Extended Warranties
12-10-2016, 04:32 PM
#1
cesssna10
Thread Starter
Extended Warranties
I have 2013 stock coupe. I am 70 and plan on keeping the car for at least 8 years. The car has 22K on it and I do about 5K a year so in 8 years would still be under 70K. Any recommendations from
any of you that have them and also an idea of the cost
any of you that have them and also an idea of the cost
12-10-2016, 08:14 PM
#2
Melting Slicks
Member Since: Oct 2004
Location: Kernersville NC
Posts: 2,281
Likes: 0
Received 136 Likes
on
75 Posts
I'm turning 70 in 2017. I've had my '05' for 12 years. Bought two extended warranties and never used either one of them. If you drive your car like a 'touring car' which I do you should not need it.
The following users liked this post:
cessna10 (12-10-2016)
12-10-2016, 08:23 PM
#3
Team Owner
Member Since: Sep 2000
Location: Far NW 'burbs of Chicago
Posts: 23,927
Received 2,045 Likes
on
1,358 Posts
St. Jude Donor '13
Simple-thinking people will tell you that extended warranties are a losing game- the companies make money on them and so the average customer loses money. That is correct, just like house insurance or medical insurance. But the real tipping point is "can you afford to pay for a significant problem with your own money?" Most of us can't afford to buy a new house if one burns down, nor pay for a major hospital stay. So we buy the insurance. and are happy if we don't need it.
Fixing a Corvette is more of a gray area. A new transmission is several thousand dollars, a new engine several times that. Most of us could pay for a new one but it would crimp our style for a while.
Of course, most problems are less expensive but they can still add up over time and are a big hassle. We bought the GMPP extended warranty when our 2009 was in its first year, and we recently extended it. Partly because we did indeed "make money" on our three previous Corvette extended warranties, and partly for the convenience. When (not "if") we are on vacation and the 'vette has problems; we drop it at the nearest dealer, hop into the free rental car, and say "call my cellphone when it's fixed." To us, that's worth a lot of money beyond the fact that we are unlucky enough to come out ahead on the warranties.
We put a lot of miles on our Corvette in far away places, if you don't drive yours so much and stay closer to home, skipping the warranty could make sense.
Fixing a Corvette is more of a gray area. A new transmission is several thousand dollars, a new engine several times that. Most of us could pay for a new one but it would crimp our style for a while.
Of course, most problems are less expensive but they can still add up over time and are a big hassle. We bought the GMPP extended warranty when our 2009 was in its first year, and we recently extended it. Partly because we did indeed "make money" on our three previous Corvette extended warranties, and partly for the convenience. When (not "if") we are on vacation and the 'vette has problems; we drop it at the nearest dealer, hop into the free rental car, and say "call my cellphone when it's fixed." To us, that's worth a lot of money beyond the fact that we are unlucky enough to come out ahead on the warranties.
We put a lot of miles on our Corvette in far away places, if you don't drive yours so much and stay closer to home, skipping the warranty could make sense.
12-10-2016, 09:39 PM
#4
Burning Brakes
OP, below is link to a recent post by Menholt's Ken Fichtner that will address some of your questions. Many folks on CF have purchased extended warranties from Ken over the years. In June I purchased my EW from Menholt for my 2013 base coupe with circa 20k miles. Very customer friendly folks. E-mail them to get a quote. Also looks like they have a nice discount through the end of December 2016. Good luck. BTW, I am not affiliated with Menholt in any way.
Menholt's Ken Fichtners recent post re: extended warranties:
https://www.corvetteforum.com/forums/....php?t=3913062
Menholt's Ken Fichtners recent post re: extended warranties:
https://www.corvetteforum.com/forums/....php?t=3913062
Last edited by Yaupon; 12-11-2016 at 10:11 AM.
The following users liked this post:
cessna10 (12-11-2016)
12-10-2016, 10:20 PM
#6
Burning Brakes
Actually it does, e.g., the e-mail address/phone number and other basic information needed for the OP to get a price quote, which was one of his questions. Also provides him a reliable source for an EW. And your post added exactly what 
to the thread?
to the thread?
Last edited by Yaupon; 12-11-2016 at 10:14 AM.
The following users liked this post:
Landru (12-11-2016)
12-10-2016, 10:45 PM
#7
Every time I've bought the extended warranty on anything (Vettes, major appliances…) they have paid for themselves.
Maybe I've bought shitty appliances and cars?
Maybe I've bought shitty appliances and cars?
12-10-2016, 11:08 PM
#8
Melting Slicks
I have a '12 GS and at the end of my 1st year of ownership (I bought it new) I contacted Ken and bought the extended warranty. Since my mileage on the car is very low I bought a 7 year 50K mile GMPP warranty for about $1300.00 +-. I will be using it in the spring when she wakes up from her winter nap on a suspension/drive train issue. Worth it for me.
