Do you buy the extended warranty?
10-27-2010, 04:30 PM
#141
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I will partially agree on that.
for $2500 on my 09 with 17,000 miles and 2 years already gone I would get an additional 72 months and 53,000 miles after the 3/36. Now with an additional 72 months after my 3/36 is up a lot can happen. The money could go down the drain and into GMPP's pockets. However, in this economy who knows what can or will happen? If I own the car 68 months from now, I know the car will be repaired with little or no cost to me and the towing (if needed) will be paid for. Im willing to take that gamble.
As I see it either way it's a gamble if you drive the car after the 3/36. Some may get lucky and have no isssues. Or as they say "you can pay them now or pay them later".
for $2500 on my 09 with 17,000 miles and 2 years already gone I would get an additional 72 months and 53,000 miles after the 3/36. Now with an additional 72 months after my 3/36 is up a lot can happen. The money could go down the drain and into GMPP's pockets. However, in this economy who knows what can or will happen? If I own the car 68 months from now, I know the car will be repaired with little or no cost to me and the towing (if needed) will be paid for. Im willing to take that gamble.
As I see it either way it's a gamble if you drive the car after the 3/36. Some may get lucky and have no isssues. Or as they say "you can pay them now or pay them later".
Thank you so much. I'm new to the Corvette world. The argument you have made on this topic makes a lot of sense.
I'm fortunate to have a great job now. But, you are correct that in this economy it is possible I could get laid off or something else could happen making repairs to my car very difficult to afford. I do not want to take a chance having a expensive repair in the future without being covered. Also the point you make about labor and parts being more expensive in the coming years is very true. When does any cost go down or stay the same?
A few questions. If I sell my Corvette is the warranty transferable to the new owner? I hope so because it would have to be a great deal to get me to buy a sports car of any kind without one. Also if it is not transferable or if the buyer does not want the warranty for some reason can I get money back for the unused portion?
10-27-2010, 04:36 PM
#142
Burning Brakes
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I have never had anything replaced on my corvette under warranty and have not needed to have anything replaced (I did bring it in to have the top popping situation looked at, which was somewhat useless).
I've had my car for 3.5 years, put on 60k miles, taken it down the 1/4 mile about 100 times and put hours of hard track time on a road course.
If something on my car was going to break it would've :P
I really don't know what it costs because I didn't price it out.
Actually you are throwing the dice that you didn't waste your money, because you bought the warranty with the person selling it banking on making money on you....not losing money.
Well even at $1000 I wouldn't take the extended warranty because the odds are against you that you will need to use it.
I was assuming a 100k mile plan...40k miles is nothing.
How much does a 100k mile plan cost? (I really have no idea)
Edit - Just want to make it clear that I have no issue with people buying an extended warranty. I just try to inform people that warranties are there to make money for the seller. Their purpose is not to save you money. Occassionally you will come out ahead and bless your stars that you had the warranty, but the odds are against that happening.
I've had my car for 3.5 years, put on 60k miles, taken it down the 1/4 mile about 100 times and put hours of hard track time on a road course.
If something on my car was going to break it would've :P
I really don't know what it costs because I didn't price it out.
Actually you are throwing the dice that you didn't waste your money, because you bought the warranty with the person selling it banking on making money on you....not losing money.
Well even at $1000 I wouldn't take the extended warranty because the odds are against you that you will need to use it.
I was assuming a 100k mile plan...40k miles is nothing.
How much does a 100k mile plan cost? (I really have no idea)
Edit - Just want to make it clear that I have no issue with people buying an extended warranty. I just try to inform people that warranties are there to make money for the seller. Their purpose is not to save you money. Occassionally you will come out ahead and bless your stars that you had the warranty, but the odds are against that happening.
Then the whole cost argument is invalid.
10-27-2010, 05:03 PM
#144
Former Vendor
L Bear
If your car is 3 years old and under 24K you can buy a GMPP for as long as 84/70 so virtually you have a 10 year warranty and are covered another 60 months of powertrain.
