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markl

Lincoln Extended Warranty - Worth It?

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The one other elephant walking through this thread is that you can continue to purchase additional warranties after the OEM and original extended warranties expire.

 

Heh, not to belabor this, I received a card in the mail reminding me that my Lincoln Extended Warranty was expiring this month; and offering to extend it!

 

They offered a "premium" version and a "standard" version. Had the Lincoln logo on the card and talked predominantly on how this was being offered for my Lincoln and honored by all Lincoln dealerships.

 

So I called. Turns out its billed by the month. Very slick hustler went through all the stuff it covered (almost everything).

 

Here's to bottom line. It's NOT a Lincoln Warranty. It's an off brand that's using the Lincoln logo to sucker you in. Now for the good part. The best warranty cost $284/month for 36 months. That comes out to well over $10,000. (("Oh he'll yes, sign me up")). Took the card over to my local dealer and they were ~v e r r y~ interested in the company. Buyer beware.

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I personally don't like to buy extended warranty's.  Every time I did, the item broke after the warranty ended.  I just had this happen with a big screen TV.  For the money I spent on the warranty, I could have bought the part myself.  It would be good practice to self-insure everything.  Anytime you go to Best Buy or any place that offers you an extended warranty, say no thanks and then take that money that they were going to charge you and put it into your own "warranty fund".  After you have purchased dozens of items that would have had extended warranty's, you'd have a lot of money saved up to pay to fix anything that broke.  You group all of the warranty savings together in one pot.  And if nothing breaks, GREAT! You keep the money!  If something breaks, GREAT! You have the money to fix it or replace it without needing to pay on a credit card.   Always have your money put away for a rainy day. Make it a good practice and DO NOT TOUCH the money until it's needed.  It would be best to put it in an interest bearing account of some kind, if possible.

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I personally don't like to buy extended warranty's.  Every time I did, the item broke after the warranty ended.  I just had this happen with a big screen TV.  For the money I spent on the warranty, I could have bought the part myself.  It would be good practice to self-insure everything.  Anytime you go to Best Buy or any place that offers you an extended warranty, say no thanks and then take that money that they were going to charge you and put it into your own "warranty fund".  After you have purchased dozens of items that would have had extended warranty's, you'd have a lot of money saved up to pay to fix anything that broke.  You group all of the warranty savings together in one pot.  And if nothing breaks, GREAT! You keep the money!  If something breaks, GREAT! You have the money to fix it or replace it without needing to pay on a credit card.   Always have your money put away for a rainy day. Make it a good practice and DO NOT TOUCH the money until it's needed.  It would be best to put it in an interest bearing account of some kind, if possible.

 

 

Agreed - it's always going to be cheaper in the long run to self-insure if you can afford to do it.  But you don't have to actually put it in a savings account - just have the ability to pay for repairs or replace something as needed.  

 

I've said this before but I estimate I've saved over $10K over the last 20 years by not buying any extended warranties on vehicles so even if I had to buy a new engine tomorrow I'm still thousands ahead. 

 

A lot of people just don't like the idea of paying for a $4K repair so they'd rather pay $1500 for a warranty on multiple vehicles even if the total cost ends up being more.   I only care about total cost.

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I actually have had good experience the two times I have gotten aftermarket warranty.  The first was i think 1k (from the dealer) on a 4300 1994 Plymouth Duster, my first car.  It had a $100 deductible and I got new trans, rebuilt engine, new A/C compressor, new heater, new starter and 3 years later when it got wrecked i got $4600 from the insurance company.

 

The other was on a Acura tsx, after about 10 years i noticed some issues with trans but still derivable so i got a warranty for $2300 that was 48 months and something like 70k or so miles or maybe 100k can't quite remember.  Anyways after another 4 or so months i took it to acura whom dealt directly with the warranty company (Lincoln sadly is never that good) they kept my car for almost a month, i had a free rental from acura and i ended up getting a used trans (sourced by the insurance) company installed by acura which eneded up being about $3600 with labor, all covered except $500 deductible. Anyways a year later I traded in the car for my MKX notified the warranty company that the car was sold and they sent me $1100 back for the remaining balance of the warranty.  I never expected the money because they told me that what they had covered is more then what it cost in the first place but nevertheless I decided to follow their standard process and low and be hold $1100 bucks back in my pocket!

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Ford/Lincoln deal directly with Ford ESP plans with no hassles or issues from what I’ve seen reported.

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2nd that. Not only is there no hassle, they have often recommended service based on what they seen during service.

 

Example: they came to me and said they found a seal leaking on my PTU. Said they could change the seal for $475 (think that's what they quoted me). Went the service desk to ok, and mentioned I had an extended warranty. So the replaced the entire PTU (which I found out after the fact). $100 deductible to replace the seal or the entire unit. (No brainer). Dealer loves to findo things as it's more profit for them and I get everything fixed.

 

Did I mention they come out and change your flat tire? In pouring rain? On a Sunday evening? At no cost? How much is that worth?

 

Jump your battery if dead and tow you to the closest Ford garage if car dead. How much is those worth? (Also covered under warranty).

Edited by enigma-2

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The ford ESP is the only one to buy if you want to buy one.

If you're asking whether they're worth it or not that depends on your goal. If you want to save money in the long run don't buy any extended warranties - the odds are on your side over a large number of vehicles. If you want to gamble or if you prefer to spend $1500+ now to avoid a possible larger bill later then go ahead. But the odds are never in your favor.

Sorry, in the old days maybe, but as the new cars have gone from simple mechanical driven to electronic, it does not have the same life cycle and the the cost of fixing is exponential for electronic fix that a tree shade mechanic cannot do. Food for thought in the 21 Century!

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Sorry, in the old days maybe, but as the new cars have gone from simple mechanical driven to electronic, it does not have the same life cycle and the the cost of fixing is exponential for electronic fix that a tree shade mechanic cannot do. Food for thought in the 21 Century!

Electronics typically either fail right away or last forever barring physical damage. Doesn’t matter though - Ford knows the failure rate and repair costs and that is all factored into the cost.

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