Factory extended warranty worth it?
01-17-2017, 10:36 AM
#12
Senior Member
That price is significantly higher than the online dealers charge. You can cancel within a set period (3 days) and rebuy via a much lower priced online dealer.
01-17-2017, 02:56 PM
#15
Scrap, where did you get the $850 price? I just called Ford: quote below:
6 years (upto 48k miles) with $50 deductible is $1165
8 years (upto 60k miles) is $2130.00; $2715 (upto 75k miles)
6 years (upto 48k miles) with $50 deductible is $1165
8 years (upto 60k miles) is $2130.00; $2715 (upto 75k miles)
01-17-2017, 03:29 PM
#16
*** Please keep in mind I'm in Canada, so the mileages I'm quoting are KM's, NOT miles. ***
***Last time I checked, USA and Canada both use a 365 calendar, so the year measurement is good in either country
***
Whether or not an ESP is "worth it" is kind of an individual case basis thing and only something you can answer for yourself.
You have to ask yourself if you'll be ok with spending the extra dough if nothing ever goes wrong with the vehicle. Or can you afford to get hit with a thousand dollar (or more) bill for a major problem outside of warranty if you still have payments.
For me, it was worth it. For me, my payments are certainly manageable (large down-payment), but I'm off into retirement in the next year or so. My pension package is very generous (injured in line of duty), but I didn't want to have a car payment AND have to pay to replace a major component (IE: engine, transmission, etc) outside of the 3/60 warranty. I went premium for 8/150, which covers me a few years after my payments end. I'll never hit the mileage once I'm retired, so it's actually an 8 year warranty for me.
Which is another point: you need to know how much you are going to drive the vehicle and when you are going to hit your warranty term. If you drive 30-40-50 thousand and year, you are going to hit your mileage limits before your dates. Important to know if you're thinking about covering the term of your payments with warranty.
I also topped it off with the service plan, which covers just about everything not covered under the ESP Premium. Also 8/150.
So, I have a payment, but (essentially) all I have to do to the truck for the next 8 years is put gas and washer fluid in it. Oh yeah, forgot; tires too.
It's not that I can't work on my own vehicles, I can. I just don't want to bother with that on my driving vehicle. I'm past that stage in my life. I probably could have saved a few bucks by doing my own maintenance and not going with the ESP, but I paid it up front and now I just roll up and drop the keys off at the counter for anything from engine failure to brakes to wiper blades.
I have my Mustang and my motorcycles to build and wrench on if I feel like getting my hands dirty. When i just want to go somewhere with no muss and no fuss, I have the truck.
Buying an extended warranty is kind of like buying insurance: you buy it in case you might need it, the insurer is gambling that you never will. One of you comes out money ahead at the end of the deal, you just have to be ok with it if it's not you on the money side and that all it gave you was "peace of mind".
One thing you must do is READ the warranty plans. There are a couple and each has different levels of coverage. None of them cover things like brakes, belts and such. That's the maintenance plan and is extra.
If anyone tells you the words "bumper to bumper" when looking at an extended warranty, don't listen to them. There is no "bumper to bumper" warranty, even the 3/60 is not. It does not cover wear and service items like brakes, ball joints, etc. You need to read the terms of the warranty very closely and understand it all. Read every letter, even the small print, so you know what you are buying. Take and hour or two if you need to. Look for things like deductibles, rental car clauses, and what is covered. Generally, they list what is covered and maybe some not covered items. If it's not listed as "covered", you can be darned sure it's not covered. You need to know that before plunking down your cash.
You also need to note very closely what the seller puts on your paperwork. It much be exact and precise, right down to every last letter and number in the vin and you legal name. One mistake can become a nightmare when trying to make an extended warranty claim. You must also make sure the paperwork is filed with Ford after the fact. Don't count on the seller to do it properly, you need to check. They take your money right away, but you probably won't need it until 4 or 5 years later when you find out it was never properly filed...
Again, I cannot stress enough that you need to thoroughly understand what you are buying and what is covered. Or you may think you're paying for one thing and actually getting another. Nothing sucks as much as that!