Yes the powertrain is covered for 5 yr/100K which in about 1 in a million corvettes every applies that you put 20K a year on it but what happens after your 36/36 ends and you have a problem with a non powertrain component.
Not getting into an argument here but GMPP's are very well worth the piece of mind they provide.
If your car is 3 years old and under 24K you can buy a GMPP for as long as 84/70 so virtually you have a 10 year warranty and are covered another 60 months of powertrain.
Yes the powertrain is covered for 5 yr/100K which in about 1 in a million corvettes every applies that you put 20K a year on it but what happens after your 36/36 ends and you have a problem with a non powertrain component.
Not getting into an argument here but GMPP's are very well worth the piece of mind they provide.
10-27-2010, 05:05 PM
#145
Burning Brakes
NEVER!!! Is the dealer selling this just because he loves to repair cars below cost? He really wants you to save a ton of money on repairs? Or is it because he wants some more of your money that, on average, he won't have to give back? This is an insurance policy for those who can't afford a $500 repair. The dealer is going to make a profit or he wouldn't be selling it.
If you can afford the car you can afford to self insure the repair costs. You could blow up every electrical part in the car and, though it would be a big hit, you should be able to afford it. If you can't then you are buying more car than you can afford. But the odds of having ANY problem in the next 3 years is pretty small.
If you can afford the car you can afford to self insure the repair costs. You could blow up every electrical part in the car and, though it would be a big hit, you should be able to afford it. If you can't then you are buying more car than you can afford. But the odds of having ANY problem in the next 3 years is pretty small.
10-27-2010, 07:57 PM
#146
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L Bear
If your car is 3 years old and under 24K you can buy a GMPP for as long as 84/70 so virtually you have a 10 year warranty and are covered another 60 months of powertrain.
Yes the powertrain is covered for 5 yr/100K which in about 1 in a million corvettes every applies that you put 20K a year on it but what happens after your 36/36 ends and you have a problem with a non powertrain component.
Not getting into an argument here but GMPP's are very well worth the piece of mind they provide.
If your car is 3 years old and under 24K you can buy a GMPP for as long as 84/70 so virtually you have a 10 year warranty and are covered another 60 months of powertrain.
Yes the powertrain is covered for 5 yr/100K which in about 1 in a million corvettes every applies that you put 20K a year on it but what happens after your 36/36 ends and you have a problem with a non powertrain component.
Not getting into an argument here but GMPP's are very well worth the piece of mind they provide.
Another good point. Have learned quite a lot on this forum. Thanks to all for the input. As I see it no valid reason other then some anger not to buy a warranty extension.
10-27-2010, 08:14 PM
#147
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Right, saving money isn't a valid reason. 
10-27-2010, 11:32 PM
#149
Melting Slicks
I cannot believe how passionate we Vette owners are, when it comes to helping another Vette owner on whether or not they should purchase a GMPP. Amazingly Sad!!!!
Last edited by JT Metal; 10-27-2010 at 11:41 PM.
10-27-2010, 11:35 PM
#150
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Sorry, I just do not agree with the points you made. I have to say the savings account point is pretty weak. I mean no disrepect but, maybe you are a psychic and know that my car will not break down or my job status in the future. If so maybe Ms. Cleo needs some help.
Last edited by Corvette In Garage; 10-27-2010 at 11:38 PM.
10-27-2010, 11:37 PM
#151
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Hey, it's your money. Go for it.
10-27-2010, 11:43 PM
#152
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Since 1956 I have purchased 130 vehicles, and I have never wasted money on extended warranties, fabric protection, paint protection, undercoating or any other rip off.
Take two people with $1,600 and one buys the warranty ( or more correctly a service contract) and the other goes to the casino. The odds of coming out ahead are about equal for both.
Yes sometimes someone comes out ahead but the odds are against it. I have always felt that it you can't afford to fix what you have purchased then you should not have bought it.
I have three Vettes now that if I had bought GMPP for them, I would have been out 100% of the fees. Same with all the others.
Take two people with $1,600 and one buys the warranty ( or more correctly a service contract) and the other goes to the casino. The odds of coming out ahead are about equal for both.
