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Extended Warranty?

1256 Views 19 Replies 17 Participants Last post by  CAErven
Now normally, I think these are for suckers. A company is betting on you paying more for premiums that they pay you for claims. Like any insurance, the house wins. Unless you know you are buying something that tips the odds in your favor. My philosophy on insurance/warranty is to cover the stuff that would be catastrophic and not worry about anything else. That is pretty much liability, death, disability, and major medical.

But rumor is, Lotus USA is working on providing an opportunity to purchase an extended warranty and it sounds like it might be a good idea. Just a heads up. Maybe 2 years, 24,000 miles extension.

I am curious, what would that be worth to you?



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When I got my Elan, the extended warranty was $3000. I declined;)

I'm thinking the Elise will be about the same.

Original Mfg. warranty is 3/36, right? So the extension is to 5 years, 60K miles? Would it cover all the same things? Or would it be strictly a powertrain only warranty? (i.e. bumper-to-bumper manufacturer's warranty?)

If it's a full bumper-to-bumper warranty, I'd consider paying between $500 - 750. If it's powertrain only, I'd probably pay less (if I didn't pass on it altogether.)

I'd go through Lotus if it was a competative price. Aftermarket warranty companies offer coverage too....
It would depend on what is covered, what the deductibles are, and what the conditions are (my parents once got suckered into an "extended warranty" that required them to take the car to a specific dealer for an oil change and service every 1,000 miles), who offered it (Lotus or a third party) and most definitely the price. I'd not pay too much for an extended warranty though...

Tim Mullen
I'm with Tim. It would depend on the terms. I have has extended warranties which were worthless and yet the $1500 I paid to Ford for a 6 year 100k bumper to bumper was worth every cent. I assume if we take delivery before the program is established, we can still get the warranty, right? Let's see the terms and then I'll commit.

BTW, I will only be taking my car the the dealer for service. I don't need some idiot at the local station to misplace a jack support or over tighten something with a air hammer.
somewhat off thread but I just can't wait until the first guy needs his car "touched up" and goes to the local paint shop which proceeds to place the car in a paint over and melts the clams. I bet those pics will be on the elisetalk web site before years end.
Seems that Lotus has been very receptive to consumer opinion as of late.

If it were a basic extention of the 3/36 warranty to 5/60, it would be worth around $700 to me. It depends when you were allowed to purchase it. If I could purchase it in a year or two, then I would be more inclined to buy it. I tried to buy one for my last car, but the opportunity passed after one year which mad me a bit mad. Time well tell if I could have used it.
My current car came with a 3 yr 36,000 mile warranty. I've had the car for 5 years and only have 34,000 miles on it.

If Lotus offerred a longer term (5 years) with less miles then I might go for it, but it might be a waste since I dont plan on putting a ton of miles on the car.
Don't understand. The warranty expires by which event occurs first, doesn't it?
$500ish for bumper-to-bumper would probably get my money.

However, I would want clarification on how "racing" effects warranty claims. I won't try to take advantage of things and if I cause problems due to driver error, I won't charge Lotus.

BUT, if the engine goes at the track because the oil pressure drops during high G turns, I would expect Lotus to cover that since I'm getting the Sports Pack and Lotus claims that is for people who will be tracking their car. So they KNOW it will be tracked (and let's be honest, they encourage it). And if Lotus is not going to stand behind their engineering (even at the track) then I'm not throwing more money for increased warranty.
I have never bought an extended warranty over many car purchases. I am of the logic they are making money on them, and (knock on wood), I do not think I have ever had expenses that would have made them a good purchase in hind sight.

So if it was $200, I'd go for it. $500 - probably pass unless it provided very extensive coverage.
The cost of an extended warranty would be computed based on the expected warranty costs, and priced ABOVE that... as much as the market will bear.

I've purchased two.. one I never used, and the second one was from a 3rd party that went belly-up.

Every analysis I've seen says you're better off taking the same cash and sticking it under the trunk carpet for when you need out-of-warranty service.
Ground Loop said:
Every analysis I've seen says you're better off taking the same cash and sticking it under the trunk carpet for when you need out-of-warranty service.
I agree, though a hand built car from England isn't what they were thinking about. $500 for 2 more years of full coverage? Possibly. Anymore and I'll take my chances.

There was no extended warranty available to me at all at any cost when I got mine FYI.
Surferjer said:
There was no extended warranty available to me at all at any cost when I got mine FYI.
Yes. I would not be surprised to see one in a month or so.
$500–$700 sounds ballpark right to me. Funny, that's only 2/3 of the 3M cost...

I agree with your concept of catastrophic coverage Randy. For what people pay, makes a lot of sense for health care too.
I'd go 500-$750 for 2 years 24K on the first model out of the box

HOWEVER, my plan right now is to get a deposit in on the next Elise 9or whatever it's called) version and sell this one so if it looks like there's a good chance of that happening then I won't want the extended warranty
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