(Topic ID: 206598)

Are extended vehicle warranties worth it?


By JoelOmatik

2 years ago



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  • Latest reply 2 years ago by vid1900
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    There are 54 posts in this topic. You are on page 1 of 2.
    #1 2 years ago

    Hi all,

    I’m pondering whether or not to pursue an extended warranty for my 2011 Ford F-150 XLT crew cab. It’s six years old and has almost 45K miles on it. It’s running fine right now, but you never know what happens in the future. Plus, car repairs are horribly expensive. I’ve looked at a few like Endurance and Carchex. They sound good......but the fine print shows what’s NOT covered...and it’s a lot. This would add to the already high cost of a warranty. So summing it up, are they worth it, or is it a scam? Anybody here have experience with them? Out of the endless options, which is the best?

    Thanks!
    -Joel

    15
    #2 2 years ago

    I'm a strong believer that the usefulness of something is inversely related to the effort that goes into selling it. Based on getting robo calls 2x a week from places trying to sell me these I'd say it isn't worth it.

    #3 2 years ago

    No. I deal with third party warranty companies every day for the last 23 years. They slow down the repair process and rarely cover the full repair. If your buying a Ford esp from a dealer or directly on line that is your best bet. Factory backed extended warranty are directly paid to the dealer and very little if any restrictions. Also if the third party warranty goes out of business your stuck.

    #4 2 years ago

    Extended warranties work within the confines of a statistical “ bath tub distribution” where end of service stops long before end of life. They are a mathematical scam. Does not mean that at times they are not useful, but mathematically, it suits whomever sells it to you.

    #5 2 years ago

    Also, most cases won’t cover your specific issue read fine print

    #6 2 years ago

    I would say if you are planning on a 2013 or newer ford escape buy a warranty.

    #7 2 years ago

    No

    10
    #8 2 years ago

    Take the money that you would spend on the warranty and set it aside for emergency repairs.
    Use it as extra down on your next car if you never need it for repairs.

    #9 2 years ago

    Buy the ford esp. nothing else. Most garages won’t honor third party plans, they want you to pay cash then have your plan reimburse you. With ford esp, it’s as good as gold. Your truck will get fixed the same day at any ford dealer.

    #10 2 years ago

    I’ve only bought one extended warranty and maintenance agreement, on a 2010 Mini Coooer S when it was brand new. It was a toy, and I didn’t want any hassle with anything. I had more issues with that car than any other car I’ve owned. Mini lost money on that deal because that car was crap. When they had to replace the gas tank was when I knew it was total junk. That car spent lots of time in their shop.

    And even with that first hand working out for me with a manufacturer warranty, I’d never buy a third party one. Those are constructed to make money for the company that writes them. Your odds of it ever paying off for you are nil. Don’t do it.

    #11 2 years ago
    Quoted from Phat_Jay:

    Buy the ford esp. nothing else. Most garages won’t honor third party plans, they want you to pay cash then have your plan reimburse you. With ford esp, it’s as good as gold. Your truck will get fixed the same day at any ford dealer.

    Go with the Ford service agreement if it is an option. 3rd party will give you headaches one way or another.

    #12 2 years ago

    Watch the fine print such as repair with like parts...that means salvage is an option for them. For example we had a customer that needed a transmission replaced it had totally chewed itself up. The contract said "like parts" so they sent me a used trans straight from the salvage yard mud and all. Also so pay "national average labor rates" so in areas with higher labor your stuck paying the difference.

    #13 2 years ago
    Quoted from JoelOmatik:

    2011 Ford F-150 XLT crew cab. It’s six years old and has almost 45K miles on it.

    Are you the original owner? If so, I would assume you have properly maintained this one? You only put roughly 7.5K miles on it each year (hardly even enough miles to change the oil annually!), skip the warranty and move on!
    I had a 2010 F150, sold it two years later with 80K miles on it and 0 problems. In contrast purchased a new Chevy 1500 back in 1996, purchased extended warranty for around $1200, 3 years later when I sold it with only 50K miles, Chevy had already put over $7K worth of repairs in it.

