Stingray Corvette Forum banner

Extended warranty question.

11K views 36 replies 21 participants last post by  Frankb10 
#1 · (Edited)
I was given extended warranty when I bought the car. I only agreed because I can cancel it within 60 days. But I wanted y'all guys opinion on this. The extended warranty is called mastertech ULTRA which give me covered:
engine, transmission, drive axle, suspension, steering, electrical, brakes, air conditioning, fuel, cooling, high tech accessories. The only thing he said it don't cover was brakes and tires.
I paid 3750$ for 75000 miles or 6 years. This my first time owning a brand new car. Do you think I paid to much? Is this a good warranty package? Should I cancel it and look for a better extended warranty? Any advice will be appreciated.
Thank you

Text Font Line Parallel
 
See less See more
1
#2 ·
Seems pricey...

Remember, your drivetrain is covered by GM for 5 years/100K miles. Other stuff might break, but most issues will be around $1K, or less, to repair. So, you pre-purchased 3+ non-engine/non-transmission defect repairs between 36K and 75K miles.

If I were you, I'd see how the car holds up during the 1st 36K miles. If it is troublesome & you still want to keep it, get the warranty then. If it's trouble-free, I'd trust it will continue, with little or no problems outside of wear/tear.

Also, the used car warranty might be less than you paid...unless prices rise in the future.
 
#3 · (Edited)
Is this extended warranty offered by GM? I'll be meeting with my dealer either today or tomorrow to discuss GM extended warranties and I can let you know what I find out.

I can tell you, when I use to sell cars a long time ago, there is sometimes a misconception about GM extended warranties simply being an extension of the warranty period, which is not totally correct. Items covered under GM "extended warranties" provides extended coverage of the factory warranty for the items covered. In other words, an item may not be covered under the factory warranty because of abuse but would be covered under the extended warranty. For example, lets say you're on a long trip and a child is constantly playing with the power window and ends up burning out the motor. It's possible your factory warranty would not cover this because of abuse but with an extended warranty, it'd be repaired, no questions asked. With this being said, things may be a lot different now. However, IMO an extended warranty is something I want in my pocket when considering the costs to repair these days for these computerized/electronic machines. Also for me, time is my enemy when it comes to the warranty because my time limit is most likely to run out before I reach the mileage limit. In addition, the GM extended warranty must be purchased within the first 12 months or 12,000 miles whichever comes first so you can extend your GM extended warranty period by waiting to buy it.
 
#4 · (Edited)
Way too much, you are buying a 3rd party warranty, go with GMPP I got 7 year 70K $0 deductible for $1,800 full bumper to bumper
 
#5 ·
When my dealer initially offered my an extended warranty I declined. Then on day three my displays went blank while the engine was still running. That, plus the problems discussed on this forum, spooked me so much I went back and bought their extended warranty. They paperwork says Zurich and is comprehensive for 7 years or 60,000 miles (I am apt to hit 7 years first) The Warranty excludes maintenance items. It cost $1,886 with a $100 deductible which is waived if the service is performed at the selling dealer. My displays came back by themselves but I think a car full of electronics like the C7 can have problems unrelated to the driveline. For my peace of mind, I think this was worth it.
 
#6 ·
I got one once and changed my mind a few months later, because it only kicked in after the original warranty was up, so in reality was not a 7 year warranty but a 4 year warranty. When I finally got my check, they had deducted all the depreciation off the 1st month so out of a $1500 ext ended warranty, I only got back about $300, and yes it was a warranty sold by the GM dealer. You can get these warranties after the sale ( I am still getting letters from warranty companies on both my '09 and '12, neither of which I have any more.)

I guess if you plan on keeping your ride for more than what is covered under warranty, go for it; I have never kept a car that long and it is a big chunk of change these days, so you gotta do what you gotta do for yourself ........
 
#10 ·
First, I would only consider a General Motors sponsored GMPP warranty. Third party warranty companies are, essentially, insurance companies without all the regulation. I would have more confidence in GMPP.

Second, extended GMPP warranties can be bought from other dealers, not just the one who sold you the car. So, google "GMPP warranty" and various sellers of the GMPP will come up. Ask for an on line quote, and you will see what the going rates are for the various combinations of years, miles, and deductibles.

