Need advise with Ford's "Extra Care" Extended warranty

[steelnewfie]

Hey everyone....

Just want any opininons on the stuff covered under this warranty, and the (113) components covered.

I have a 99 Mustang GT w 41,000K. This warranty will give me an additional 36K miles for approx $1100.

Worth the money ??!!

Thanks !!!

 

[ElFenix]

its insurance, shop around, find the lowest rates from a reputable provider for the stuff that needs covered. of course insurance is a losing proposition unless you use it. thats simply how it goes. its really a pyramid scheme, when you think about it.

 

[vi edit]

How has the car been thus far? Has it had to have gone in a lot on warranty claims? Have you done maintanence at the ford reommended intervals? Do you think you'll keep the car the entrie length of the warranty? Is the warranty transferable to another person in the even you sell the car?

 

[steelnewfie]

Thanks for the help !!

Vi_Edit...

Car has been pretty good thusfar, though I do drive it hard.
Needs new brakes and clutch soon, but that's not covered anyway...
May not keep the car another three years, but the warranty IS transferrable.
It it were my old honda civic, I'd decline, but this car is not known for reliability !!

My buyout on lease is 11300 + tax and she's definitely worth that.

Also Ford will give me a 0.5 % reduction in interest rate if I put $1000 down.. Thoughts ??

 

[vi edit]

Ok, this is just MY opinion but if I was in the situation, here's what I would do -

That residual is low...damn low. Your car is probably worth around 13k or so in a private party, nearly 2k or so more than your buyout. If your lease permits it, I would sell the car for 13,000, pocket $2,000, and then pay off the buyout amount.

I'd then take that $2,000 that you made and the $1000 that you were going to spend on an extended warranty and wrap it into a new lease, or maybe on financing on a year or two old car of your fancy.

That's just what I would do, assuming that I was planning on having a monthly payment one way or another anyhow

 

[Pacfanweb]

Extracare is the 3rd highest of the 4 ESP's Ford sells. It will cover most of the electrical toys, but none of the electronics on the engine.
Of course, all the base powertrain components are covered.
The radio is also not covered. You'd have to step up to premiumcare to get all that stuff covered.

The pros are that every Ford dealer in North America has to honor that plan. The con is that it may cost a bit more than an insurance company's ESP...but those have a BUNCH of drawbacks, too.

You don't have to worry about having someone at Ford interpret whether a part is covered or not....it goes by base part #, so a dealer just punches the number online with Ford, and it tells you whether it's covered or not.
You also will have no problem with the warranty not paying for shop supplies, fluids, gaskets, collateral damage, etc. If a covered part fails and also takes out a non-covered part, they are both covered.
I don't know of an aftermarket plan that does that.

Selling your car and making a profit may also be a viable option. Check it out.

 

[Pacfanweb]

One more thing: if you have that leased through Ford, there is a 1000.00 extra rebate for coming out of a lease available if you buy another Ford, along with the rebates most new Fords have now.

 

[steelnewfie]

Again, thanks for the help...

Bottom line, my residual buyout is good, cause I paid out the ass during my lease... )Due to poor credit for another Canuck coming to the US).. So I am buying the car... Best rate I can get is 10.25 from Ford at Level 0 (Best credit tier).

Warranty seems to cover most major components, deductible is $100 but will try to get the dealer to knock it down to $50.... I think I will purchase it for the $1100.... Having a warranty like that to 81,000 Miles is worth it.... (Current warranty ends 45K + 36K = 81K)

Vi_edit understand what you're saying. But 11300 + tax (~750) + warranty (1100) will get me up there real quick... and I want to keep the car...

Pacfanweb... good info, thanks.... How much more is premium warranty ?? Can I try the 1000 loyalty rebate on buying out my car, or does it apply to new purchases only ??

 

[Pacfanweb]

The rebate is for new purchases only.

Premiumcare is probably a few hundred more. Ask them, it may be worth it. Extracare comes standard with a 50.00 deductible, you can pay extra for a 0 (zero) dollar deductible, or pay less and have a 100.00 ded. See if they will give you the 50.00 ded. for the same price.

 

[vi edit]

<< Vi_edit understand what you're saying. But 11300 + tax (~750) + warranty (1100) will get me up there real quick... and I want to keep the car... >>


That was my point. You could actually MAKE MONEY on the car if you sold it outright and then apply the surplus to a new car. You could recoupe some of those cost from the high monthly payments.

If you do go ahead with the buyout, I'd look into a local credit union to join. At my credit union I can finance a 1999 car for 37 months at 6.5%. That could save you upwards of $50 a month over the 10.5 that ford is offering you.

You *shouldn't* have to finance the buyout through ford again.