12-11-2016, 08:56 AM
#10
Drifting
I have bought two extended warranties. One was on the twin Merc engines in my boat. I recovered about 75% of the cost through warranty repairs. The other is on my ZR1. 3 years/36,000 miles for $1,100. Have not used it but 2 years remaining. I hope I don't need it but it's worth the peace of mind at that price.
12-11-2016, 10:49 AM
#11
Burning Brakes
Sorry to the OP, was not my intent to sidetrack your thread. So often the OP's questions never really get answered. I contributed myself by not actually answering your question myself.
Last edited by MH663; 12-11-2016 at 10:52 AM.
12-11-2016, 01:54 PM
#12
Melting Slicks
Simple-thinking people will tell you that extended warranties are a losing game- the companies make money on them and so the average customer loses money. That is correct, just like house insurance or medical insurance. But the real tipping point is "can you afford to pay for a significant problem with your own money?" Most of us can't afford to buy a new house if one burns down, nor pay for a major hospital stay. So we buy the insurance. and are happy if we don't need it.
Fixing a Corvette is more of a gray area. A new transmission is several thousand dollars, a new engine several times that. Most of us could pay for a new one but it would crimp our style for a while.
Of course, most problems are less expensive but they can still add up over time and are a big hassle. We bought the GMPP extended warranty when our 2009 was in its first year, and we recently extended it. Partly because we did indeed "make money" on our three previous Corvette extended warranties, and partly for the convenience. When (not "if") we are on vacation and the 'vette has problems; we drop it at the nearest dealer, hop into the free rental car, and say "call my cellphone when it's fixed." To us, that's worth a lot of money beyond the fact that we are unlucky enough to come out ahead on the warranties.
We put a lot of miles on our Corvette in far away places, if you don't drive yours so much and stay closer to home, skipping the warranty could make sense.
Fixing a Corvette is more of a gray area. A new transmission is several thousand dollars, a new engine several times that. Most of us could pay for a new one but it would crimp our style for a while.
Of course, most problems are less expensive but they can still add up over time and are a big hassle. We bought the GMPP extended warranty when our 2009 was in its first year, and we recently extended it. Partly because we did indeed "make money" on our three previous Corvette extended warranties, and partly for the convenience. When (not "if") we are on vacation and the 'vette has problems; we drop it at the nearest dealer, hop into the free rental car, and say "call my cellphone when it's fixed." To us, that's worth a lot of money beyond the fact that we are unlucky enough to come out ahead on the warranties.
We put a lot of miles on our Corvette in far away places, if you don't drive yours so much and stay closer to home, skipping the warranty could make sense.
12-11-2016, 03:29 PM
#13
Team Owner
Member Since: Sep 2000
Location: Far NW 'burbs of Chicago
Posts: 23,927
Received 2,045 Likes
on
1,358 Posts
St. Jude Donor '13
We paid $2,215 for a $0 deductible 84 mo/84k miles GMPP warranty.
We bought the car new and got the extended warranty at 7 mo/11k miles, so it lasted to 91 mo/95k miles.
For a brief review of the problems we've had fixed, you can search under my name for "One Year Report Card", "Two Year Report Card", etc. Of course the first 36k miles would have been covered under the factory warranty but we hit 36k pretty quickly.
To me, "Simple Thinking" doesn't mean dumb, it means someone has not thought through all the issues involved in a question. Hence, my comparison/contrast between house/medical insurance, and extended warranties. If a person weighs all the information before deciding, then they have my respect even if I didn't reach the same conclusion. But to say that extended warranties are a bad idea just because the companies, on average, make money on them is like saying we shouldn't buy house or medical insurance because someone makes money on them. Look at all the issues and decide what's best for you.
We bought the car new and got the extended warranty at 7 mo/11k miles, so it lasted to 91 mo/95k miles.
For a brief review of the problems we've had fixed, you can search under my name for "One Year Report Card", "Two Year Report Card", etc. Of course the first 36k miles would have been covered under the factory warranty but we hit 36k pretty quickly.
To me, "Simple Thinking" doesn't mean dumb, it means someone has not thought through all the issues involved in a question. Hence, my comparison/contrast between house/medical insurance, and extended warranties. If a person weighs all the information before deciding, then they have my respect even if I didn't reach the same conclusion. But to say that extended warranties are a bad idea just because the companies, on average, make money on them is like saying we shouldn't buy house or medical insurance because someone makes money on them. Look at all the issues and decide what's best for you.
Last edited by Gearhead Jim; 12-11-2016 at 03:33 PM.
