Warranty???

Pass

 

I own a 16 488 and opted to extend the warranty for two years when it was up. $10,000. I'm good through Feb of 2021. Just had to have my headliner replaced, which was quoted at $5000. Ferrari covered it - but the $5000 stuff isn't what I'm worried about. I will have to wait and see how I feel next year and decide if I want to extend it with the New Power warranty. I'm not familiar with the 458 known potential issues and what they cost but I'm sure others can give some perspective. It's insurance to lessen personal risk. There's some value in being able to drive your car as much as you wish and how you wish without worrying about breaking something really expensive and being able to sleep at night.

 

I'd self insure unless you don't have the cash to spare.

Sent from my Pixel 4 XL using FerrariChat.com mobile app

 

As someone that is thinking about getting into a 458 I’ll be interested to see where this thread goes.

 

There is a state of the art thread on this subject with an almost actuarial analysis.

A Poll to decide if a warranty is worth it
https://r.tapatalk.com/shareLink?share_fid=9080&share_tid=588663&url=https%3A%2F%2Fwww%2Eferrarichat%2Ecom%2Fforum%2Findex%2Ephp%3Fthreads%2FA-Poll-to-decide-if-a-warranty-is-worth-it%2E588663%2F&share_type=t

My summary

1. Cost is based to make Ferrari profit.
2. Most people ( no survey but estimate) do not get their money’s worth out of the NPW. Extended warranty is different.
3. Either does not cover all.


My summary
I have purchased NPW with my FF and Cali (12) and received the full value and beyond for both in two relatively trouble free cars.

I have had the extended warranty on my F12- same as above with bubbling paint.

I have it on my Lusso 12 but still on my first warranty for now.


I like having it on the first period of ownership of more than 4 year old cars with potential issues (FF PTU) which have not occurred or rectified. I have not renewed. That said, there are things not covered by either which I paid for but not catastrophic. As insurance, it is expensive against, transmission and convertible issues mostly. I will try to find the link fo the thread. It is really very persuasive analysis when one does the math ( to not get the warranty).

Factory Warranty $7k for 12 months
https://r.tapatalk.com/shareLink?share_fid=9080&share_tid=597891&url=https://www.ferrarichat.com/forum/index.php?threads/Factory-Warranty-%247k-for-12-months.597891/&share_type=t

There are others

ScottS

 

Extended warranty: is this aftermarket or something Ferrari offers? I've had horrible experiences with aftermarket warranties, for car and home. American Home Shield is a great example of throwing your cash into a black hole.

I did have a warranty for my E55 through Chrysler a while back. That one was awesome. Had like $5000 more in claims than I paid and then got a pro-rated refund for the remaining warranty when I sold the car. Sadly Chrysler doesn't warranty E55's anymore. lol.

 

ferrari covered te headliners under power warranty? i thought it just cover major items the dash, headliners not on the list.

 

If you extend the original 3-year new car warranty before it expires, you can buy 1 or 2 years of new car warranty for about the same price as the New Power warranty. It will cover pretty much anything. If you let the original warranty lapse, you can only buy New Power which covers considerably less.

 

No. I extended the original factory warranty for two years. Same as original warranty. I think the 3rd year it can only be the New Power Warranty.

 

Thank you , so it’s new cars With existing warranty ..got excited lol.. my 2005 612 power 15.. will expire next month

 

Maybe an idea is to align the Ferrari warranty with the 7-year maintenance coverage - so 3 year new car warranty, 2 year extension and 2 more year new power warranty. That way you have all the maintenance and issues solving in the hands of Ferrari for 7 years.
If there is no Ferrari warranty and something happens during the maintenance coverage, I'm not sure how Ferrari would react (regarding the free maintenance) if one elects to have the work related to a not covered issues done by someone else (which will certainly be cheaper than Ferrari after sale service).
Afterwards go to independent specialists for maintenance, and self insure.