As to who and where you can get the best deal, that also depends on the individual circumstances. You may get the plan itself cheaper via an online seller, but you may also be able to use it as a "bargaining tool" when buying new. I used it to drive down the purchase price on my 2016. Went something like this: we got to a price they wanted and wouldn't move any lower, then we started talking extended warranties and maintenance plans. They came down on the plan prices a bit, but I knew there was more meat on the bone. When they pulled up solid on the plans, I started back on the purchase price to the effect of "I'll take that plan but we need to do a little better on the selling price" and they came down a bit more becasue they knew they still had some meat left on the plans. Same thing was done with the maint plan: "bundle it and give me a best over all price or we need to move a bit on the selling price or give me that accessory". It was a fair bit of back and forth, but we ended up pretty much where I wanted to be a the end of the day. I even ended up with a wheel and tire protection package for 5 years. They threw it in to sweeten the deal at one point and get my signature on the papers. I don't doubt in any way they made money overall on the deal, but that's what they do or they wouldn't be in business very long. Can't fault them for that.
At the end of the day, the owner told me he sold the truck for 1300 less than what they paid for it, but I know they didn't loose money on the deal overall. I was OK with it because I got what I wanted at an overall (IE:net) price I was good with.
All that depends on the dealer you're working with as well; some are willing to wheel and deal to make the sale, some are not.
Good luck hunting!
***Last time I checked, USA and Canada both use a 365 calendar, so the year measurement is good in either country
***Whether or not an ESP is "worth it" is kind of an individual case basis thing and only something you can answer for yourself.
You have to ask yourself if you'll be ok with spending the extra dough if nothing ever goes wrong with the vehicle. Or can you afford to get hit with a thousand dollar (or more) bill for a major problem outside of warranty if you still have payments.
For me, it was worth it. For me, my payments are certainly manageable (large down-payment), but I'm off into retirement in the next year or so. My pension package is very generous (injured in line of duty), but I didn't want to have a car payment AND have to pay to replace a major component (IE: engine, transmission, etc) outside of the 3/60 warranty. I went premium for 8/150, which covers me a few years after my payments end. I'll never hit the mileage once I'm retired, so it's actually an 8 year warranty for me.
Which is another point: you need to know how much you are going to drive the vehicle and when you are going to hit your warranty term. If you drive 30-40-50 thousand and year, you are going to hit your mileage limits before your dates. Important to know if you're thinking about covering the term of your payments with warranty.
I also topped it off with the service plan, which covers just about everything not covered under the ESP Premium. Also 8/150.
So, I have a payment, but (essentially) all I have to do to the truck for the next 8 years is put gas and washer fluid in it. Oh yeah, forgot; tires too.
It's not that I can't work on my own vehicles, I can. I just don't want to bother with that on my driving vehicle. I'm past that stage in my life. I probably could have saved a few bucks by doing my own maintenance and not going with the ESP, but I paid it up front and now I just roll up and drop the keys off at the counter for anything from engine failure to brakes to wiper blades.
I have my Mustang and my motorcycles to build and wrench on if I feel like getting my hands dirty. When i just want to go somewhere with no muss and no fuss, I have the truck.
Buying an extended warranty is kind of like buying insurance: you buy it in case you might need it, the insurer is gambling that you never will. One of you comes out money ahead at the end of the deal, you just have to be ok with it if it's not you on the money side and that all it gave you was "peace of mind".
One thing you must do is READ the warranty plans. There are a couple and each has different levels of coverage. None of them cover things like brakes, belts and such. That's the maintenance plan and is extra.
If anyone tells you the words "bumper to bumper" when looking at an extended warranty, don't listen to them. There is no "bumper to bumper" warranty, even the 3/60 is not. It does not cover wear and service items like brakes, ball joints, etc. You need to read the terms of the warranty very closely and understand it all. Read every letter, even the small print, so you know what you are buying. Take and hour or two if you need to. Look for things like deductibles, rental car clauses, and what is covered. Generally, they list what is covered and maybe some not covered items. If it's not listed as "covered", you can be darned sure it's not covered. You need to know that before plunking down your cash.
