Buying extended warranty for my 2006 Boxster...should I, shouldn't I?
 

my warranty is about to expire on my boxster and I am thinking about getting extended warranty. My last car was an audi and the extended warranty did come in handy as I saved myself 3K (5K repairs minus 2K warranty cost). My boxster is below 35K in terms of mileage and I don't expect I will add more than 5K/yr for the next 3-4 years. I have gotten a quote for 2.8K for a 3 year extended warranty. Do you think it is worth it? I am planning to keep my car for forever if i could help if and if not, at least another 6 years.

Warranty are there to make money..

if you can afford a few K$ of unplanned repair, then the prediction $/% are on the side of not takeing the warranty.. Because the big chances are that the repair, if any, will be less than the price of the warranty itself

If you can't afford having a few K$ unplanned and you feel more safe putting the warranty in your budget.. then it's there for you :)

Statistically
 

it has to be a bad idea because the companies have to make a profit plus cover overhead. So the payout, on average, can't be the equivalent of the amount you pay them.

A summary of the arguments pro and con I've heard is here .

Most important, read the actual contract carefully several times before you buy...not the sales literature. Know what it covers and what it doesn't because insurance companies have every incentive to deny your claim and are experts at wording things so they aren't what they appear.

And read up on the financial stability of the company that is actually backing the warranty. So many are shell companies that make money, pay the scamster owner a lot, then go out of business only to reappear under another name with the same business tactics.

And then, if you can't afford to take the risk (either financially or emotionally) buy the best from the best.

i know there are about 1,000,000 posts about this already
My ext. warranty will run out next month.
It cost me less than $3k and paid for around 18k in repairs :eek:

Thanks for your input.

@chriszang...you are very close to me. Where did you buy your extended warranty? At a dealership or through one of those car warranty sites? When I bought my extended warranty for my audi, it was through the dealership. Everything was pretty easy. If I end up buying the extended warranty, I just want it to be as painless as possible.

Another option would be to take the money and do the IMS, RMS and clutch while you are in there. Then you have at least reduced the rick of a engine overhaul.

Hi,

I bought it from "on of these websites" from Warranty Direct
They're as much a pain in the arse as any other warranty; at the end you need a good repair shop who's willing to fight with you when push comes to shove.
Mine was Don's Autowerks in Campbell

For me it is a peace of mine thing. I have used Damien Trombetta at Allied Solutions Insurance Services, LLC. He sells Mercury policies.

My BMW SA recommended Mercury as being the best company for extended warranties.

His phone number is 800-826-9384 x 23319, his email is Damien.Trombetta@alliedsolutions.net.

My family and I have bought 5 policies from him. Besides being a happy customer I have no other affiliation.

This is what I would do.

Warranties have been known to deny coverage, so spending $3k on the IMS/RMS retrofit along with water pump and AOS would be a good idea but that would mitigate some risk but the other 17 modes of failure still remain to possibly blow up your motor later on.
You could get a warranty and hope they will pull through in the event of a catastrophic failure or if you can afford it, spend the extra money on a full FLAT6 built engine for piece of mind.
I opted for an extended warranty that was included in the price of my car when I bought it. I'm just keeping my fingers crossed and driving the crap out of it til I can afford to have Jake work on my car.

With an 06 you Probably won't be able to do the "cheap" IMS upgrade, the engine has to be disassembled.

Delete the word "probably".

I did not notice the year!
2006-08 IMS is large big to pull out during a clutch so you have to crack the engine.

Get the extended warranty! :(