 

As a general rule, on the long term a warranty is not a good deal. Statistically Ferrari makes money on the warranty, and that money is wasted by the customers.
That's statistics though - so on a small sample (one single car over only few years) the result may be different, and not paying for the warranty is a real risk; as the sample grows (by considering several cars or several years) the result should be closer to the statistics and allow savings.

 

Indeed, no warranty for the long term - because on the long term the cost of failures should be closer to average, and the cost of warranty is designed to exceed this average.
On the short term one may be lucky or unlucky, so be far from average in one or the other direction - making the warranty either a bad or good deal.

 

I'd say 3 things will/should impact your decision on whether to get an extended warranty or not (Ferrari or any other exotic for that matter):

1. How hard and frequently you use the car
2. Do you have a mechanic who can service exotics
3. Do you have an autobody shop who can fix exotic body panels, etc.

Finally, the warranty is very useful if a major item breaks down as that will cost you a ton regardless if you do it outside of Ferrari and those items tend to usually be covered by warranty no questions asked.

 

just same as healthcare insurance in US. One abdominal pain visit to ED will set you back five digits easily. One ICU stay will cost at least one decent house. You only think about how much you would have saved by not having the insurance, but when you need it, you will also automatically think about how much you would have saved by having the insurance.

bottom line, are you risk taking or risk aversive? I told myself driving a quarter million car, and spend only $15 a day for a good insurance, hell yeah! that was a just price of some sushi nigiri, or a starbuck.

 

For a 10-year ownership period ... I would pass. If you were going to own the car for a year or two, and something like a gearbox failure occurred that was going to set you back five figures, maybe get it. But if you are familiar with the car and it has not been problematic, it's hard to imagine having enough problems that would cost $50k over 10 years. The New Power warranty doesn't cover everything. The warranty is really peace of mind for that sudden devastating failure. And that is not necessarily going to be covered by the New Power warranty, either, as it specifically states that it does not cover leaks. I can understand not wanting to cover some minor seeping oil at a valve cover seal (although really, for $4500 they probably should). That's always been the question in my mind ... if something fail and all the oil is suddenly dumped, resulting in a damaged engine, is the warranty going to cover that repair?

I do think extending the original warranty by two years if it hasn't expired is a pretty good deal, as it's bumper to bumper. That being said, I extended it on my 2013 California 30 and then had ... zero issues. But I did sleep well at night.

 

I get it every year. They do a good inspection with it. Payback is better sleeping and against a big failure but also your service manager takes note of this with regional reps and repay loyalty by covering items not under warranty. They know who spends money with them and it works both ways. At least in my experience. V12's almost twice the price but includes all annual maintenance after the 7 years are up. Math shows they are not worth it unless its your turn for a big repair. Do you feel lucky or have the discipline to self insure?

 

Spot on. Ferrari are give 7 year free maintenance they should be covered with full warrantee for 7 years also. That would be such a great deal. **** Hyundai does.

But in my case down here in Australia we have the AUSTRALIAN CONSUMER LAW. Im looking into this as the law states :


A good purchased is expected to be durable enough to perform its intended function(s) for a reasonable amount of time.


Consumer guarantees under the ACL apply for a reasonable time and in addition to any warranties that manufacturers and/or suppliers provide for a good. This means consumer guarantees may continue to apply during the period of those warranties and after those warranties expire.

Now this begs me to ask. We have 7 years free service, car is used as a normal car, no track work. At the 3rd service technically 3 year warrantee is up. Sorry to tell you your Turbo is gone to heaven. Under ACL they will have to repair it , Full Stop.
The way I see it and will have it confirmed , under normal use and not abused and given the price i can see it covering all the 7 years.
The yearly service is not only to service the car but to also check it. See if anything is wrong and rectify it in a timely mater.

By far the most compelling argument is why are we forced to pay to extend a warrantee ? Does this mean oh be careful your new 488 GTB will have costly repairs after 3 years because hey that's all we reckon it can go for before developing problems ?

I don't know if I have the balls to take of Ferrari if I don't take on the extended warrantee and I blow a turbo/gearbox etc but one thing for sure even if I drive 20,000 kms in 3 years its well and truly below its expected service life and should be repair at zero cost..