Total Lifetime Coverage VS Chrysler Survival
"It's not just extra coverage.... it's LIFETIME coverage. That's a bit different than... say an extra 3-6 years. It was relatively cheap too."
OK, so you got "lifetime extended coverage". What I was offered was a 10 year 100,000 miles plan and they wanted $1800.
So if I start out with the 3 year/36,000 bumper to bumper standard warranty, and add the lifetime power train warranty I feel pretty good about not spending the $1800.
For $1800 I get coverage from 36000 up to 100,000 miles (which I will probably reach in about 7 years). So I am gambling that I will not incur uncovered expenses during that time that exceed my initial savings.
Financially, when you buy the extended warranty, you finance it for the duration of the truck loan. My loan is at 3.5 % for 5 years. So $1800 comes out to be $2086 when you add the interest for the 5 years. If I take the same $1800 and get a 3 year CD for 2.3 % (to have the money available after the 3 year warranty runs out) I will have $1953 in the bank.
I bet I won't have to spend that kind of money to repair things like alternators, radiators, Air Conditioner, etc.
OK, so you got "lifetime extended coverage". What I was offered was a 10 year 100,000 miles plan and they wanted $1800.
So if I start out with the 3 year/36,000 bumper to bumper standard warranty, and add the lifetime power train warranty I feel pretty good about not spending the $1800.
For $1800 I get coverage from 36000 up to 100,000 miles (which I will probably reach in about 7 years). So I am gambling that I will not incur uncovered expenses during that time that exceed my initial savings.
Financially, when you buy the extended warranty, you finance it for the duration of the truck loan. My loan is at 3.5 % for 5 years. So $1800 comes out to be $2086 when you add the interest for the 5 years. If I take the same $1800 and get a 3 year CD for 2.3 % (to have the money available after the 3 year warranty runs out) I will have $1953 in the bank.
I bet I won't have to spend that kind of money to repair things like alternators, radiators, Air Conditioner, etc.
Originally paid $2500 at the dealership for the Lifetime warranty until I found out I could get it cheaper. Felt a little ripped off so I canceled it about 2 months into owning my truck and just today re-bought the same warranty for $1570. My truck is garaged, well cared for and I plan on owning it till its dead so I like having that piece of mind. I live in Texas. Hell, if my AC goes out and it paid for itself. Every car Ive ever owned has had an AC problem at some point. I'm really not a fan of extended warranties and can understand some peoples negative opinions about them, however knowing that this truck is now covered for everything but the glass, paint, rubber and breaks makes me feel pretty good. I have always hated those surprise oil change visits where I point out a noise and I walk out with $600 less in my pocket. Its insurance, if your comfortable having it ten get it, if not don't. I have life insurance too, I'm sure some will tell me that's a bad idea as well. Only difference is the insurance policy on my truck will out live my life insurance policy.
If any one is interested. http://www.chryslerfactoryplans.com/default.aspx
Ive seen others in other threads post this link. But here ya go.
Ive seen others in other threads post this link. But here ya go.
The "Cash for Clunkers" program killed the lifetime warranty. The lifetime warranty was likely a statistical analysis by Chrysler that revealed that most car owners trade or sell (or wreck) their vehicle in 3-7 years.
Just think of the general buying habits of someone who "cashed" their clunker. To generalize and give an example, someone who qualified for this program has owned a vehicle and hung on to it over the years was lured into purchasing a new car last year. It is likely that person purchased a vehicle in the lower price range of Chrysler's lineup. We all know, that some of those vehicles aren't necessarily built to last.
I'm sure someone at Chrysler re-did the math and realized : Uh-oh we have to honor a lifetime warranty on a vehicle not ment to last, to buyers who may very well keep the vehicle for a lifetime.
Just think of the general buying habits of someone who "cashed" their clunker. To generalize and give an example, someone who qualified for this program has owned a vehicle and hung on to it over the years was lured into purchasing a new car last year. It is likely that person purchased a vehicle in the lower price range of Chrysler's lineup. We all know, that some of those vehicles aren't necessarily built to last.
I'm sure someone at Chrysler re-did the math and realized : Uh-oh we have to honor a lifetime warranty on a vehicle not ment to last, to buyers who may very well keep the vehicle for a lifetime.
Really depends how long you plan to keep the truck. I will not keep mine for more than 80k or so miles. So for me I would not want to pay, especially given the 09 has a life time power train. Even without that though I would have passed.
How many of you out there have had some type of small accident that was not so small but you did not want to bother claiming on insurance in fact even though it was not your fault it happened in a private parking lot...no witnesses. The guy admits to you its his fault, so you call your insurance company and ask them what would happen. They say even though he admitted to me and my son it was his fault they would not accept that in court and it would not be worth their effort to try to prove it was his fault. So they would fix our car and raise our rates for 6 years. So I said forget it....wound up being almost 3 grand but last winter we had a similar situation, freezing ice unexpected, kid trys to turn corner front end hits curb so I take it in we make a deal 1800 cash... he calls back 5 minutes later and says he can't stick to the original estimate because they put the car up on a hoist and the drivers wheel and half the axle fell out, so he does not know what to expect could even be a transmission issue. Wound up just over 4 grand. So so far the rates did not go up. I think they are waiting for the year end so they can go up higher. So what I am gettin at is Insurance is just the same ripoff as extended warranty is supposed to be. I think we should all get the lowest deductibles pay the high premiums but start using insurance companies for every little thing, scratch whatever cuz a scratch that just appears on my car is comprehensive 100 buck deductible....any panel is minimum 250 to fix..minimum. An insurance co will pay a grand for what you pay 250 for cash. They make money hand over fist, I believe the Canadian government has a bit of a leash on them compared to the US but we all get f ed in the end the back end when it comes to insurance. So far so good for me with warranty issues. Have had to go back for same problem several times but eventually fixed and no charge. Used to get loaner cars but I have not been faithful to the same dealership so I don't get that service anymore. I am working on a relationship with one now that I used to deal with and the Manager is a really good guy now, hopefully he keeps that job, will be good for the dealership he does not like to see people get hosed. Young guy, hard worker, honest too believe it or not. hard as hell to get a hold of though.




