[Z06] Need Some Advice on Buying an Extended Warranty....HELP!!!!!!!
08-29-2013, 11:09 PM
#1
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Need Some Advice on Buying an Extended Warranty....HELP!!!!!!!
I need to know if anyone has experience with Extended Warranty plans. Here is the deal. I just bought a 2002 Z06. I decided to finance the car because my credit union literally gave me a fixed loan at 4 years at 1.73%. They called me today to go over the closing and they advised me that I could buy a 4 year or 48000 mile which ever comes first extended warranty for $1700. It also has a $250.00 deductible. The biggest issue from what I understand is that the car has to be completely stock. They void the warranty if you mod anything on the car. I am OK there, my car is completely stock and will remain that way. The warranty is backed by the same company that provides CARMAX with their extended warranties. The credit union backing the loan told me that they were surprised they had this offer for me and for this price. They usually don't see these offered to an 11 year old car and they thought I was crazy for not taking it and running with it. I won't get to specific of what the warranty covers but it is basically any big ticket items like transmission, engine, fuel injectors, anything electric or modules and clutch. Everything else is excluded. The reason this warranty got my attention is because I have learned that many parts for the C5 Z06 are not made anymore by GM and they can be hard to find. Also, if you find a part available it can be very costly. From what I read, the warranty covers these parts and they have to locate them if GM doesn't supply it. An electric door lock module alone can run around $500.00 just for the part. So just curious if any fellow Vet owners have used an extended warranty and if so would they recommend one to me. I do believe the company that is offering this is a very reputable company and they are fair. So is paying $425.00 a year for piece of mind a reasonable thing to do? I think this is a rock solid decision in moving forward.
08-29-2013, 11:42 PM
#2
Drifting
It really depends on how much you are going to drive the car. If a daily driver then I say yes, it may be worth the investment. If only driving 1-2 times a week in good weather months then I say no. $1700 may be a bit high for your car and I have found warranties can sometimes be negotiable on price just like cars. What did you pay for the car? If not much over $20k then I wouldn't pay more than $1500 for the warranty. I had an extended warranty on a Windstar minivan I paid $900 and it paid for itself bigtime. Multiple little things like wiper motor and seat motor switch, but one big thing in the tranny!
08-29-2013, 11:58 PM
#3
Drifting
I'm "in the same boat" as you, BillDmyC5.
I bought an '03 Z06 and paid for the warranty, but my warranty terms seemed better to me. With 27k miles, I was offered 4-, 5-, and 6- year plans. I don't remember the prices, except for the 6-year plan, which was exactly what you were quoted for the 4-year--$1700, with $250 deductible. The difference is, the 6-year plan lasts 100,000 miles.
Of course, the catch is, I won't know how good the warranty is until I need it. However, in a year, I've put on 20k miles already, driving "twice a week" and vacations.
Something to consider--you don't say what the mileage is on '02. There are a LOT of Z owners who claim that this model is a really tough build that is supposedly trouble-free for the first 100k. If that's true, 48k warranty may not bring you in range of the risky-mileage number. And in my case, I'd almost be halfway through your warranty (with 50k on the car now) and not a peep of trouble. (knock on wood)
I bought an '03 Z06 and paid for the warranty, but my warranty terms seemed better to me. With 27k miles, I was offered 4-, 5-, and 6- year plans. I don't remember the prices, except for the 6-year plan, which was exactly what you were quoted for the 4-year--$1700, with $250 deductible. The difference is, the 6-year plan lasts 100,000 miles.
Of course, the catch is, I won't know how good the warranty is until I need it. However, in a year, I've put on 20k miles already, driving "twice a week" and vacations.
Something to consider--you don't say what the mileage is on '02. There are a LOT of Z owners who claim that this model is a really tough build that is supposedly trouble-free for the first 100k. If that's true, 48k warranty may not bring you in range of the risky-mileage number. And in my case, I'd almost be halfway through your warranty (with 50k on the car now) and not a peep of trouble. (knock on wood)
08-30-2013, 12:03 AM
#4
Drifting
I'm "in the same boat" as you, BillDmyC5.
I bought an '03 Z06 and paid for the warranty, but my warranty terms seemed better to me. With 27k miles, I was offered 4-, 5-, and 6- year plans. I don't remember the prices, except for the 6-year plan, which was exactly what you were quoted for the 4-year--$1700, with $250 deductible. The difference is, the 6-year plan lasts 100,000 miles.
Of course, the catch is, I won't know how good the warranty is until I need it. However, in a year, I've put on 20k miles already, driving "twice a week" and vacations.