Third, decide which warranty term and deductible looks right for you from the most competitive quote. Then go to your dealer to see if it is willing to beat that rate. They probably will, as a small mark up on the warranty is better for them than to not make the sale at all, and other than writing up the order, there is nothing more for the dealer to do.
 
#13 ·
Warranties are negotiable as well: typically they try to nail you when you are in the finance dept getting your money, and they will offer a discount if you buy THEN at that time (because they know they will lose you if you say you will do it later), so at a minimum, if you are inclined to get it, hold out for lower price and they will come down, sometimes by several hundred dollars. It is a cash cow for dealers and they have literally no investment so room to wiggle a lot.....
 
  • Like
Reactions: NightRaceRick
#15 ·
Just to add to what Buzz stated, here is how it went with my dealer finance guy last month. I was given an extended warranty price which I declined. I was then given a 2nd offer at a reduced rate which I declined. I was then given a 3rd offer at a reduced rate which I declined. I was then offered a lesser coverage warranty for a lesser rate which I declined. One of the ploys to be prepared for is the "it's only 10 more dollars per month and we'll add three more payments to your contract." Do the math, as that could easily add up to $2,500. If you're going to go with an extended warranty, let the finance guy exhaust all of his options until he gives up, and is ready to print the contract. At that time, ask him to revisit his last offer and ask him if he can knock another $100 off and you'll take it. You'll get your best deal and they will still make money.
 
#16 · (Edited)
$1140, GMPP, major guard, 6 years, 48k miles, $0 deductible. Starts on date you buy warranty (hint, don't buy when you buy car!) and miles on car if within 12 months and 12,000 miles, as I remember. Take quotes on line. Be careful, if you buy GMPP from a dealer and then cancel, I am told you can not buy again on that VIN. It is not an extended warranty, it is insurance. I am low mileage weekend driver. I like it to cover electronics on 1st model year car.

Other nice thing about GMPP is it covers everything unless specially excluded. Most 3rd party warranties say what they cover. I would rather know what is not covered than have to read what is and figure out what exclusions are. General Motors Protection Plans are underwritten by Ally, although this may change by EOY, as part of bankruptcy restructuring.

https://www.ally.com/gmpp/service/
 
#17 ·
they had 'bronze' to 'platinum' packages...offering coverage for just about anything if you're the warranty type.

I'm usually not - I never buy extended warranties because I don't keep vehicles that long as a rule.
This time I did, as I expect I'll have this car a while, and if not it will be a good selling tool.
GM warranty, bumper-bumper 84 months / 84,000 miles for $2900.
Original mileage was 60k, but when I waffled on the cost he extended it to 84k.
Didn't shop around before I sat with the finance guy, so the only thing I had to gauge that price by was the extended factory warranty we can buy for our BMW 328i when factory expires, which is 4/48 for $2500 I think.


Declined the wheel/tire package for $1299....went to Discount Tire and got their $218 fix/replace package for the tires.
Not worried about dinging a wheel, but at $410 rear / $330 front for the tires (which are pluggable, btw) - I'll get it fixed or replaced for the life of the tire.
 
#18 · (Edited)
Just meet with my dealership's General Manager. There are numerous plans to pick from. The price of the GM extended warranty is not just based on the GM plan you select but also on the miles on your car's odometer. You can purchase a GMPP anytime within the first 36 months or 36,000 miles of ownership which ever comes first. However, keep in mind the price of the GMPP will increase as the miles on the car increases. I have currently 400 miles on my Stingray and my 84 months/ 84,000 mile, $0 deductible plan is $2050. Since I will be putting the car in storage probably within the next 30 days, I plan to buy this plan in the Spring when I take it out of storage.
 
#20 ·
Johnu if you have the specifics on the GMEPP please post since it is a new option. Thanks!
 
#22 ·
My brother recently bought a washer and a drier. The friendly sales person confided that extended service was not a good value for the washer, but the drier had a really expensive electronic control board that was prone to failure. My brother bought the contract on the drier only.

Want to bet the friendly sales guy sells a boat load of extended warrantees on driers, far exceeding what their peers sell on washers and driers combined? :)

So what does washer and driers have to do with Corvettes? A lot! Extended warranties are highly profitable products that dealership personnel are handsomely compensated to sell. Simple arithmetic says ON AVERAGE they are not a good value. If a major repair would cost you personal hardship, then perhaps they serve a purpose...but then again, if a major repair would cause a personal hardship, what does that say about the underlying purchase?