You also need to note very closely what the seller puts on your paperwork. It much be exact and precise, right down to every last letter and number in the vin and you legal name. One mistake can become a nightmare when trying to make an extended warranty claim. You must also make sure the paperwork is filed with Ford after the fact. Don't count on the seller to do it properly, you need to check. They take your money right away, but you probably won't need it until 4 or 5 years later when you find out it was never properly filed...
Again, I cannot stress enough that you need to thoroughly understand what you are buying and what is covered. Or you may think you're paying for one thing and actually getting another. Nothing sucks as much as that!
As to who and where you can get the best deal, that also depends on the individual circumstances. You may get the plan itself cheaper via an online seller, but you may also be able to use it as a "bargaining tool" when buying new. I used it to drive down the purchase price on my 2016. Went something like this: we got to a price they wanted and wouldn't move any lower, then we started talking extended warranties and maintenance plans. They came down on the plan prices a bit, but I knew there was more meat on the bone. When they pulled up solid on the plans, I started back on the purchase price to the effect of "I'll take that plan but we need to do a little better on the selling price" and they came down a bit more becasue they knew they still had some meat left on the plans. Same thing was done with the maint plan: "bundle it and give me a best over all price or we need to move a bit on the selling price or give me that accessory". It was a fair bit of back and forth, but we ended up pretty much where I wanted to be a the end of the day. I even ended up with a wheel and tire protection package for 5 years. They threw it in to sweeten the deal at one point and get my signature on the papers. I don't doubt in any way they made money overall on the deal, but that's what they do or they wouldn't be in business very long. Can't fault them for that.
At the end of the day, the owner told me he sold the truck for 1300 less than what they paid for it, but I know they didn't loose money on the deal overall. I was OK with it because I got what I wanted at an overall (IE:net) price I was good with.
All that depends on the dealer you're working with as well; some are willing to wheel and deal to make the sale, some are not.
Good luck hunting!
Last edited by Great white; 01-17-2017 at 04:15 PM.
01-17-2017, 05:44 PM
#17
Originally Posted by bigchip
Scrap, where did you get the $850 price? I just called Ford: quote below:
6 years (upto 48k miles) with $50 deductible is $1165
8 years (upto 60k miles) is $2130.00; $2715 (upto 75k miles)
6 years (upto 48k miles) with $50 deductible is $1165
8 years (upto 60k miles) is $2130.00; $2715 (upto 75k miles)
02-12-2017, 06:45 PM
#18
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Hey, thought I'd chime in. The last time I bought an ESP, it was way back when I bought my first new Ford in 1996 - a Taurus wagon. We were getting kid #2 and it was time to move out of our little sports car. The wife wasn't a minivan fan at the time, so the new style Taurus was it. But, the older version (pre-96) had a bit of a transmission issue and I wasn't comfortable that the new cars were really much different under the hood. So I bought a 5yr/100km, $0 deductible (yes, km, so like 60k mi). I can't recall what it was called at the time, ESP or B2B, but I seem to remember everything really was covered. Around $900 if I recall.
So, as the 3rd year finished, I still hadn't really had any big issues. Year 4 finished, and nothing was breaking. Darn reliable vehicle! But, year four came finally had one main problem - the driver's power seat. The six-way seat. It was just the rear motor that wouldn't go up and and down. Well, turns out Ford needed to replace the whole power seat assembly. But, it was covered. I asked, "what would I have paid if I had to pay for it"? Answer: $900. Man, I bought the warranty for the power train and just used it on the seat.
But, don't hang up yet folks, after year 5 finished, I had other electrical things like the ac fan and stuff that started to annoy me. We ended up selling the car and bought a Windstar.
The points I've learned, like many before me, are:
1. The longer you have a warranty for, the more likely you will use it. Yet, to make a warranty go from year 5 to 6, or on to 8, the cost doesn't go up that much. But, I think it is the better buy.
2. More than likely, it'll be electrical (especially nowadays, gosh, look inside these trucks)! So, get the Premiere Care to cover radios, GPS, electrical stuff, et al.
