I'm closing in on the 24K mile mark, so I'm sitting here looking through all the different GMPP extended warranty package options and trying to figure out which one is really the most cost effective. The prices all go up after 24K miles, so if I'm going to get one, now would be the time.

My current thinking is that the sweet spot would be a 3 year 60K mile package with $0 deductible, but the mileage of course may differ for others depending on how much they drive.

The current costs on this for me would be about $1,200. So I'm sitting here thinking about all the repairs I could do on my own for $1,200 and wondering if it really is worth it or not. Major items in the powertrain should already be covered, so all I really have to worry about are electrical items that might go bad, like the Nav system or the power top or something of that sort.

I'm just wondering, how many folks have actually had to use their extended warranty, and did it really pay off for you? Would you do it again, and if so, what package would you buy?

Part of me thinks these extended warranties are a big rip off, but I know that parts and repair on these cars can add up fast if something does go wrong with them.

Is there any general consensus on what particular package offers the best value?

 

I do not believe in extended warranties and believe they only benefit the seller. BUT, I bought the GMPP Major Guard for my 2008 Coupe.

The reason I went against my beliefs are:
1.) The Corvette is complicated and there is a LOT to go wrong besides the drivetrain, which is covered by GMPP too. I can imagine the computer, electric door locks, the hatch pull-down are all expensive to replace/repair.
2.) If I do not use it I can discontinue it for a pro-rated refund.
3.) If I sell it it is transferrable to the new owner. I know if I was buying a pre-owed Corvette I'd buy one with the GMPP before I'd buy one without (all other things being equal).

If I have it I'll never need it. If I didn't buy it everything will break! (it's just my luck).

Glen

 

I just have to put a post because most guys do not drive their Corvettes 20K per year which is what you are looking at. Remember that the time and miles start from day of purchase and odometer reading at that time. A lot of customers think they are going back to the original In Service Date and 0 miles but you are not. If you are only putting 8-10,000 miles per year you are looking at the wrong plan. You as stated want to get this while under 24K for miles.

dfichtner@fichtnerchevrolet.com


Dennis Fichtner

Yes I sell them and yes I have them on my Corvette and I am really glad I did!!

 

We bought our GMPP from Dennis and are glad we did. Both for the protection and for the good deal we got from him!

 

GMPP is a form of insurance, and Dennis is the guy to buy it from if you buy it at all.

We've had it on our last two Corvettes and have it now on our 2009. In the average, you should lose some money on the deal because GM prices the plans to make a profit. But just like any insurance, some people will make out very well. The most you can lose is the price of the GMPP if you never need it. But the payoff can be very big if it covers expensive repairs like it did on our two previous 'vettes. In both cases, the problems were electrical and started at about 50k on the 2001 and about 38k on the 2006. We "made money" on our last two policies.

For me, the biggest issue is convenience. If something goes wrong, I like being able to drop the car at a dealer and say "call me when it's fixed." Jump in the free rental car and get on with life, especially if we're on a road trip. No worrying about how much it's going to cost, can I fix it myself cheaper, what if the first work doesn't fix the problem, etc.

The GMPP question seems to bring out the worst in people here. Some who love it will claim you're an idiot if you don't get it, others who don't like it will preach with evangelistic fervor about how you're wasting your money. Ignore all of them, talk with Dennis and look at his numbers, then make the decision that you're comfortable with.

 

I wish I wasn't out of the 3 year on my 07 or I would get a GMPP warranty. I have had friends with GTOs (LS2) that have had motor grenaded, clutches grenade also, suspension, door handles ANYTHING that goes wrong you can get replaced.. many times with your own mechanic. I know a kid who had two motors due to bad luck go boom and got both replaced without any questions asked.

 

Well, I'm not asking if I should buy it. What I am asking is what is the most cost effective plan? There are MANY mileage and year options to choose from.

If I understand it correctly a 3 yr, 60K mile plan will protect me from three years of when I purchase the plan and until the car hits 60K miles, right? Is that how it works? Or is it 60K miles from the current reading, which would take me out to 83K miles.

What I would really like to hear, is what mileage/year option plan do most folks get.

 

This part of your post is going to lead to others chiming in on whether you should get it or not.