All this aside, if someone really wants to buy an extended warranty, shop around. It has been mentioned many times on this forum that some sponsoring dealerships, one in particular, offer way better pricing than one may get at their selling dealer. Additionally, stay with some form of GM sponsored/ authorized/supported warranty. Wonderful Wally's Warranty Welcome Wagon third party warranties have a horrible reputation.
 
#24 ·
You should definitely shop for best price on extended warranties, but avoid the ones from the fly by night operations.

Yes, I agree that if you studied 100,000 people who purchased extended warranties, you would find that the total spent on the warranties far exceeded the total savings on service bills avoided. But you are at risk if your number comes up and you are the one with the car that needs the $8000 out of warranty repair.

Its all a matter of personal risk tolerance.
 
#25 ·
I got the GMEEP from Ken Fitchner of Denny Manhole Chevrolet (a forum sponsor). It's for 72 months, 48,000 miles with $100 deductible for $1205 (I don't drive but 5k a year). After the end of the month the prices go up due to the change in the GM 5 year 100,000 mile warranty.
Alan
 
#26 ·
Shopped around (for this is a high margin item for a dealer), and like almost all who comparatively price, bought from Ken Fichtner at Denny Menholt Chevrolet (forum sponsor and best price).
 
#28 · (Edited)
l'll take my risk. The way I look at it is the insurance companys are for open for one reason only, to make money ! Unless I'm missing something how could or why would any business be open for anything else but to make Dollar Currency Text Font Number
I've never bought insurance for anything & have never needed it either .

just my 2 cents....
 
#29 ·
l'll take my risk. The way I look at it is the insurance companys are for open for one reason only, to make money ! Unless I'm missing something how could or why would any business be open for anything else but to make View attachment 30011 I've never bought insurance for anything & have never needed it either .

just my 2 cents....
Okay so you don't have renters insurance or homeowners insurance??? That's skating on thin ice my man.
Alan
 
#31 ·
All insurance from private sector operations is "for profit", and therefore, the premiums paid by all their customers collectively exceed the claims paid collectively. But what insurance does is, for a fixed fee, you limit your individual downside risk. So whether you want the insurance depends on what your tolerance is for that downside risk.

Large corporations, such as ExxonMobil, can "go bare" and absorb large losses to a degree. But even those firms carry excess loss coverage if their losses go beyond some threshold level that they feel is too large to fully absorb themselves.

To say that you are not going to buy insurance because the insurance company makes a profit on its insurance lines of business indicates a misunderstanding of what insurance is about, or, an ability to fully absorb large unexpected losses.
 
#32 ·
Let's try to stay on topic here- extended warranty on our C7s. Thank you :cool:
 
#33 ·
Have 2014 with 18100 mi and purchased a Car Shield Premium policy giving me 3 year 36K warranty for $1650. Transferable, paying $295 at start and $77 per month over 18 months. Decided to do this since a few months ago the belt tensioner required replacement and reading Forum Posts feel a mechanical or electrical problem(s) May occur. Repairs are $100 deductible and provided by dealer or certified shops.
 
#37 ·
I was given extended warranty when I bought the car. I only agreed because I can cancel it within 60 days. But I wanted y'all guys opinion on this. The extended warranty is called mastertech ULTRA which give me covered:
engine, transmission, drive axle, suspension, steering, electrical, brakes, air conditioning, fuel, cooling, high tech accessories. The only thing he said it don't cover was brakes and tires.
I paid 3750$ for 75000 miles or 6 years. This my first time owning a brand new car. Do you think I paid to much? Is this a good warranty package? Should I cancel it and look for a better extended warranty? Any advice will be appreciated.
Thank you

View attachment 14260
Run away from that warranty….buy a GM warranty

On my C7….i did a little research with a couple of forum vendors for a GM extended warranty..

Before my original 36/36 warranty expired, i bought a 60 month , 40,000 , O deductible from Todd at Mcmulkin Chevrolet for my 2016. $699.00

For about $12 per month its piece of mind. ...he is a forum vendor and they really try to help forum members...

if anyone is thinking of buying an extended GM warranty....give him a call.....(978)660-8045.....you won’t be disappointed...

Frank

PS It pays to do a little shopping…
Frankb10 is online now
Report Post
 
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top