Shall I get 1 or 2 yr warranty?
Discussion
Hi guys
Ok to summarise briefly, my car is a September 03 ('53 reg) 111S. I bought the car almost a year ago. So the factory warranty ended in September '05 and because I bought it a year ago from Bell and Collvill, the year's warranty from them now ends on 14th May.
The car has now done 22,500 miles.
I've approached B&C regarding an extended warranty and the cost is £399 for 1 yr or £599 for 2 yrs. This is their "Platinum Plan" (less roadside assistance as I'm in the AA) and will cover parts and labour for pretty much everything you'd imagine except, obviously, consumable stuff (they have listed the "not covered" bits but I won't bother doing that now).
While I have no immediate plans, I'd probably sell the car before next summer (i.e. 1 yr from now)...but that's not definite.
So, while I don't really want to cough out £600 - it is, of course, economically much more sound. Would I then, in a years time, get more than £200 extra price for my car because it has 1yr of warranty left?! It's very subjective of course.
To be honest, I just wanted to run it by you guys - I think I know what I'm going to go for, but wanted some other thoughts first?!
Thanks everyone!
Tony
Ok to summarise briefly, my car is a September 03 ('53 reg) 111S. I bought the car almost a year ago. So the factory warranty ended in September '05 and because I bought it a year ago from Bell and Collvill, the year's warranty from them now ends on 14th May.
The car has now done 22,500 miles.
I've approached B&C regarding an extended warranty and the cost is £399 for 1 yr or £599 for 2 yrs. This is their "Platinum Plan" (less roadside assistance as I'm in the AA) and will cover parts and labour for pretty much everything you'd imagine except, obviously, consumable stuff (they have listed the "not covered" bits but I won't bother doing that now).
While I have no immediate plans, I'd probably sell the car before next summer (i.e. 1 yr from now)...but that's not definite.
So, while I don't really want to cough out £600 - it is, of course, economically much more sound. Would I then, in a years time, get more than £200 extra price for my car because it has 1yr of warranty left?! It's very subjective of course.
To be honest, I just wanted to run it by you guys - I think I know what I'm going to go for, but wanted some other thoughts first?!
Thanks everyone!
Tony
TBH neither of them. Put £399 in a savings account every year in case of disaster instead.
Worst case is HGF which can be sorted (admittedly not by B&C) for not much more than £399. How many problems have you had over the last year that were fixed under the warranty (or would have been covered if Lotus hadn't picked up the tab when it was their warranty)?
AA parts and labour is much less than that and would cover most things going wrong but I don't know the details of the scheme (limits, what's covered etc.)
Just my 2p
Worst case is HGF which can be sorted (admittedly not by B&C) for not much more than £399. How many problems have you had over the last year that were fixed under the warranty (or would have been covered if Lotus hadn't picked up the tab when it was their warranty)?
AA parts and labour is much less than that and would cover most things going wrong but I don't know the details of the scheme (limits, what's covered etc.)
Just my 2p
cuzza said:
How many problems have you had over the last year that were fixed under the warranty (or would have been covered if Lotus hadn't picked up the tab when it was their warranty)?
Well, on reflection, a suprising amount for what I deem a reliable car. Most obvious was the heater controls packing up (only having 0 and 3 speed) which involved a 4 - 6 hour clam off job to replace a tiny resistor. I had an odd occurence with the steering 2 days before a trip round Europe (UV joint started gaining some play) - so, all credit to B&C, they saw me the same day and sorted it. All of this I didn't pay a penny for.
I do use the car alot, and will do this year also. I think that 'savings' of £400 would very easily get wiped out in one 'little' problem.
Why do you say they would not do the headgasket? It does not state it in the 'items that are not covered' section. Is that deemed a wearable part, then? That's one thing I will DEFINITELY check with them before I go ahead.
Thanks for your thoughts - interesting
Tony
TonyHetherington said:
Why do you say they would not do the headgasket? It does not state it in the 'items that are not covered' section. Is that deemed a wearable part, then? That's one thing I will DEFINITELY check with them before I go ahead.
