[Z06] Name those problems!
Guest
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Name those problems!
I'm wrestling with the idea of which GMPP to get for my '03 Z. As my car passes the 36,000 mile threshold, I'm curious to hear what kind of problems those of you with '02s and '01s have faced in the 36K to 72K mile period of time....power window failure? Headlight motor failures? How much do those things cost to repair without the warranty?
Instructor
Joined: Mar 2005
Posts: 199
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Obviously, the idea of selling a warranty, whether it is GM or some third party company, is to make money. Thus, this means that on average, your car is unlikely to incur mechanical problems (cost of needed repairs) that will surpass the purchase price of your warranty. It's just like gambling, and they are the house, the odds are always in their favor. They have mathematically/statistcally calculated the price of the warranty to cover common problems that may be likely to occur for a particular car and still have margin in their selling price. In addition, the dollar amounts used intheir calculations are full deealership retail for repairs and parts, and often small repairs can be done for much less and possibly by yourself in the garage. The complete failure of something in the driveline or the engien is unlikley, and only in such a case would one be able to justify the money they paid for an extended warranty.
Personally, I say put your money in the bank and chances are you won't ever use your emergency repair fund, and you'll be ahead in the end.
Just my $.02.
Personally, I say put your money in the bank and chances are you won't ever use your emergency repair fund, and you'll be ahead in the end.
Just my $.02.
Guest
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Oh, for sure. GM's charging price is the expected value of the repairs over the life of the warranty plus an embedded profit.
It's not that I don't know where my money would be going...it's that despite the fact that I'm aware of the situation, I still might be willing to pay the price of peace of mind, which is the only reason GM sells extended warranties in the first place.
It's not that I don't know where my money would be going...it's that despite the fact that I'm aware of the situation, I still might be willing to pay the price of peace of mind, which is the only reason GM sells extended warranties in the first place.
Melting Slicks
Joined: Nov 1999
Posts: 2,460
Likes: 352
From: Madison Alabama
First, to answer your question, no problems...yet, that's why I bought the GMPP.
I'll agree that purchase of a GMPP is like gambling...GM, the house, will win.
However, after reading about $4K tranny repairs over on Z16.org my safe bet was spend $1K now...it's an odd way to look at it but I can't get a return like that from putting $$ in the bank. I even "hedged" my bet with a deductible.
But, keep in mind, the warranty price is not based exclusively on the Corvette but rather on a range of GM cars that fit into a class (the Corvette is a class 5 I think).
Also, I know "me"...if it can break it will and as a high-performance sports car I figure she will breaK, just a matter of when and how bad...I'll do my part, keep the maint. up, drive with-in limits and keep my finger's crossed.
One last thing, don't forget the added re-sale value. When I was looking for my Z I only considered cars that had a balance of factory warranty or a GMPP. I figure that will become important to the next person should I ever sell the car...like that will happen
I'll agree that purchase of a GMPP is like gambling...GM, the house, will win.
However, after reading about $4K tranny repairs over on Z16.org my safe bet was spend $1K now...it's an odd way to look at it but I can't get a return like that from putting $$ in the bank. I even "hedged" my bet with a deductible.
But, keep in mind, the warranty price is not based exclusively on the Corvette but rather on a range of GM cars that fit into a class (the Corvette is a class 5 I think).
Also, I know "me"...if it can break it will and as a high-performance sports car I figure she will breaK, just a matter of when and how bad...I'll do my part, keep the maint. up, drive with-in limits and keep my finger's crossed.
One last thing, don't forget the added re-sale value. When I was looking for my Z I only considered cars that had a balance of factory warranty or a GMPP. I figure that will become important to the next person should I ever sell the car...like that will happen
Last edited by 2TONE82; Mar 14, 2006 at 03:05 PM.
Guest
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Originally Posted by KurtinKC
My attitude is, if it breaks, replace whatever it was with something better, not the same thing. Warranties don't do that. That's me though, the convenience of a warranty definitely has value.
Racer
Joined: Aug 2004
Posts: 421
Likes: 5
From: Nashville, TN
Gmpp
Don't forget you have to buy GMPP 3 months and 3000 miles before your base factory warranty expires.
http://forums.corvetteforum.com/show...16&forum_id=71
http://forums.corvetteforum.com/show...16&forum_id=71
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Pro
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From: Meadows Place Texas
When I faced this question, I contacted Ken Fitchner. His input was invaluable in my decision. Time has proven he was right on every point he made. The best advice I can give anyone on this subject is "contact Ken."
dave
dave