 

When you purchase a 3 year 36,000 mile plan the plan starts at 3 years from today and another 36,000 miles on top of your current mileage.

If you are interested in any of the GMPP's I'd appreciate the opportunity to earn your business.

 

As others mentioned; whatever months/miles of GMPP you buy, will be added onto the months/miles you have on your car that day.

In order to do a good cost analysis, you need to know when your car will need repairs.

Seriously; you can only estimate how many months/miles the car will have when you eventually sell/trade it, then try to cover that period. Keep in mind you can get a partial refund if you sell/trade the car and the new owner doesn't want to pay you for the remaining GMPP. Better to go too long than too short, but match the months/miles to your expected usage.

Also, there are 3 "break points" in the GMPP rate structure.
The first price increase comes when you exceed 12 months OR 12k miles. The second increase comes when you exceed 24 months OR 24k miles. The final break point is at 36 months OR 36k miles, then you can't buy GMPP.

We put at least 12k miles per year on the car. Our best deal was to buy the 84 month/84k mile plan, just before running out of the original 12 or 12. Our car was only 7 months old but had about 11,800 miles when we bought the GMPP. That gives us GMPP to 91 months or 95,800 miles.

 

It really depends on how many miles you put on the car per year. I usually put between 4 and 5K miles per year so I go for max number of years at minimum mileage. That way the GMPP price is lower but since I track the car there are a bunch of things that wear out much quicker than the miles would indicate. Its easier to take it to the dealer and have them fix those items. Power Steering components, wheel bearings, tie rod ends, etc. Then throw on the occassional ABS, power seat track or other electrical failure and you end up saving money by going with GMPP. I haven't had a powertrain failure on a vehicle in over 20 years so I don't worry much about the powertrain.

Bill

 

That is incorrect. 60k is added to the 23k you currently have, so you would have coverage to 83k or for 3 years, whichever comes first. Unless you are putting on 20k miles per year, this is not cost effective. You might consider a 3yr/24k or a 4 yr/32k. That's cost effective if you are putting on 8k per year and plan to keep the car for 3 to 4 years.

Bottom line, the most cost effective plan is going to vary depending on how many miles you drive each year and how many years you expect to keep your car.

 

Can you describe which plan you have? Im on pace for 3.5k miles per year, and may do HPDEs starting next season also.

 

you left out the most important part, how much did this plan cost?

 

Fred,

You said that you are concerned about potential electrical problems.

FWIW you probably know that there is no test or visual inspection that a technician can perform to any expensive black box or associated module/sensor to determine when and if it will fail.

Having said that, you only get one chance to buy it, so buy the highest level of coverage for the highest mileage, and longest time period that you can. I have no problem paying up for a MANUFACTURER'S extended warranty.......but will not do so for an aftermarket plan underwritten by some arms length third party insurance company out for a quick buck. Just my thoughts.

 

84 months, 84,000 miles, $0 ded GMPP.

$2,215 from the local dealer, that works out to $33.06 per month for the 67 months we will be outside the original warranty. For me, a good deal. For others, only they can decide. I broke my habit and bought locally because I had to get the car from another dealer and the local dealer has taken very good care of me. That price was approximately equal to what Dennis would have charged.

 

After you get hit with the Corvette Tax you be happy you had the insurance

 

Thanks for all the posts about myself and the dealership. I appreciate any and all referrals to me, that means I am doing my job right.

To all asking prices, GMPP prohibits us from publishing prices and in all honesty every dealership is different, depends on how cut throat they want to be. I have never stated I was the CHEAPEST but feel in my 8.5 years of selling GMPP's I have earned my business by posting answers to many tough questions and going the extra mile for my customer that may be out of warranty by a week or extending a GMPP that was not able to be extended. Well everyone gets what I am saying so for all of you needing quotes please email me at dfichtner@fichtnerchevrolet.com with your VIN and current miles and I will send a quote right back.

Dennis Fichtner

 

Did you have to pay $2,215 in full or in payments?

 

We had set up the deal before leaving on vacation, knowing that the car would go over 12k miles while we were gone.

When the mileage got to 11,800; I phoned the guy at the dealer, gave him my GM credit card info (he already had the VIN, etc), took a digital pic of the odometer for my records, and went out to dinner.



We normally pay cash for our cars and pay off credit cards each month, did it that way here.