Sorry, I meant £399 or thereabouts wouldn't cover the head gasket replacement at B&C but, assuming no head warping, it would pay for it with a specialist.
I doubt the carrot of a warranty would sway a buyer if it meant paying more but if they were weighing up two identical cars, it probably would.
The thing is, at 22k all the teething problems associated with a low volume car should be sorted if they were going to surface and there isn't a whole lot to go wrong so I'd be tempted to take the risk but bank the equivalent cash just in case.
ah I see what you mean - sorry, misunderstood!
I know what you mean - teething troubles should have been worked out but I think I'd feel a lot happier having the warranty at the back of my mind - knowing that if the gearbox goes (which is unlikely) that it won't bankrupt me to fix it. The thing that worries me is a crappy sensor or something little going but it costing many hours labour to fix.
hmmmm. Thanks again for your thoughts - I'll have to think about this one some more. I have until the 13th to decide.
I know what you mean - teething troubles should have been worked out but I think I'd feel a lot happier having the warranty at the back of my mind - knowing that if the gearbox goes (which is unlikely) that it won't bankrupt me to fix it. The thing that worries me is a crappy sensor or something little going but it costing many hours labour to fix.
hmmmm. Thanks again for your thoughts - I'll have to think about this one some more. I have until the 13th to decide.
I'm very wary about extended warranties, even with the factory one you can end up faffing around trying to get a problem sorted - I did with the MIL light, as has Boggy been recently. Extended ones are usually full of exclusion clauses, which is why I'd be tempted to go with the AA one as it's only £50. I've also heard of extended warranties having a £500 limit (ask Louise on Seloc). I think Tim's heard of a few cases where having a warranty hasn't helped as well.
That's the understanding I have as well Gooby. I had a couple of things on the Lotus warranty and it was spot on.
This extended one (which I have the paperwork for) has no exclusions, payout limits, or anything like that. The only thing it (correctly) does is specify what's not included; things like brakes, tyres (and all the other obvious stuff).
This extended one (which I have the paperwork for) has no exclusions, payout limits, or anything like that. The only thing it (correctly) does is specify what's not included; things like brakes, tyres (and all the other obvious stuff).
TonyHetherington said:
That's the understanding I have as well Gooby. I had a couple of things on the Lotus warranty and it was spot on.
This extended one (which I have the paperwork for) has no exclusions, payout limits, or anything like that. The only thing it (correctly) does is specify what's not included; things like brakes, tyres (and all the other obvious stuff).
If that is the case then it is a question of how long you are going to keep the car. If you are keeping the car for 1 year there is no point in going for a 2 year warentee. Can you get a deal that includes servicing?
I don't think I can get a deal that includes servicing but, to be honest, thta's not a problem.
I GUESS I'm going to sell the car before next summer, but I don't know. It's conceivable I could keep it if everything's going well; who knows where they'll be in 12 months time. But the thought that occured to me was that as I don't know, spend the extra £200 - then if I do keep it, I have a warranty, if I don't have it, it's a major selling point on the car when I sell it, which has only effectively cost me £200.
Or am I completely mis guided?!
I GUESS I'm going to sell the car before next summer, but I don't know. It's conceivable I could keep it if everything's going well; who knows where they'll be in 12 months time. But the thought that occured to me was that as I don't know, spend the extra £200 - then if I do keep it, I have a warranty, if I don't have it, it's a major selling point on the car when I sell it, which has only effectively cost me £200.
Or am I completely mis guided?!
gooby said:
I thought the lotus waranty was just the same as the 2 year manufacturers waranty...
I think there's a difference, although you'd have to call to be sure.
A manufacturers warranty is to a certain extent underwritten by the manufacturer who will accept that there are "bugs" early in the life of the car that they should be fixing as realistically they shouldn't have happened in the first place.
After that, you're effectively buying an insurance policy, it might be "Lotus Approved" but in reality it is now fully underwritten by an insurance contract, and it is my belief that the ones being sold at B&C have a maximum claim amount.