Something to consider--you don't say what the mileage is on '02. There are a LOT of Z owners who claim that this model is a really tough build that is supposedly trouble-free for the first 100k. If that's true, 48k warranty may not bring you in range of the risky-mileage number. And in my case, I'd almost be halfway through your warranty (with 50k on the car now) and not a peep of trouble. (knock on wood)
I bought an '03 Z06 and paid for the warranty, but my warranty terms seemed better to me. With 27k miles, I was offered 4-, 5-, and 6- year plans. I don't remember the prices, except for the 6-year plan, which was exactly what you were quoted for the 4-year--$1700, with $250 deductible. The difference is, the 6-year plan lasts 100,000 miles.
Of course, the catch is, I won't know how good the warranty is until I need it. However, in a year, I've put on 20k miles already, driving "twice a week" and vacations.
Something to consider--you don't say what the mileage is on '02. There are a LOT of Z owners who claim that this model is a really tough build that is supposedly trouble-free for the first 100k. If that's true, 48k warranty may not bring you in range of the risky-mileage number. And in my case, I'd almost be halfway through your warranty (with 50k on the car now) and not a peep of trouble. (knock on wood)
08-30-2013, 01:49 AM
#5
Drifting
Ya know, it's weird... the "other car" really is a Prius, and we've had it longer. In fact, we had two, and traded one in when it approached the end of its' factory warranty's life. The lone Prius still gets the bulk of the "workhorse" driving. But it's very interesting how many more places we have to go to, now that the second car is a Corvette. 
It's just way too much fun to leave sheltered in the garage; if it got better gas mileage, it'd go grocery-shopping with us. The hardware store. Donut runs. Everything.
It's just way too much fun to leave sheltered in the garage; if it got better gas mileage, it'd go grocery-shopping with us. The hardware store. Donut runs. Everything.
08-30-2013, 09:30 AM
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Z's, especially in stock form, are fairly reliable. The parts really are not that expensive - I don't know where you got the $500 price on the door lock module but you can find them for $200 or cheaper if you find someone who has a partout wreck. There really is no difficulty finding parts on the 2000+ year Corvettes.
When problems do occur within the engine/drivetrain, however, things can get expensive because of labor, not parts. You'll pay $800 in labor to drop the rear end/torque tube/transmission to replace the clutch in most instances as an example. One broken clutch will almost pay for your warranty ($800 in labor, $500 in clutch, $150 slave cylinder, $20 pilot bearing, $50 in fluids, minus your $250 deductible is $1250 paid by your warranty).
That said, warranty companies are like insurance companies. Their profit margin can be driven by denying your claims. I'd research and read carefully on consumer complaints on that particular provider.
When problems do occur within the engine/drivetrain, however, things can get expensive because of labor, not parts. You'll pay $800 in labor to drop the rear end/torque tube/transmission to replace the clutch in most instances as an example. One broken clutch will almost pay for your warranty ($800 in labor, $500 in clutch, $150 slave cylinder, $20 pilot bearing, $50 in fluids, minus your $250 deductible is $1250 paid by your warranty).
That said, warranty companies are like insurance companies. Their profit margin can be driven by denying your claims. I'd research and read carefully on consumer complaints on that particular provider.
08-30-2013, 11:46 PM
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I bought the service plan today. I will keep this thread up to date when we have claims. The policy was activated today, and I can assure you it will be used. Now that I got the plan my car will be getting regular visits to my local maintenance facility. I called the plan administrator today and the plan sounds awesome. Personally if I never used it that would be fine. But if I use it, I will be expecting some pretty damn good benefits for what I paid. I am a firm believer in not listening to the BS from the few bad stories that come up when extended warranties are mentioned. If it is a disaster and the plan is worthless I can live with the loss. I will just never buy one again and chalk it up as another middle class money grab for the people that rape our country on a daily basis. Now back to work. Thank you to everyone for their input on this thread.
08-31-2013, 07:44 AM
#8
I'd put my money in the bank and roll the dice. I've owned my 02 for 8+ years and spent about 2k fixing it. Not so bad. The last 1k was for ac repair. It now has 75k on it. Stock and a very reliable car. Original clutch still working fine
08-31-2013, 12:16 PM
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Well, like I said this would be a great Thread to put as a sticky and have it updated for the next four years to follow my progress with the warranty. I wish we are already had one so it could have made my decision that much easier. But I will ask any C5 Vet owners to think about this one problem I know for a fact could make this warranty worth its weight in Gold. If the ABS computer ever fails try and locate and buy this module on your own. GM no longer makes the part and if someone has it for sale they are very aware of this shortage. My warranty company absolutely backs this module and they are tapped into a national parts registry for supplying it. That alone will make me sleep well and very much enjoy driving my Z06 with no worries of any Maintenance issues headed my way. Thanks again for your inputs and go out and drive your Vets......