    Win some, loose some, it's the law of statistics.

    #14 2 years ago

    A company doesn't stay in business if it doesn't turn a profit. So as it might work out for some people, looking at the big picture most people lose out on extended warranties.

    Also I work with a guy who bought an extended warranty for his Ford F150. His motor dropped at about 75,000 miles and the warranty company would only pay for to the point of failure. Then once they hit around $2,500 they brought the fine print out and said the max reimbursement had been met and they wouldn't pay for anything else. The repair cost around $7500 for a brand new ford motor and install. He received a check for the max reimbursement amount of around $2,500.

    #15 2 years ago

    You don't seem to be using the truck enough to need a warranty. Hell, you won't hit the big $$ 100K service for another 6 - 7 years at the current rate. Keep it garaged if you can and attack any rust that you see forming. I think your engine will last longer than the frame itself but if you keep on top of it you should be fine.

    #17 2 years ago

    Just today I had a claim for a bad engine wiring harness rejected by my extended warentee company because I didn't use factory bulbs when I replaced a foglight and the air filter. I had bought the Manufacturer's own branded platinum plan as well.

    So not just not worth it, but hell not worth it.

    #18 2 years ago

    They are ripoff. Just like everything at a car dealership. Followed by lawyers,attorneys,doctors, etc............

    #19 2 years ago

    I bought an extended warranty on my 2012 Outback directly through the Subaru dealer when I bought the vehicle used in 2014. It was about $1800 if memory serves. Over the course of the warranty I had more than $3000 worth of work done that cost me nothing more than the $50 deductible a grand total of 3 times. The work included a new Engine Control Module, axel bearings and other associated parts, wiper motor, sunroof motor, and a few other things.

    Additionally by purchasing the warranty they reduced my interest rate from 1.9% to 0.9% so that helped as well.

    Hands down it was well worth the expense in my case.

    #20 2 years ago

    Insurance COmpaNies are your friend, until something goes wrong.

    #21 2 years ago

    Don't need it with a Toyota.

    #22 2 years ago

    Not usually a fan. But recently bought a car with low profile tires and decided to get wheel insurance. That has already helped out. Company is named safe guard and they covered what they are suppose to.

    #23 2 years ago

    The Ford F150 is always in the JD Power top 5 for reliability fullsize trucks, so you can probably skip the insurance.

    But if you ever get something that spends more time at the dealer than on the road like a BMW - get the insurance!

    #24 2 years ago
    Quoted from vid1900:

    The Ford F150 is always in the JD Power top 5 for reliability fullsize trucks, so you can probably skip the insurance.

    Until the transmission goes out or it blows the spark plugs thru the hood.

    #25 2 years ago
    Quoted from o-din:

    Until the transmission goes out or it blows the spark plugs thru the hood.

    Most new F150 owners will never replace their transmissions or motors.

    You get a 7 year, 100,000 mile Ford powertrain warranty included with the truck when you buy it.

    We have a whole fleet of them at work, and I've never heard of one needing a tranny or motor, and the guys beat the ship out of them every day.

    We keep them for about 8-10 years (if they are not smashed or stolen), and replace them.

    -

    So do the math, ~$700 a year for an extended warranty you probably wont use. 3-4 years and you've already exceeded the cost of a rebuilt transmission. (don't forget, many of those companies rape you with a $500 deductible to use your coverage. That keeps you from making small claims like power door locks or blower motor).

    #26 2 years ago

    No. Extended warranties are hardly ever worth it, I learned that long ago. You have to say no a lot at a car dealer before they finally drop it, they sometimes trot out examples of what could fail and how much it would cost, suffer through it and stand your ground. They push them so hard because they profit off of them.

    #27 2 years ago
    Quoted from vid1900:

    We have a whole fleet of them at work, and I've never heard of one needing a tranny or motor, and the guys beat the ship out of them every day.

