Extended Service Plan... Worth it?

[ganzhimself]

I bought an extended service plan from the dealership on my 03 P5, and I was wondering if it's really worth it or necessary. My P5 is auto transmission and has 76,000 miles on it. It appears to have been meticulously cared for. I'm of course worried about having to replace a transmission or an engine with funds straight out of my pocket. Coverage is good for 48,000 miles as of the date I bought the car and I have 30 days to cancel without any penalty. Does anyone here have any experience with these types of plans and how well they actually cover and/or pay for repair expenses?

[90210brandon]

The car as a whole is reliable. I just blew my engine cuz I reved it to high for a high mileage car.

I would do away with the guarantee unless you are really unsure but if the car was well taken car of, I wouldn't worry.

[Rage87]

If the car has been taken care of as well as you say, by 76K you should have a well established reliable car. The chances of your motor or transmission going out within the next 48K miles is slim. When I bought my '03 with 86K miles at a dealer, I opted out of the warranty because the car was already in such nice shape.

I'd say save your money and drop the warranty. Spend all that warranty money on making sure you keep up with all your regular maintenance.

[ganzhimself]

I'm thinking the same thing now. For better piece of mind before I cancel, I might take it to a mechanic to have them inspect everything before I make my final decision. That way if I know there is anything wrong with it, I'll be covered. Unfortunately, when I signed the papers, I was in a big hurry and didn't think it through... I had to drive 2 hours to the dealership after work so I could get the car, I was too worried about crashing or otherwise ruining my trade-in to wait a full week to go back and take delivery. At least it shaves nearly a year off my payments to drop the warranty.

[cbrcrx]

Warrantees are a rip off. That stuff said about revving the motor too high with high miles is not accurate. I have driven every car I have had to redline numerous times daily. This includes my P5 with 160k and Hondas with over 200k. Just maintain your car. Also, if a years worth of payments are your warrantee, you could self insure with that much money.

[mx-p5]

whoa, guess i'm the exception

My warranty paid for itself in no time after having the front engine casing crack for no reason, then, they also paid for my motor mounts being replaced

They also covered my headgasket getting replaced

and my car just rolled over 65K

[SocialStealth]

How much does the extended warranty cost?

Within the next 48k miles, the only things I would expect to go wrong are the motor mounts.

[IslandP5]

whoa, guess i'm the exception

My warranty paid for itself in no time after having the front engine casing crack for no reason, then, they also paid for my motor mounts being replaced

They also covered my headgasket getting replaced

and my car just rolled over 65K

Mine paid for itself as well. We bought the 7 year/160k kilomotre warranty. And a new alternator, steering rack and couple brake calipers later it was well worth the investment. And a few minor items like a sunroof that stopped working, OD button, etc...