Loise on SELOC had an AA warranty I believe. I think the "Lotus" ones are more than £500 maximum cover, but not so much as to justify paying the additional premium for.
TonyHetherington said:
That's the understanding I have as well Gooby. I had a couple of things on the Lotus warranty and it was spot on.
This extended one (which I have the paperwork for) has no exclusions, payout limits, or anything like that. The only thing it (correctly) does is specify what's not included; things like brakes, tyres (and all the other obvious stuff).
Apologies, I hadn't read this!
I looked at buying the B&C one for my S1 and concluded it wasn't worth it because of the maximum limit, I think you have something different. Apologies!
BalhamLotus said:
That's the understanding I have as well Gooby. I had a couple of things on the Lotus warranty and it was spot on.
This extended one (which I have the paperwork for) has no exclusions, payout limits, or anything like that. The only thing it (correctly) does is specify what's not included; things like brakes, tyres (and all the other obvious stuff).
Apologies, I hadn't read this!
I looked at buying the B&C one for my S1 and concluded it wasn't worth it because of the maximum limit, I think you have something different. Apologies!
The new Lotus waranty is underwritten by lotus themself.
Check it vs. the AA one Tony. I think the AA one has a limit of £500 per claim, but allows x number of claims per year.
And take heed of Kevin's note.
The Lotus 'approved' warranty's sold by some dealers are not the same as the one you get from Lotus direct. A recent and real-life example.
You're driving along and all of a sudden the temp starts fluctuating. Then you notice a not insignificant amount of steam coming out of the back end of your car. Complete coolant loss but no mayo in the oil as far as you can see, no fluid coming out the front (suggesting a blown rad end).
Car goes back to dealer on a low loader.
Dealer spends xyz hours tracing the fault to a radiator feeder or return pipe at the front of the car which apparently has been severed by an errant jubilee clip (odd given that the steam came out the back and there was no coolant leak at the front don'tcha think?). Anyway, all replaced at a cost of some £300.
Car is returned to you but warranty company won't pay because the fault was not one of a mechanical part. Pissed off by the cost, but happy that you have the car back, you then carry on driving it merrily for another week or so before it lets go again.
Car goes back in and this time it's determined that yes, actually you do have HGF.
It's fixed under warranty but no refund of the £300.
And take heed of Kevin's note.
The Lotus 'approved' warranty's sold by some dealers are not the same as the one you get from Lotus direct. A recent and real-life example.
You're driving along and all of a sudden the temp starts fluctuating. Then you notice a not insignificant amount of steam coming out of the back end of your car. Complete coolant loss but no mayo in the oil as far as you can see, no fluid coming out the front (suggesting a blown rad end).
Car goes back to dealer on a low loader.
Dealer spends xyz hours tracing the fault to a radiator feeder or return pipe at the front of the car which apparently has been severed by an errant jubilee clip (odd given that the steam came out the back and there was no coolant leak at the front don'tcha think?). Anyway, all replaced at a cost of some £300.
Car is returned to you but warranty company won't pay because the fault was not one of a mechanical part. Pissed off by the cost, but happy that you have the car back, you then carry on driving it merrily for another week or so before it lets go again.
Car goes back in and this time it's determined that yes, actually you do have HGF.
It's fixed under warranty but no refund of the £300.
Is that for 2 yrs, I assume?
The warranty that I bought (the very subject of this post) was superb. Had much more than the few hundred quid's worht of work done that it cost me. Also, I've just sold the car and so it was sold with warranty until May also - I'm sure that was a selling point
You've seen the discussion above but, having been through it and done it, I'd certainly recommend it and in May when my new car's warranty ends, I'll be extending that too.
The warranty that I bought (the very subject of this post) was superb. Had much more than the few hundred quid's worht of work done that it cost me. Also, I've just sold the car and so it was sold with warranty until May also - I'm sure that was a selling point
You've seen the discussion above but, having been through it and done it, I'd certainly recommend it and in May when my new car's warranty ends, I'll be extending that too.
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