Yes sometimes someone comes out ahead but the odds are against it. I have always felt that it you can't afford to fix what you have purchased then you should not have bought it.
I have three Vettes now that if I had bought GMPP for them, I would have been out 100% of the fees. Same with all the others.
10-27-2010, 11:53 PM
#153
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I still say, buy the extended warranty... If you buy the extended warranty your out what $1500 - $2000 up front. If you have a break down in the future, you could be out $2000 on the first repair. Lets say the a/c compressor shells. Do you have any idea how much a complete a/c system costs. Lets say its $4000. I'd rather be out the $1500 - $2000 up front then pay $4000 later... Even if I don't use the warranty, the peace of mind is priceless!
I realize this is personal preference but man, I work in the business and to see the looks on some peoples faces when you tell them its going to cost them a couple grand to fix their car. It's really sad..
I realize this is personal preference but man, I work in the business and to see the looks on some peoples faces when you tell them its going to cost them a couple grand to fix their car. It's really sad..
10-28-2010, 12:11 AM
#154
Since 1956 I have purchased 130 vehicles, and I have never wasted money on extended warranties, fabric protection, paint protection, undercoating or any other rip off.
Take two people with $1,600 and one buys the warranty ( or more correctly a service contract) and the other goes to the casino. The odds of coming out ahead are about equal for both.
Yes sometimes someone comes out ahead but the odds are against it. I have always felt that it you can't afford to fix what you have purchased then you should not have bought it.I have three Vettes now that if I had bought GMPP for them, I would have been out 100% of the fees. Same with all the others.
Take two people with $1,600 and one buys the warranty ( or more correctly a service contract) and the other goes to the casino. The odds of coming out ahead are about equal for both.
Yes sometimes someone comes out ahead but the odds are against it. I have always felt that it you can't afford to fix what you have purchased then you should not have bought it.I have three Vettes now that if I had bought GMPP for them, I would have been out 100% of the fees. Same with all the others.
As many have said peace of mind is priceless especially in this economy and current job market which many say will not get better for many years to come. Some people are well insulated from this economy. But, never ever look down on others that may not be.
10-28-2010, 01:08 AM
#155
Drifting
[QUOTE=skyrex99;1575685215]Just bought a '07 Vette, blk/blk, 3LT, stick, F55, chrome wheels, nav., with 8500 miles. They offered the GM Protection Plan-Major Guard (extended warranty) for $1665, with a $200 deductible, for a period of 36 months or 24K miles.
The numbers you stated may not be correct. Believe the extended GMPP warranty period starts at the original "in service" date. Thus an 07 basic warranty would cover the first 36 months and 36K miles whichever comes first. The above GMPP would be for the same period. What you would need is 60 months and 60K mlies from the original
"in service" date to acheive the above mileage and months. Suggest clarify in writting.
I have always gotten the extended GMPP warranty. On prior C5 had 5 year 100k miles which as recall cost around $2400. GMPP repairs during warranty period totalled around $14,000 (engine , brakes, transmission , steering lock up, active handling, etc...this car was a mess and had 14k miles when I bought it). .....On c6 that bought new got 90k 5 yr GMPP extended warranty for around $2200. Repairs were less than $1,500.
I also had extended GMPP warranty on two C-4,s. Repairs were minor.
I will continue to buy the warranty. Of course I put alot of miles on my Vettes. Have owned 6 and average around 125,000 miles with most being 162,000 miles. Presently have 114,000 on C-6.
The numbers you stated may not be correct. Believe the extended GMPP warranty period starts at the original "in service" date. Thus an 07 basic warranty would cover the first 36 months and 36K miles whichever comes first. The above GMPP would be for the same period. What you would need is 60 months and 60K mlies from the original
"in service" date to acheive the above mileage and months. Suggest clarify in writting.
I have always gotten the extended GMPP warranty. On prior C5 had 5 year 100k miles which as recall cost around $2400. GMPP repairs during warranty period totalled around $14,000 (engine , brakes, transmission , steering lock up, active handling, etc...this car was a mess and had 14k miles when I bought it). .....On c6 that bought new got 90k 5 yr GMPP extended warranty for around $2200. Repairs were less than $1,500.
