Ferrari Power 15 vs 3rd additional warranty

[Fast Eddie]

Afternoon everyone
As the title suggests I'm hoping for real world experiences and information on the above.
Good, bad and indifferent all welcomed.
I'm about to take the plunge.....
TIA
Fast Eddie

Of course that should have read 3rd party additional warranty

[ANOpax]

No experience with 3rd party warranties but plenty with New Power.

It's pants because it doesn't cover that much and there are plenty of exceptions and get out of jail free cards which Ferrari can play. For example, I had a fuel pump failure. It is allegedly covered by the warranty but Ferrari refused to honour it because they claim I ran the tank dry (I didn't as I'd only had the car for a few weeks and hadn't even done enough mileage to put more than a tankful of fuel through the car). Seals and leaks are not covered so although the warranty mentions gearbox, engine and drivetrain, you'll find that a leaking gearbox driveshaft seal isn't covered. Neither is a leaking water pump (need I go on?).

Most long term Ferrari owners self insure as the cost of warranty adds up over the years. After the bad experience with the fuel pump, I decided to do this and am 46k ahead despite having to pay for a few repairs. None of the repairs would have been covered by the warranty anyway, so I'm technically 50k ahead.

The only time NP makes sense is if you're new to Ferrari or the car is new to you or you're planning on jobbing it on after a couple of years at which point it all becomes an issue of peace of mind for major failures. Depending on the car you're looking at, the single biggest warranty expense you're likely to incur would be a gearbox rebuild which is c.8k so effectively two years of warranty premia.

[Fast Eddie]

Thanks for your experience - not so good eh?
This will be my first F.
I typically self warrant and after 2 Lamborghinis in succession which cost me nothing other than routine maintenance, I think I'm just looking for that peace of mind and eventual resale value, albeit selling is not on my mind atm.

[ANOpax]

Fast Eddie said:

Thanks for your experience - not so good eh?
This will be my first F.
I typically self warrant and after 2 Lamborghinis in succession which cost me nothing other than routine maintenance, I think I'm just looking for that peace of mind and eventual resale value, albeit selling is not on my mind atm.

Thanks - the experience put me off NP for life and so far, I'm financially better off as well as knowing that my sinking fund always pays out and all defects are covered (unlike NP!).

If you've been happy self insuring the Lambos then you should be emotionally fine with the F-car. Are you looking at 812s? They're new enough that you shouldn't need to worry about major failures. If the car comes with F-warranty (approved used) then that's a bonus, if not, I wouldn't sweat it, especially if you aren't planning to job the car on in a hurry.

Warranty won't affect resale value unless you put it on the car at the time of sale or there is enough life left in it that it's of value to the next owner.

[Fast Eddie]

Thanks for this.
Can I dm you?
If so how do I do that?
Ta

[Eatpies99]

I've had my 458 around 3 years now I think. Mine still has some Power 15 warranty on the car when I bought it from an independent dealer and I have extended it since.
I've managed to use the warranty twice so far to a sum of roughly £8k. So I'm probably ahead. Just. It didn't however cover my cracked front brake discs but no warranty would anyway......
I think if you're lucky and can self insure and build the pot it's great. But if something goes wrong straight away like it did for me..... Although I am known to be unlucky.....

[Fast Eddie]

Thanks.
This is exactly what I'm trying to learn about.
I'm not a stranger to how these costs can get out of hand but its always a balancing act isn't it?
458 is a beauty.

[maura]

Wouldn’t buy a used Ferrari without a Ferrari Warranty in place for at least 6 months plus, then run the car for 5 months put it in for inspection 1 month before expiry and make a commercial decision going forward. Bear in mind you will benefit from a 15% renewal discount if no claims, so about a £1k off. Good luck with search, what model have you decided on?

[samoht]

Fast Eddie said:

Thanks for this.
Can I dm you?
If so how do I do that?
Ta

Click the username you want to email (to the left of one of their posts)
Click the link 'Email me' on the top right of their profile
Fill in the subject and message in the form and press Send.

Allowing people to send you DMs or not is an option in your Forum Profile.

[supersport]

Had a 430 for four years and now a 458 for two years.

No warranty, and so far they haven't needed anything. Well the 430 need ball joints etc, but they wouldn't have been covered.

Neither came from main dealers, but came with decent warranties that weren't used.