    Newer ones are better for sure, but how do you need a fleet of trucks in the porn and pinball restoration business?

    #28 2 years ago

    Not worth it to me. Like others said, if you pocket the money spent on the extended warranty and use it on repairs I believe you will just about always come out ahead. They wouldn't sell the warranties if they didn't earn profits. Some cars have a bad reputation for things going wrong and expensive repairs (looking at you BMW). Best to just avoid buying those cars to begin with.

    #29 2 years ago

    You have to include pinball manufacturers in that list

    Quoted from pinkid:

    They are ripoff. Just like everything at a car dealership. Followed by lawyers,attorneys,doctors, etc............

    #31 2 years ago
    Quoted from jkashani:

    You have to include pinball manufacturers on that list

    #32 2 years ago

    Yeah that's the problem with fetish porn.

    #33 2 years ago
    Quoted from TheLaw:

    Yeah that's the problem with fetish porn.

    Not even fetish porn.

    Just regular adult titles every script is "spit and then powerfully spit" then "put your foot on the back of her head" and then "watch for lemon whores" then "spit like you mean it".

    #34 2 years ago

    I wouldn't. I've heard bad stories about this type of insurance figuring a way to not honor their policy whenever possible. Lack of proper maintenance is one excuse they'll use.

    #35 2 years ago
    Quoted from JoelOmatik:

    Hi all,
    I’m pondering whether or not to pursue an extended warranty for my 2011 Ford F-150 XLT crew cab. It’s six years old and has almost 45K miles on it. It’s running fine right now, but you never know what happens in the future. Plus, car repairs are horribly expensive. I’ve looked at a few like Endurance and Carchex. They sound good......but the fine print shows what’s NOT covered...and it’s a lot. This would add to the already high cost of a warranty. So summing it up, are they worth it, or is it a scam? Anybody here have experience with them? Out of the endless options, which is the best?
    Thanks!
    -Joel

    I work in service at a car dealership. The only 3rd party extended warranties I would ever endorse would be either factory extended or local dealer direct affiliated warranties. As these are easy for the dealers to use and are quick and usually pay for the covered repairs in full minus the deductible. We deal with other warranty companies customers import to us but most are crap who demand the customer gets reimbursed partial if any of the cost.

    #36 2 years ago

    I always scoffed at extended warranties until I bought my 2002 Jeep Patriot. Luckily something in the back of my mind said to go for it since I wasn't 100% sure about Jeep. Transmission, drive shaft, wheel bearings, spark plugs all replaced free of cost, so like $7K+ cost on a vehicle I paid $8k for. I think the additional cost of the warranty winds up around ~$1500-1800 over the life of the loan for the warranty.

    #37 2 years ago
    Quoted from Clnilsen:

    Just today I had a claim for a bad engine wiring harness rejected by my extended warentee company because I didn't use factory bulbs when I replaced a foglight and the air filter. I had bought the Manufacturer's own branded platinum plan as well.
    So not just not worth it, but hell not worth it.

    Not only is that total bull, I'm pretty sure it's illegal too. "Warrantors cannot require that only branded parts be used with the product in order to retain the warranty." https://en.wikipedia.org/wiki/Magnuson%E2%80%93Moss_Warranty_Act

    #38 2 years ago

    It depends on the vehicle. Certain vehicles it's money in the bank, others it's a waste of money. Been a mechanic all my life so I have seen a lot. Sometimes it's a gamble, a flip of a coin..... Good question by the way.

    #39 2 years ago

    So another question is should I pay $1000 for the extended warrantee on a TV, or should I buy two TVs instead?

    #40 2 years ago
    Quoted from Phat_Jay:

    Buy the ford esp. nothing else. Most garages won’t honor third party plans, they want you to pay cash then have your plan reimburse you. With ford esp, it’s as good as gold. Your truck will get fixed the same day at any ford dealer.