12-11-2016, 03:47 PM
#14
Drifting
As mentioned above, I bought an extended "warranty" on my ZR1. We all know GMPP or GMEPP is not a warranty but repair insurance. On my boat I did get an extended warranty from Merc. I bought it because the Axius drive was new technology at the time. It turned out the failures I had were not related to the Axius system. The $1,100 I paid for GMEPP was based on the fact I was buying a used vehicle even though very low miles. With an MSRP of $125,000 I didn't think the cost was excessive. Plus, if I decide to sell (unlikely) during the insurance period there may be some benefit .
12-11-2016, 06:40 PM
#15
Burning Brakes
Actually mine does. My interpretation is the OP was looking for info on what type of warranties do we have and the cost. Not necessarily where to buy one. I guess it all depends on the viewpoint. Does that answer your question as to what my post added Yaupon?
Sorry to the OP, was not my intent to sidetrack your thread. So often the OP's questions never really get answered. I contributed myself by not actually answering your question myself.
Sorry to the OP, was not my intent to sidetrack your thread. So often the OP's questions never really get answered. I contributed myself by not actually answering your question myself.
The following users liked this post:
DonRMac (12-12-2016)
12-11-2016, 06:40 PM
#16
Team Owner
Member Since: May 2000
Location: Plantation Florida USAF(Retired) 1966-1990
Posts: 47,844
Received 4,499 Likes
on
3,586 Posts
U.S. Air Force
St. Jude Donor '05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-'20-'21-'22-'23-'24
NCM Sinkhole Donor
I also have 05, and had extended warranty which expired and never used, wasn't worth the money I paid.
By the will turn 70 in 2017.
By the will turn 70 in 2017.
12-11-2016, 06:42 PM
#17
Team Owner
Member Since: May 2000
Location: Plantation Florida USAF(Retired) 1966-1990
Posts: 47,844
Received 4,499 Likes
on
3,586 Posts
U.S. Air Force
St. Jude Donor '05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-'20-'21-'22-'23-'24
NCM Sinkhole Donor
http://www.c6registry.com/Technical/manuals/2005OM.pdf
12-11-2016, 07:11 PM
#18
Safety Car
Member Since: Feb 2001
Location: yardley, pa 19067
Posts: 4,273
Likes: 0
Received 289 Likes
on
160 Posts
I have a 2013 like you. I didnt opt for an extended warranty since my 3/36 expired in March. Had zero issues in the 3yrs of ownership and still have a 5yr/100k on the drivertrain. The final year of C6 has been trouble free so I say you don't need to waste $2k.
12-11-2016, 08:56 PM
#19
Way back before the internet started, there was a genuis who conspired to take advantage of that weakness people refer to as "peace of mind." He deduced that there were thousands out there that would give up their hard earned money just to feel safe. A business was born. He determined that the masses would send their money to his bank account and all he had to do in return was send a mere fraction back; and that was only if something would happen. His bank account grew and grew and grew. Every now and then he withdrew some monies to send back, but it was quickly realized that the incoming was far, far greather than his outgoing.
He often pondered about his millions and couldn't believe his good fortune; all because of this Peace of Mind. Why wouldn't these people just start their own little fund instead of sending it to me, he asked? If they saw my records, they would quickly understand that their initial investment (in their own account) would typically cover their peace of mind with more to spare. Ah, Santa Clause is alive and real!
And the business prospers.....
He often pondered about his millions and couldn't believe his good fortune; all because of this Peace of Mind. Why wouldn't these people just start their own little fund instead of sending it to me, he asked? If they saw my records, they would quickly understand that their initial investment (in their own account) would typically cover their peace of mind with more to spare. Ah, Santa Clause is alive and real!
And the business prospers.....
Last edited by airmed2; 12-11-2016 at 08:56 PM.
12-11-2016, 09:07 PM
#20
By the way, to compare a car to your house or medical insurance is pretty simple minded. A vehicle is a depreciating asset that comes no where near serving the vitally important role one's residence does. Medical insurance vs car warranty? That's a silly comparison as well. The two are so far apart as far as importance and priority that if you feel that's the only card in your back pocket to determine that buying a car warranty is equally justified, then explaining the difference is probably a mute point.
Honestly, I don't care if people get car warranties. I've done it before....but never again. I actually get them on all my powersports toys because they often only have a year of coverage, and using a snowmobile for me living in the south is a twice a year endeavor. I have to get multi years of coverage. So, essentially, I pay the guy I described above.
Honestly, I don't care if people get car warranties. I've done it before....but never again. I actually get them on all my powersports toys because they often only have a year of coverage, and using a snowmobile for me living in the south is a twice a year endeavor. I have to get multi years of coverage. So, essentially, I pay the guy I described above.
