We are now the new owners of a 2016 Vette.. Traded in our 1998, that we've loved but already love this one and it's only hours old..
Our question is, what do you all feel about extended warranties? And if you believe in them what company do you feel is a good one to go with..
Of course the dealer is more than happy to sell us one.. But we normally don't buy them.. Just not sure with all the electronic which way to go..
Thanks in advance
Benu

 

Grats on the new vette! We're going to need pics.

I never buy the warranty but aside from my new built c7, only own Ford trucks.

 

Thanks for the quick reply..

 

Congratulations on your new Vette. As for the extended warranty it gives you piece of mind should something happen. But for the cost I do not feel it is worth the piece of mind.

 

When you read what the extended warranty covers and then compair it to the warranty that comes with the car you will not purchase additional warranty protection.

 

Thanks to everyone who has replied.

 

Congrats on your new C7. I did not buy an extended warranty on my 2015 C7,Z51, A8 but may do so in the future. I think you want to stay with a GM warranty if you get one and the best time to buy is while your car is still under the 3 year 36K mile period. This topic has been discussed on the forum at length. Try putting in "extended warranty" into the search block on this forum. You will get a lot of information to consider that should help you make your decision.

 

Thanks Nice Ride.. I'll put in the search like you suggested...

 

I have 2015 Z06 ....I usually never buy extended warranties on anything.....with the exception of High End Cars, HVAC units and big Expensive TV's.
I usually keep these longer than factory warranties. Over the years this has proven to be a Big Win in my favor. Always covering the initial cost paid. IMAO

For the Z06 I bought the GM Warranty and the Wheel and Tire warranty.
Good Luck !

 

First, congrats on the C7! I'm right along most others here and didn't purchase an extended warranty. That being said, it obviously pays for some people. You'll get a pretty good feel over the first 6 months of any gremlins lurking in your car. Don't make a decision now, wait till you're a little further down the road.

 

Good advice thanks!!

 

You should try to determine the length of time that you will possibly keep the new 2016. That could become a major consideration in the determination to buy or not to buy any extended warranty.

I do not usually buy extended warranties. However in the case of my 2015 Corvette C7 (1st time Corvette owner), I decided to proceed taking in several considerations.

My age (63), I would like to keep the C7 until the C8 comes out and if a significant improvement in style or options or until age 70.

These new cars are loaded with electronics and sensors. It would be very easy for something to go wrong.

After an extensive time of researching the warranties, I choose to buy the GMPP Major Guard Plan. The GMPP will take me out to 84 months/ 56,005 miles with a $100 deductible. The cost was $1285.

I choose the 56,000 miles due to the fact that I usually put 5000 miles on my vehicles annually. I own 2 other premium sports cars so the C7 driving is split between the other 2 sports cars (Jaguar XKR and Porsche 981). My daily driver is usually my 2014 Ford F150.

I believe if the car is kept as stated above and something goes south, I will recoup the expense. The best time to buy is when the vehicle is new.

My cost is considered minimal at $184.00 per year over the 7 year period. The warranty provides peace of mind. Should the C8 come out earlier, the GMPP is transferable to any new owner (a potential selling point). The GMPP Plan covers many items except normal wear and tear items, which are expected.

Keep in mind these insurance policies have huge markups and are highly profitable sales for car dealers. My first quote was $2000 for the plan I bought for $1285. I shopped several dealerships and bought from the dealership who provided the best price point and service on the sale.

I live in NM bought the C7 in MO and bought the warranty from a dealership in MN.

Every vehicle owner has different reasons for making an extended warranty purchase.

I looked at the amortization for the total cost and for the $184 per year (I paid for the GMPP Plan in full at the time of purchase) I thought it was not a bad risk to take. Whether I ever use the EW is another question, but I do have peace of mind owning a high tech sports car where anything might go wrong after the OEM GM 36 month warranty expires.

 

Would you mind telling us who you bought the EW from...
Thanks so much..

 

Rockytop70:

Send me a PM. I have provided the name of the contact and the dealership to many CF members. Many are unprepared when calling this contact, wastes his time, and do not buy the EW.

Make sure you know exactly what you want, determine a price that you are willing to pay.

When I made the call, I personally had completed my research, made the call and told the contact this is what I want, what is your bottom line price.

In 10 minutes the personal information was taken, the VIN # was provided, the Credit Card information was given and the whole deal was easy.

Make it easy for any salesperson. These guys in most cases do not want to spend a lot of time holding hands with potential buyers.

If you're serious about buying, PM me. If you're just seeking questions, complete your due diligence first then PM me for the name.

I don't want to waste my contacts name and dealership name with unwarranted phone calls. By posting the name in a public forum he may get inundated with phone calls. My contact is the business manager of the dealership and has a business to run. He is a very nice person.

 

Wait till a few months before factory warranty expires
http://forums.corvetteforum.com/show....php?t=3729765

And it will help us help U if U include your location with user name.

 

Waiting until a few months before the factory warranty expires will drive the cost of any EW (extended warranty) up in price significantly.

Any honest person who sells these policies will confirm the pricing model and the increase if you wait.

 

I'm in the same boat and got the same GMPP for the same reasons. I wish I had checked out this information on the forum first because when I did I realized I had paid too much for it. But I'm still glad I got it.

My daily drivers come and go every few years and I never get extended warranties on those. But my toys tend to stick around for a long time. My last Corvette was a 2001 C5 I bought new in Dec of 2000 and traded on the '14 C7 in April 2015 - so I had that car 14 1/2 years. I'm expecting to do the same with the C7. I was concerned about the cost of repairs on the C7 and even though I paid too much for the warranty, its easily possible that one repair after the 3/36 is over could make it worth while.

The other side of the coin is that my C5 was never in the shop even once other than for scheduled maintenance. So if my luck holds, I may end up thinking the GMPP was a waste. If I use it a time or two, I'll probably end up saying it was wonderful.

I guess the way I look at it is to consider it insurance (which technically it actually is). At the $184 per year that you calculated its way cheaper than your car insurance and most people would not even consider driving their C7 around without full collision and comprehensive coverage even if they don't have a finance company requiring it. We probably would not say that our car insurance is worthless because we didn't have any accidents this year, right?

 

Verify everything with that source on link.

 

6GenVettes:

You have been around this CF for a long time. You should already know that the age of the vehicle and the mileage of the vehicle play important roles in determining the cost of the EW premium. That is very easy to figure out and you don't have to be a rocket scientist to figure that out. But you do have to be smarter than a 5th grade student. It's just plain logic.

Call any GM dealership that sells the GMPP plan and they will advise you that cheapest or lowest cost to buy the policy is when the car is new.

As the car approaches the 36 month warranty, if buying in the last month, the premium will be the highest cost.

I completed my due diligence well before making my purchase, it made no sense to wait until the 11th hour.

I suggest that you spend some doing completing some research to answer your own question. Time for you to get on the phone and start calling.

Any salesperson who sells the policies will verify the costs.

From Edmunds.com......An extended warranty is repair coverage that kicks in after the typical manufacturer bumper-to-bumper warranty has expired. This extended warranty will cover most major breakdowns and will — in theory — stabilize the cost of repairs, since the price of parts and labor tends to fluctuate over time. It is important to note that you have the option to purchase this warranty any time before the manufacturer warranty expires. You can even purchase an extended warranty after the manufacturer warranty expires, although the price will go up considerably.

Best bet as stated, get on the phone and ask questions about pricing.

 

Congrats on your new 16 Vette. if I was buying it would be GMPP