    Thanks! I’ll keep that in mind if I get a warranty in the future. Thanks to everybody else for your input, this is valuable information. I’m going to avoid the third party warranties, sounds like a raw deal with them. Again, thanks for all the feedback!

    #41 2 years ago

    Jesus after reading this thread I am buying a ford

    #42 2 years ago
    Quoted from o-din:

    or it blows the spark plugs thru the hood.

    Haha that was hilarious o-din!

    #43 2 years ago
    Quoted from WackyBrakke:

    Jesus after reading this thread I am buying a ford

    Edit, never mind. After looking at fords website. I can get a Jeep with all the bells and whistles for less

    #44 2 years ago

    I work at a ford dealership and we sell extended warranties. Keep in mind that 2011 F-150 was the first year with the 3.5l Eco boost. They had some problems with turbo since it was the first year with that motor. Other than that they are a very solid motor. ( not sure if you are getting the V8 or the V6 )

    As a salesperson I always recommend people buy the warranty on used vehicles because all vehicles break eventually and there are some people that think just because I sold it to them that We need to pay for any repairs.

    Our warranty company is nationwide and very reliable. There are definitely some good and bad warranty companies out there. I'm confident in ours. I've seen a guy buy one for $3000 on a 2012 diesel and the motor blew up and they paid $18,000 to replace the motor.

    I've also seen people buy them and never use them. And I've seen people not buy them and have major repairs come out of their pocket.

    As a dealership we don't know when the car will break and we want it last as long as the customer. Then they can come back and buy when they are ready rather than never come back because of a breakdown they think we caused.

    #45 2 years ago

    Not for me .... I either get my wife a new car every three years or I keep them so long and put so little milage on it dont matter. ( My 00 Mustang GT has classic plates on it now, 7256 miles )

    #46 2 years ago

    It is if you end up needing it. But its a gamble and theyve done the math for you, they always win or they wouldnt try to sell it to you.

    #47 2 years ago
    Quoted from WackyBrakke:

    Edit, never mind. After looking at fords website. I can get a Jeep with all the bells and whistles for less

    I work at a ford dealer, we have 4 2017 jeeps on our used car lot. I would suggest renting one for a week before you buy one.
    I have 3 power wagons also all were traded for f350s to tow with.

    #48 2 years ago
    Quoted from WackyBrakke:

    Edit, never mind. After looking at fords website. I can get a Jeep with all the bells and whistles for less

    Make sure you get the extended warranty.

    #49 2 years ago
    Quoted from vid1900:

    Most new F150 owners will never replace their transmissions or motors.
    You get a 7 year, 100,000 mile Ford powertrain warranty included with the truck when you buy it.
    We have a whole fleet of them at work, and I've never heard of one needing a tranny or motor, and the guys beat the ship out of them every day.
    We keep them for about 8-10 years (if they are not smashed or stolen), and replace them.
    -
    So do the math, ~$700 a year for an extended warranty you probably wont use. 3-4 years and you've already exceeded the cost of a rebuilt transmission. (don't forget, many of those companies rape you with a $500 deductible to use your coverage. That keeps you from making small claims like power door locks or blower motor).

    Unless something has changed, the 7 years 100,000 mile drivetrain warranty comes standard with a pre-owned certified ford truck. I was under the impression the factory warranty is 3/36,000 and anything after that is an option.
    Edit:
    Went to the ford site and looked here's what they list: (randomly chose the 2016 f150 as an example)
    bumper to bumper 3/36,000
    powertrain 5/60,000
    safety equip 5/60,000
    corrosion 5/unlimited
    powerstroke diesel 5/100,000

    Me personally I like certified pre owned. I bought an 2014 f150 fx4 supercrew loaded with 22,000 miles to get the certified pre owned warranty, which is bumper to bumper 1/12,000 and drivetrain is 7/100,000.

    #50 2 years ago

    I had a friend who used to work at Sears. They had a monthly quota of extended warranties they had to sell. The way I look at it, if it makes Sears money, I'm probably going to lose out.

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