3. Think of what your truck costs and what it's worth in three years when you want to sell or trade in - getting raked. But, if you get an ESP to go another 3 to 5 years for something like $1500 or so, to me it makes the truck worth so much more and really worry free. I'm getting older and closer to retirement, so flipping vehicles every 3 years because I'm bored of the colour or whatever isn't going to be a thing anymore. If I can keep my truck for longer and closer to 125k miles (200 km) I'll have saved a lot more money than getting another new 'reliable' vehicle.
4. If you do want to sell, then outstanding warranty is peace of mind to a buyer. Ask anyone really why they are selling and most of the time their real reason is because they are starting to have problems with it. But if under warranty, folks will pay you more compared to another truck without warranty.
I have a 2015 F150 XLT Sport 4x4. Medium priced I guess compared from bare to King or Platinum or whatever the top is. It's at 1-1/2 years into the 3 year warranty. I think the smart plan is to wait until it's close to the 3yr/36kmi for two reasons: If you find that you just don't want/like/need the truck at the end of the warranty period, sell it and not waste money on an ESP. Or, if you happen to wreck it (write it off), then you also haven't lost your ESP money.
I love the new F150, but I don't trust it's longevity. An ESP makes it feel reliable.
So, as the 3rd year finished, I still hadn't really had any big issues. Year 4 finished, and nothing was breaking. Darn reliable vehicle! But, year four came finally had one main problem - the driver's power seat. The six-way seat. It was just the rear motor that wouldn't go up and and down. Well, turns out Ford needed to replace the whole power seat assembly. But, it was covered. I asked, "what would I have paid if I had to pay for it"? Answer: $900. Man, I bought the warranty for the power train and just used it on the seat.
But, don't hang up yet folks, after year 5 finished, I had other electrical things like the ac fan and stuff that started to annoy me. We ended up selling the car and bought a Windstar.
The points I've learned, like many before me, are:
1. The longer you have a warranty for, the more likely you will use it. Yet, to make a warranty go from year 5 to 6, or on to 8, the cost doesn't go up that much. But, I think it is the better buy.
2. More than likely, it'll be electrical (especially nowadays, gosh, look inside these trucks)! So, get the Premiere Care to cover radios, GPS, electrical stuff, et al.
3. Think of what your truck costs and what it's worth in three years when you want to sell or trade in - getting raked. But, if you get an ESP to go another 3 to 5 years for something like $1500 or so, to me it makes the truck worth so much more and really worry free. I'm getting older and closer to retirement, so flipping vehicles every 3 years because I'm bored of the colour or whatever isn't going to be a thing anymore. If I can keep my truck for longer and closer to 125k miles (200 km) I'll have saved a lot more money than getting another new 'reliable' vehicle.
4. If you do want to sell, then outstanding warranty is peace of mind to a buyer. Ask anyone really why they are selling and most of the time their real reason is because they are starting to have problems with it. But if under warranty, folks will pay you more compared to another truck without warranty.
I have a 2015 F150 XLT Sport 4x4. Medium priced I guess compared from bare to King or Platinum or whatever the top is. It's at 1-1/2 years into the 3 year warranty. I think the smart plan is to wait until it's close to the 3yr/36kmi for two reasons: If you find that you just don't want/like/need the truck at the end of the warranty period, sell it and not waste money on an ESP. Or, if you happen to wreck it (write it off), then you also haven't lost your ESP money.
I love the new F150, but I don't trust it's longevity. An ESP makes it feel reliable.
02-13-2017, 02:58 AM
#19
Senior Member
I was thinking of getting an extended warranty maybe 7 years/100K I did a google search and from flood fords esp it gives pricing much better than what you guys are getting quoted. I originally thought this was Ford direct pricing, but looked at the url when scrappy mentioned Floodford.
Shows 7/100K $50 ded. 1370.00 for premium care.
https://www.floodfordesp.com/esp_pla...ubmit=Continue
Shows 7/100K $50 ded. 1370.00 for premium care.
https://www.floodfordesp.com/esp_pla...ubmit=Continue
Last edited by Fordfun; 02-13-2017 at 05:08 AM.
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