Extended Warranty

[Tommy Gun]

We are thinking about keeping our F350 a few more years. Although it’s been trouble free we are concerned the warranty runs out at the end of this month.

We have a 7 year/75,000 mile warranty from new. We are at 56,000 miles, but 7 years.

Considering extending it “an additional” 6 years/60,000 (or 75,000 I don’t remember lol)


Base would be $1800
Extra would be $2585
Premium would be $3300

https://fordprotect.ford.com/extended-service-plan

The truck only costs us fuel and a once a year oil change (6-7000 miles) so not a big deal spending a little on the warranty, not sure I want to spend $3300 though.

The warranty has a $100 deductible, so thinking if a switch or window motor, etc goes out I could do that myself. That type thing is covered in the higher cost plan, but still the deductible.

Guess I’m more torn between the first two plans. Really want the drivetrain warranty. (Engine, trans, brakes, starter, etc)

Decisions decisions lol


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[twobjshelbys]

Gas or diesel?

[68fastback]

Nice that all the plans are transferrable too.

I just put $100/mo (used to do $50/mo until mid-'90s) to a separate account to cover repairs vs buying coverage (done automatically).
I've done this since the '70s and it has worked out well so far.

[Alloy Dave]

Nice that all the plans are transferrable too.

I just put $100/mo (used to do $50/mo until mid-'90s) to a separate account to cover repairs vs buying coverage (done automatically).
I've done this since the '70s and it has worked out well so far.
that’s more like what I do. They wouldn’t sell extended warranties if they didn’t make money on them, so the odds are against you. I know insurance can be thought of the same way.....but with most types of insurance you’re protecting against things that can wipe you out financially

[Tommy Gun]

Gas or diesel?


Diesel

[Tommy Gun]

that’s more like what I do. They wouldn’t sell extended warranties if they didn’t make money on them, so the odds are against you. I know insurance can be thought of the same way.....but with most types of insurance you’re protecting against things that can wipe you out financially


I guess it’s piece of mind. But this is a good idea.

Have me really thinking now.

If I had a separate savings sorta like what Dan said, I could put the $2000-$2500 directly into it and not touch it the next few years we own the truck.

If it needs something major we have that cushion, if not we still have that money when we sell it.

Just didn’t want a big repair hit at a time we couldn’t afford it, but putting it aside now... good ideas.

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[68fastback]

that’s more like what I do. They wouldn’t sell extended warranties if they didn’t make money on them, so the odds are against you. I know insurance can be thought of the same way.....but with most types of insurance you’re protecting against things that can wipe you out financially

Exactly.

[The Bone]

I am not a fan of ESP's. big wast of money. $100 deductible is huge on top of the $3,300. Put that money in the bank and earn some interest. I know you take great care of your truck so I see no need to get one. I don't have one on my truck, however it's in the shop for a oil leak but the motor is covered for 100,000 miles and 5 years. Depending on what they find it may be time for a trade.

[twobjshelbys]

I've never had any kind of extended warranty which is an insurance policy. At these prices it would be difficult to recoup your cost. Just put the money aside or budget for some big expenditure down the lane...

The reality is that modern vehicles are fairly reliable. We bought our Honda and have never had to take it to the dealer for anything except an oil change. My 2004 truck had one windshield wiper problem (still in warranty) but nothing until now which has some gas leak [I can smell it but can't locate it] and a nagging a/c-heat baffle that won't budge. Maybe I'll get them fixed or maybe it'll spontaneously combust :)

[Tommy Gun]

Thanks for all the comments. :)

[68fastback]

To put in perspective, over the past 8 years or so of putting $100/mo away I should have around $9K in that account. I actually have a about $6,450. Difference is repairs and maintenance(-), and interest(+).

I also put into a car savings account monthly but since I haven't bought a car in over 8 years it's now well funded (actually enough to buy a new car, though I probably won't) given I had the Taurus Wagon for 19 years, Quadravan for 26 years and, now, the Fusion for 8+ years, all of which have been rather reliable.

In the past (prior to Fusion) I'd dump the repair and maint dollars into the car savings account when I'd buy a 'new' vehicle under the thinking that a new or relatively-new used vehicle's warranty covers major expenses and that period lets the repair and maint account start building up enough again so that it's well funded again by the time the 'new' vehicle's warranty coverage has expired.

I'm a big believer in budgeting/saving for ALL necessarily sustainable expenses: school & town/county taxes, vehicles and repair/maint, house repair/maint, medical, fuel/utility, etc ...even Christmas and a travel account. It doesn't make anything cheaper -lol- but it lets me sleep well :yes: