Warranty Formula?
Discussion
I can't imagine anything going wrong with this bute...but just for piece of mind I think it would be a good plan.
I have bought Warranty Holdings before for TVR's bought privately, but what about the new 355? I gather the Formula Ferrari is the best I can get for a 97 R GTS cos too old for the Power one.
However whats the best way to get one of these having bought privately and what should I pay, or are there better suggestions? Apparently main dealers don't like selling them to people who buy outside the network.
It's due a cam belt service in October if that makes any differance.
Sorry about all the questions but HELP please!
Cheers
ED
>>> Edited by EdFez on Tuesday 5th August 18:07
I have bought Warranty Holdings before for TVR's bought privately, but what about the new 355? I gather the Formula Ferrari is the best I can get for a 97 R GTS cos too old for the Power one.
However whats the best way to get one of these having bought privately and what should I pay, or are there better suggestions? Apparently main dealers don't like selling them to people who buy outside the network.
It's due a cam belt service in October if that makes any differance.
Sorry about all the questions but HELP please!
Cheers
ED
>>> Edited by EdFez on Tuesday 5th August 18:07
Hi, see me comment in the 456 section.
Dealers have told me that you cannot buy a Formula warranty from Maranello Cons. This, I presume, is the main way they make people buy from the dealer network and thus protect the huge dealer margins. Apparently you cannot go to Ferrari in Italy and buy one there instead. I think that the rules for Maseratis' are the same also.
The best way of dealing with this is to buy a car still under factory warranty and keep extending this every year, buy from someone who has done this or buy a car privately that still has a Formula warranty on it - you can then extend it.
Dealers have told me that you cannot buy a Formula warranty from Maranello Cons. This, I presume, is the main way they make people buy from the dealer network and thus protect the huge dealer margins. Apparently you cannot go to Ferrari in Italy and buy one there instead. I think that the rules for Maseratis' are the same also.
The best way of dealing with this is to buy a car still under factory warranty and keep extending this every year, buy from someone who has done this or buy a car privately that still has a Formula warranty on it - you can then extend it.
I don't think the dealers have horrendous mark up on the warranties IMO.
Formula and Power are around the same - shy of a grand per year. The Power one is better as it has no limit per claim, so if the engine gives up totally and needs to be fully replaced, it's covered. On Formula I believe the limit is 10k (half an engine I think).
Extended my warranty when I bought the car through Graypauls.
I would have thought that if you go to an independent, your warranty will be tied to them. Whereas the Ferrari UK ones can be serviced at any approved dealer...
PS 6yrs is the limit on Power warranties as I understand it. Depends when in 97 the car was registered but you might be able to squeeze it in...?
PPS You'll also need to get an approved dealer to give the car a pre-warranty inspection which is, I think, about 300 quid.
>> Edited by murph7355 on Wednesday 6th August 09:53
Formula and Power are around the same - shy of a grand per year. The Power one is better as it has no limit per claim, so if the engine gives up totally and needs to be fully replaced, it's covered. On Formula I believe the limit is 10k (half an engine I think).
Extended my warranty when I bought the car through Graypauls.
I would have thought that if you go to an independent, your warranty will be tied to them. Whereas the Ferrari UK ones can be serviced at any approved dealer...
PS 6yrs is the limit on Power warranties as I understand it. Depends when in 97 the car was registered but you might be able to squeeze it in...?
PPS You'll also need to get an approved dealer to give the car a pre-warranty inspection which is, I think, about 300 quid.
>> Edited by murph7355 on Wednesday 6th August 09:53
Formula warranty is about £2,500 for 10K limit, or £3,000 for unlimited claim ceiling. If you buy from a main dealer, get them to increase the warranty to the unlimited one, it should cost you more than the difference stated, but will be well worth it.
I also heard Verdi's do a good warranty on these cars, and he is apparently authorised to carry out Formula warranty repairs.
I also heard Verdi's do a good warranty on these cars, and he is apparently authorised to carry out Formula warranty repairs.
Thanks all for the advice. I have sent a email to Verdi and they say they can help with the warranty, so I'll phone today and let you know how I get on.
I will also ring Greypaul cos it was supplied and has always been serviced by them. IF THEY WILL PROVIDE ONE?
Would it devalue the car for a non main dealer to service it, even if they have an excellent reputation for Ferrari?
I will also ring Greypaul cos it was supplied and has always been serviced by them. IF THEY WILL PROVIDE ONE?
Would it devalue the car for a non main dealer to service it, even if they have an excellent reputation for Ferrari?
Only authorised dealers should service the cars for the Ferrari UK warranties to remain valid I believe.
Ninja - was the price for 2yrs or 1yr? Surely must be the former?
Either way, Graypaul (or any other dealer) would be able to put on a Formula Warranty if nothing else. I'm told this is for cars up to 16yrs old.
Ninja - was the price for 2yrs or 1yr? Surely must be the former?
Either way, Graypaul (or any other dealer) would be able to put on a Formula Warranty if nothing else. I'm told this is for cars up to 16yrs old.
I was referring to large dealer mark ups on the cars themselves, not the warranties. I agree that margins on the latter are slight.
Has anyone actually checked whether you can put a Formula warranty on a Ferrari which is currently unwarranted and was not bought this time round from the Ferrari dealer network?
Has anyone actually checked whether you can put a Formula warranty on a Ferrari which is currently unwarranted and was not bought this time round from the Ferrari dealer network?
Cripes. To use a word! I could have sworn when I was looking into it that the difference in price was peanuts.
As for putting a warranty on a non-covered car, you can but you have to have the inspection done prior to it being put on. I guess they'd want any problems sorted out before putting it under warranty, so could well be a sensible option to get done as part of negotiations (i.e. get it through a warranty inspection and I'll take it).
Personally I was happy to pay main dealer prices for my car. When I was looking they tended to have the newer cars available and the price on the sticker isn't necessarily what you pay. So when comparing like for like I'm not wholly convinced that they were actually significantly more expensive.
There's also, theoretically, some peace of mind in buying from the main dealer network.
Not for one minute suggesting that you get the best value, or that non-approved should be avoided per se. But as a first purchase of an expensive piece of metal I felt better that way.
As for putting a warranty on a non-covered car, you can but you have to have the inspection done prior to it being put on. I guess they'd want any problems sorted out before putting it under warranty, so could well be a sensible option to get done as part of negotiations (i.e. get it through a warranty inspection and I'll take it).
Personally I was happy to pay main dealer prices for my car. When I was looking they tended to have the newer cars available and the price on the sticker isn't necessarily what you pay. So when comparing like for like I'm not wholly convinced that they were actually significantly more expensive.
There's also, theoretically, some peace of mind in buying from the main dealer network.
Not for one minute suggesting that you get the best value, or that non-approved should be avoided per se. But as a first purchase of an expensive piece of metal I felt better that way.
Murph, I agree; would have bought a dealer car if there were any GTS's about which were Rosso and 5-6 yrs old. The only ones about were either the wrong colour, too old or too new ie fetching 360 money.Really can't see the point in paying 70k for a 355.IMO depreciation would make the car cost significantly more than a 360 over a year + you can add increased service costs for the 355 and cos its an older car more potentially go wrong. Think 355 looks nicer though!
Not convinced on depreciation you know.
The 360's 4yrs old now. If it was going to have a massive impact on 355 residuals it would have done so by now.
- there were less 355s built, so goood ones are harder to come by (as you've found).
- the 355 is much prettier IMO
- it sounds much better (in most people's opinions)
- etc.
I suspect the 355 will hold its value really well (modern classic) and it definitely wouldn't surprise me to see 355 and 360 prices seriously overlap in the next year or two.
OK, the 360 is quicker round a track. But then I have a Caterham 7 for that...
The 360's 4yrs old now. If it was going to have a massive impact on 355 residuals it would have done so by now.
- there were less 355s built, so goood ones are harder to come by (as you've found).
- the 355 is much prettier IMO
- it sounds much better (in most people's opinions)
- etc.
I suspect the 355 will hold its value really well (modern classic) and it definitely wouldn't surprise me to see 355 and 360 prices seriously overlap in the next year or two.
OK, the 360 is quicker round a track. But then I have a Caterham 7 for that...
All very valid points Murph, and really I agree with most. Thats why I got a 355 not a 360.
Point I was really making was 355 at 70k is too much IMO,and with a few miles and a year on what will you be offered? I know you get reassurance from a dealer but they know how to charge for it sometimes- anyway better get out of the office and go for a burn!
Cheers
Ed
Point I was really making was 355 at 70k is too much IMO,and with a few miles and a year on what will you be offered? I know you get reassurance from a dealer but they know how to charge for it sometimes- anyway better get out of the office and go for a burn!
Cheers
Ed
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