but decided not to and it was the right choice, but we did get one on my wife's Edge Sport and turned out it wasn't needed. Damned if you do and damned if you don't.

If you do choose to get one be sure it's a Ford ESP plan.


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Mike134

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Posted: 04/09/20 10:23am Link  |  Quote  |  Print  |  Notify Moderator

Should call it piece of mind insurance. Like others said above it's a cash cow for the seller. No way they sell it to you unless they know they will make a nice profit when all the sales are grouped together and just a couple of claims payed out.


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Lynnmor

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Posted: 04/09/20 10:36am Link  |  Quote  |  Print  |  Notify Moderator

I can understand your concern, while I never buy warranties on smaller items I did buy one for the truck.

Do some online shopping for the Ford ESP plan, you will probably find a MUCH better price than from a local dealer. Flood Ford is one such place.





ScottG

Bothell Wa.

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Posted: 04/09/20 11:11am Link  |  Quote  |  Print  |  Notify Moderator

Not a snow balls chance!

Grit dog

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Posted: 04/09/20 12:16pm Link  |  Quote  |  Print  |  Notify Moderator

Fordlover wrote:

It is all about your tolerance for risk. Extended warranties are simply a form of an insurance policy.

Extended warranty companies are businesses, and they intend to make money, which means they must charge you more for the warranty coverage they offer than it will cost them to sell, administer, and pay claims on average. If they don't cover these costs, they will go out of business, and your extended warranty will cease.

My thoughts are if an unexpected 2k repair bill will decimate your personal finances buying a new car is probably not the best move. For some, the piece of mind of not being potentially exposed to an unexpected repair bill for a set period of time is worth the up front cost of the warranty.

To each their own. Best of luck with your decision.


Heck, I feel this way about factory warranties! If they were losing money on them, they wouldn't offer them or would raise the price even more. I'll take no warranty 10 times out of 9 after doing my due diligence, not just with cars either.


"Yes Sir, Oct 10 1888, Those poor school children froze to death in their tracks. They did not even find them until Spring. Especially hard hit were the ones who had to trek uphill to school both ways, with no shoes." -Bert A.

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