Passing up Extended Warranty - foolish?

My 01 has just days left before the original 4 year warranty expires. If I decide to purchase an extended warranty, it has to be done now, or never. Should I? The cost is high - about $3500 + / - for 4 years coverage. I've had the usual claims in the 2 years I've owned the car (RMS, coolant tank, mass airflow sensor ...) and the cost would have been $500 to $1000 for each repair. Fortunately I have deep enough financial pockets that I can afford any repair even without insurance. So the decision is really about gambling finances. Which do you think will ultimately cost more: (a) Pay $3500 now for the extended warranty - a certain expense. (b) Pay for repairs out of pocket over the next 4 years The only subjective item to throw in is that the extended warranty is transferrable, and should I decide to sell the car during the next four years it has some value to the prospective buyer.

with a prior rms problem i'd buy the warranty--just make sure it's a company with a good track record @ your local dealer/repair shop

I wouldnt gamble with $3500. But if you do, check with the dealer and see if they ever worked with that co. before.

Insurance companies are like The House in Vegas. They are not in business to lose money. They have specifically made the odds in their favor that the $3500 will be more than you are *likely* to spend. I say *likely* because it's all averages. I think if you have a very troublesome car, maybe you should consider it. I have a few issues with my 996, I passed. As they say when they hand you the chips, "Good luck."

If you decide to purchase an extended warranty, the resale aspect, IMO, is the best reason to do so. You may not sell the car for more money, but you will ease any concern the buyer might have. From a purely financial perspective, I would not (time value of money, control over your own repair decisions, etc . . . )>

Buy it... I didn't & I'm sorry..... I'm an RMS junkie, noting all complaints, etc... Great for resale, cause rms may become more widely known (since they may still be producing cars that get it)....

If the money at the moment is not an issue then I certainly would. Once paid, it's one less thing toi worry about. You know your covered for any major issues. PEACE OF MIND! Cheers and safe driving.

Be careful. If you decide that you will get one, get from Porsche dealer. I wasted $1,500 on "reputable" and hihgly recommended company that went belly up. It's gamble, but for $3,500 I would not

I passed on it when my warranty ran out a year ago. Here's why, I would have been betting $4000 (my quote) that I would have a major repair in 4 years. The fact is that the car only had about 22K miles at that time with no troubles at all. So what are the chances I would have a major repair, that was covered, over the next 4 years ( or another 20K miles)? The odds are the car should not need anything major. The other thing is a lot of the fly by night warranty companies will not cover certain things, things like any rubber component which I beleive an RMS might qualify. Maybe I'm lucky but so far so good, I have only had a couple of minor things come up.

Will you really keep it 4 more years? Re-sale value or peace of mind might be there but you could always come down a few grand when selling for the buyer... I am in the same boat and passed since I hope to get a 997 in a year or 2...

I would say keep the money to maintain a good relationship with your dealer. Spend the money on servicing your car at your dealer.

Like when your dealer tells you you need a new engine (out of warranty) and you ask them to replace it free?

I picked up my car Monday from the dealer. Had the RMS replaced, along with a new head gasket. Cost was $3600. I had my air flow sensor replaced earlier in the summer for $500. I've only had the extended warranty 15 months and the car has 37000 miles. I didn't figure to get the cost of warranty back fully, just wanted to be covered for a catastrophie. I guessed right this time!

I would either buy the extended warranty or sell the car and get a newer car. Driving around without a warranty would keep me up at night. I just bought an '03 Range Rover and paid $2k for a warranty through 2009, and I don't regret it one bit. One other option: If you have a really good relationship with your dealer: ask him to buy the car from you and then sell it back to you for a couple of grand more as a certified car with a 2 year FACTORY warranty. Many, but not all, dealers will do this to maintain good relations with a regular P customer.

Robert, I plan on keeping the car a long, long time.

warranty is an issue, but everything comes to a total cost. assume that you have 4 cars, which is normal. then assume that you will have to pay for example: for car No 1 : $3600 for car No 2 : $2000 for car No 3: $1500 for car No 4 : $1200 for lets say four years in total. thats $ 6900 in total of four car in four years on unexpected repairing cost. would you ever paid that on all four cars in four years? i doubt. My car bought from OPC in Hambourg Germany, with 1 years warranty. i had an oil leak wich was covered under the warranty, but the faulty electric lock on the passengers door wasn't.so i had to pay for that. all i am saying is that it is good to have a warranty, but check what is covered under this warranty.

Bradskii-Is your warranty a factory warranty or aftermarket? I'm shopping for one for my 2000 coupe.Thanks

I called GEICO in the first yr of ownership and added an extended warranty to my policy (breakdown coverage with a small deductible) for 7 yrs 100K miles. Costs me $140 a yr for 6 yrs or a total of $840. Must have the car insured with GEICO and must do it before 12 months are up. I read the small print and it covers the major areas. Cabman

jlandreth, it is an aftermarket. aawarranty.com will hook you up. I haven't had any problem with them, but those are the only two claims I've had. I know the $tealer wasn't too happy about what they were willing to pay for the repair, but that is between them. I thought their list of coverage was quite complete, compared to some others I researched.

I bought a warranty from 1SourceDirect. Asked around first on the list and they seem reputable, and aiming to establish themselves. They cover the RMS. For what it is worth, I thought the extra cash outlay up front was worth the worries--especially given the hype around engine failures and repeat RMS problems. I figure that I have life, house, home systems, car, business, health, and--why not--Porsche insurance. At least, I sort of know how much my peace of mind will come to per year. I can live with that, and that is what insurance is all about. Geert

I plan to use the mechanical breakdown insurance from GEICO also. Has anyone had experience with this?

And it must be on a new car. GEICO doesn't offer extended warranties on used cars. My wife drives around 20K miles a year and she has purchased GEICO's extended warranty on the last two cars she has purchased. She likes Audis which are expensive to repair, so GEICO's extended coverage has saved her a bundle.

I am thinking about getting GEICO extended warranty service also but deductible is $250 per event. Does anyone have experience with filling an actual claim with them? Also in the long run, is GEICO going to cost more as compare to other companies out there with no deductible? TIA.

BUY a good extended warranty. I did and am so glad that I did. Just had an engine failure at 70K miles and had it completely replaced under the 3rd party extended warranty. If I did not have, would have cost me 10-12K out of pocket.

I would not own a 996 out of warranty, so I would buy the plan if it was from a good vendor. A lot of the 3rd party warranty companies go belly up after a few years, and the same guys start another company. I'd make sure that the vendor has been around for a long time. I've had 2 996's, both needed new transmissions, one with 5K miles, the other with 15K miles... Roy

Do not own a 996 out of warranty. They get expensive quick. Factory warranty is by far the best. A good Aftermarket warranty will cover major repair. Bottom line is do not own one of these cars if you are not covered.

My car has 22k miles and had been completely problem free...until the intermediate bearing went bad...out of pocket a $3000-$15000(if they had to replace the engine...which they did in my case!) I will not have this car without a warranty!!! period!!!!! sheite happens and when it does its expensive!