Did you buy an extended warranty?

[Texas Dan]

I have mixed feelings about extending warranties. The dealers are betting they are going to make money on the warranty and the owners are betting they going to make money on the warranty. Somebody’s going to be wrong and it’s probably going to be the owner.

I had a GMC that I had to have two crankshafts replaced so I definitely made money on that extended warranty but I really haven’t had that kind of trouble with any of the Fords I’ve bought. For my Lightning I decided to skip the extended warranty, save my money and just pay out of pocket for any out of warranty repairs. Please vote on whether you purchased an extended warranty and provide a post on why you made your choice.

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[TaxmanHog]

Yes, I plan to use the 2022 Lightning until 2030+

 

[Joe.....Montana]

Yes...and it was the first extended warranty I have purchased (previous car purchases; Nissan Altima, Honda Civic, Honda CR-V, Toyota Rav4, Toyota Highlander). I did not purchase the ESP at time of truck purchase. But after listening to an interview with Jim Farley in which he mentioned all the different companies involved in the production of the Lightning and it being only the second year of production (MY23), I jumped on an ESP from Granger Ford. For $1600 ($17/month) I have coverage on the truck for the same amount of time as the battery (8yr/100,000).

 

[RickLightning]

I have mixed feelings about extending warranties. The dealers are betting they are going to make money on the warranty and the owners are betting they going to make money on the warranty. Somebody’s going to be wrong and it’s probably going to be the owner.

I had a GMC that I had to have two crankshafts replaced so I definitely made money on that extended warranty but I really haven’t had that kind of trouble with any of the Fords I’ve bought. For my Lightning I decided to skip the extended warranty, save my money and just pay out of pocket for any out of warranty repairs. Please vote on whether you purchased an extended warranty and provide a post on why you made your choice.

You have some basic misunderstanding.

Dealerships sell extended warranties to make money. The Ford extended warranty cost them $X. They mark it up. They aren't "betting" anything, they have a guaranteed profit of $Selling price minus cost from Ford. Pure, 100%, profit.

Ford is betting. Ford is betting with stacked odds, because they know repair rates and costs. Ford makes a huge profit, because they price the extended warranty to do so.

For an individual person, they should be looking at the extended warranty as a "house wins" situation, but it's INSURANCE against a risk. The question is "can you afford the risk"? If you can, and you know "house wins", it's simply throwing away money.

 

[queuewho]

Ford did one simple trick to get me to buy an extended warranty... only have the B2B that comes with the truck last 3 years. I extended it out another 2 with Grainger. It only cost around 700 minus the points I used against it. So maybe Ford 'wins' an extra ~600 out of me. Or, these light bars and stuff all burn out in year 4 and I only pay 100 instead of like 2000 for replacements.

 

[SpaceEVDriver]

No. Absolutely not

For more than 25 years we've been putting all extended warranty, GAP insurance, etc money into an investment account--our "self-insurance account"--instead of giving it to these already rich companies. We have never needed to pull anything out of it.

We now have enough in this account to replace any item that could possibly need replacing. It'll be part of our retirement.

 

[Tfarrell73]

I normally don't buy the extended warranty, but I did on this truck. My 23 lightning is the 2nd year of production and if I need a repair in year 4 I can't just take this truck anywhere but the dealer. One repair to the cooling system or replacing a light bar will pay for itself

 

[MFT]

Yes I bought an extended warranty but it is a lot cheaper if you buy it direct after your purchase as opposed to through the dealership. As long as you purchase it within the first 12 months and 10k miles. It was a fraction of the cost and I got bumper to bumper to 175k miles

 

[Heliian]

I always get a warranty to cover the years I'm making payments. I put on 35000kms a year, my battery warranty will only last 4.3 years. My extended warranty covers 5years.

With some components of modern vehicles costing thousands of dollars, it's a nice coverage to have.

Extended warranties are an added cost, but I hope I don't need to use it.

 

[JRT]

I did from Zeigler, I don't think there is any point in extending the warranty past 8 years 100k miles because the extended warranty does not cover the power train.

https://www.zeiglerfordesp.com/

 

[Vcrpromo]

I have mixed feelings about extending warranties. The dealers are betting they are going to make money on the warranty and the owners are betting they going to make money on the warranty. Somebody’s going to be wrong and it’s probably going to be the owner.

I had a GMC that I had to have two crankshafts replaced so I definitely made money on that extended warranty but I really haven’t had that kind of trouble with any of the Fords I’ve bought. For my Lightning I decided to skip the extended warranty, save my money and just pay out of pocket for any out of warranty repairs. Please vote on whether you purchased an extended warranty and provide a post on why you made your choice.

I refused my extended warranty 5 times and at the end the finance manager he could not let me be without the extended warranty and said he was going to give it to me free of charge, 4 days after I received a letter from Ford saying that they made a mistake and forgot to add the warranty I looked at my paperwork and it said they charged me 1200.

 

[ericpullen]

I got a 8yr/100k extended warranty just so I can match the bumper to bumper up to the battery warranty. Since it was a first model year, I wanted a little extra protection.

I might consider a T3 whenever it comes out, but I tend to keep my vehicles a long time.

 

[jefrank]

I did, but only to match up the B2B with the battery and through Grainger. If I decide to sell before 8/100k, it will be a plus to have that transferable warranty. If I don't, I have piece of mind that repairs into 2030 aren't going to set e back a fortune.

 

[shutterbug]

I did, but only to match up the B2B with the battery and through Grainger. If I decide to sell before 8/100k, it will be a plus to have that transferable warranty. If I don't, I have piece of mind that repairs into 2030 aren't going to set e back a fortune.

If you don't transfer the extended warranty you can have a partial refund through the seller.

 

[Alan168]

I have only purchased 4 extended warranty’s for vehicles, including the one from Granger for my ‘22 Lightning. The money I saved on two of the vehicles (an ‘87 Aerostar and a ‘13 Sienna) more than made up for the cost of all four extended warranty’s. Extended warranty’s are not an automatic purchase for me but I feel that for some vehicles they make economic sense.

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