Would you purchase an exstended warrranty for a new truck?

DallasSteve wrote:

hotpepperkid wrote:
If your the kind of person who buy insurance at the black jack table then by it, but generally insurance of any kind is a waste of money

Does that mean you don't buy auto insurance or health insurance? I do, but with rather high deductibles. I would not buy an extended warranty, but then everyone here will probably be aghast at my plan. I like leasing vehicles. I will probably do a 3-year lease on my tow vehicle and it will be under the factory warranty the whole time. I've been leasing vehicles for over 10 years and it's been great for me. My bank account keeps growing so it can't be too bad of a decision.

Think how big that bank balance would be if you paid yourself instead of the leasing company. :)

We've purchased an ESP from Ford for two vehicles and it's paid off completely for one, with one more year and half to go and the other is partially paid for. One is a gas SUV and the other is our TV. A diesel truck based component had to be replaced and the total without warranty would've been $1800. Had to replace the transmission and AC pump on the SUV and those two completely paid for the ESP.

I did on my 2011 F150 3.5 turbo, and it paid for itself well before it expired at 100k miles. I had numerous issues after expiry of the factory warranty period, and all were addressed with the ESP, including a full trans rebuild at 87k miles. Worth every dime if you will keep the truck for some time, and use it like a truck. Stuff breaks.

Mike

hotpepperkid wrote:
If your the kind of person who buy insurance at the black jack table then by it, but generally insurance of any kind is a waste of money

Does that mean you don't buy auto insurance or health insurance? I do, but with rather high deductibles. I would not buy an extended warranty, but then everyone here will probably be aghast at my plan. I like leasing vehicles. I will probably do a 3-year lease on my tow vehicle and it will be under the factory warranty the whole time. I've been leasing vehicles for over 10 years and it's been great for me. My bank account keeps growing so it can't be too bad of a decision.

If your the kind of person who buy insurance at the black jack table then by it, but generally insurance of any kind is a waste of money

I bought the ESP form Ford on my 2012 diesel. A couple of reasons. I bought an 8, 120,000 plan, to cover the extreme cost of an engine repair since it was a new design in its second year of production. Read that, no junk yard engines and where do you find a mechanic. My second reason is we have hit 46 states so far with this truck, in a strange town who do you trust to fix the truck? With this ESP I will go to a Ford dealer. So far, only the trailer brake controller, and that was in Steamboat Springs, CO. They were very helpful and quick for a stranger, from WV.

The best price I could find at the time was Flood Ford in RI, IIRC.

I think you got all the opinions you need here to make up your mind. I have never purchased one and have not lived to regret it "yet".

Extended warranties are almost pure profit.

The dealer probably gets 1/3 up front as a commission and they wouldn't do that if the manufacturer wasn't getting about the same.

So on average they pay out about 1/3 in claims. Compare that to life, health or auto insurance and it's not even in the same ball park.

Plus if you get in an accident and total the truck, decide to sell or otherwise liquidate the truck, you get nothing back (no there isn't any significant resale value for the extended warranty).

As someone else suggested, if you have a major engine failure, good chance they treat it as a totaled truck and give you a check for wholesale (ie: low ball) price and walk away with your truck.

The vast majority of time, you will be far better off to simply set the cost of the extended warranty aside and use that to pay for repairs

I bought the Ford 100k bumper to bumper warranty.

Yes. With all the new fangle stuff in trucks today. I had the 7yr 70000 mile on my 2011 Ram. As luck would have it, was having trouble with turbo right before warranty went out. $3000.00 plus bill which cost me nothing besides a few other repairs done during warranty time. I'd say it paid for itself