I also had extended GMPP warranty on two C-4,s. Repairs were minor.
I will continue to buy the warranty. Of course I put alot of miles on my Vettes. Have owned 6 and average around 125,000 miles with most being 162,000 miles. Presently have 114,000 on C-6.
Last edited by xlr8rvette; 10-28-2010 at 01:48 AM.
10-28-2010, 03:51 AM
#156
Melting Slicks
The GMPP starts the day you purchase the plan and the GMPP overlaps the factory warranty.
If you have 1 year left on your factory warranty and buy a 3 year GMPP, you are really only getting a 2 year GMPP plan, but paying for a 3 year plan.
On top of that, you overlap with the 5yr power train warranty.
When they run the VIN, the check the warranty/service on the car. If they see a lot of issues, the GMPP plan costs raise, as the car could be problematic/costly for GM.
After reading all these posts. It is clear. The C6 is not that reliable and it should be dumped/sold before the warranty expires or one must buy a GMPP.
If you have 1 year left on your factory warranty and buy a 3 year GMPP, you are really only getting a 2 year GMPP plan, but paying for a 3 year plan.
On top of that, you overlap with the 5yr power train warranty. When they run the VIN, the check the warranty/service on the car. If they see a lot of issues, the GMPP plan costs raise, as the car could be problematic/costly for GM.
After reading all these posts. It is clear. The C6 is not that reliable and it should be dumped/sold before the warranty expires or one must buy a GMPP.
Last edited by LBear; 10-28-2010 at 03:56 AM.
10-28-2010, 08:08 AM
#157
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Since 1956 I have purchased 130 vehicles, and I have never wasted money on extended warranties, fabric protection, paint protection, undercoating or any other rip off.
Take two people with $1,600 and one buys the warranty ( or more correctly a service contract) and the other goes to the casino. The odds of coming out ahead are about equal for both.
Yes sometimes someone comes out ahead but the odds are against it. I have always felt that it you can't afford to fix what you have purchased then you should not have bought it.
I have three Vettes now that if I had bought GMPP for them, I would have been out 100% of the fees. Same with all the others.
Take two people with $1,600 and one buys the warranty ( or more correctly a service contract) and the other goes to the casino. The odds of coming out ahead are about equal for both.
Yes sometimes someone comes out ahead but the odds are against it. I have always felt that it you can't afford to fix what you have purchased then you should not have bought it.
I have three Vettes now that if I had bought GMPP for them, I would have been out 100% of the fees. Same with all the others.
Except the person that goes to the casino has about a 48% chance of coming out ahead while the warranty purchaser has about a (if you believe the statistics) 20% chance of coming out ahead. But that purchaser has "piece of mind." We are never going to change the people here who have bought into the "fear" ideology( it's like a religion to them) but hopefully the discussion has educated the people who have read this thread and act based on facts, not emotion, to save their hard earned money. 
10-28-2010, 08:55 AM
#158
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If GM offered an extended warranty for 500 dollars I wouldn't take it. Why? Because the only reason they are offering it is because they feel that they are making money on the deal....they are not trying to help you out.
Extended warranties are designed to make you lose money...end of story.
10-28-2010, 09:12 AM
#160
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Good question. The problem is only those people that made out or broke even are going to reply. The ones that lost money most likely will keep it to themselves. It's human nature that it's hard to admit we made a mistake.
A recent article in Consumer Reports that studied the statistics from reader surveys found that only one in five responders said they had a net savings with an extended warranty. For automobiles 2/3s of the people with extended warranties recovered less than the warranty cost. Most of the other 1/3 recovered what the warranty cost and a few of those recovered more.
A recent article in Consumer Reports that studied the statistics from reader surveys found that only one in five responders said they had a net savings with an extended warranty. For automobiles 2/3s of the people with extended warranties recovered less than the warranty cost. Most of the other 1/3 recovered what the warranty cost and a few of those recovered more.
Last edited by Walt White Coupe; 10-28-2010 at 09:17 AM.