Chris2Go Posted May 12, 2011 Report Share Posted May 12, 2011 Hi all, I've been lurking in this forum for a while now, I recently bought a 2010 MKX Midnight Edition, I also took the extended warranty on it that if not used i will get the money back. I was wondering if it was worth it? Thanks! Quote Link to comment Share on other sites More sharing options...
akirby Posted May 13, 2011 Report Share Posted May 13, 2011 Hi all, I've been lurking in this forum for a while now, I recently bought a 2010 MKX Midnight Edition, I also took the extended warranty on it that if not used i will get the money back. I was wondering if it was worth it? Thanks! Never ask that question AFTER you buy something........ Quote Link to comment Share on other sites More sharing options...
JOEHIO Posted May 13, 2011 Report Share Posted May 13, 2011 (edited) As far as I'm concerned, extended warranty is a smart choice. I took it out on my '06 Explorer, and it was a smart decision. Last summer, some of the covered repairs were rear wheel bearing and axle, rear wiring harness, "frozen" spark plugs ( 2 of them), and a few other things that I don't recall off the top of my head. A friend that has same year Explorer had the rear bearing go bad, never mind split axle, and it was a repair that cost them over $2,300. With all the other problems I had, I think I'm way ahead of the game, with the warranty. I took out a 5 year/75,000 mile one. It will expire December of this year, but I plan to be in a new Edge or MKX when the '12's come out. Mine was the Ford ESP one. Which one did you take? Back then, my cost was $1,100. Smart choice you made as far as I'm concerned, others might differ, but not me ! Joe Edited May 13, 2011 by JOEHIO Quote Link to comment Share on other sites More sharing options...
akirby Posted May 13, 2011 Report Share Posted May 13, 2011 As far as I'm concerned, extended warranty is a smart choice. I took it out on my '06 Explorer, and it was a smart decision. Last summer, some of the covered repairs were rear wheel bearing and axle, rear wiring harness, "frozen" spark plugs ( 2 of them), and a few other things that I don't recall off the top of my head. A friend that has same year Explorer had the rear bearing go bad, never mind split axle, and it was a repair that cost them over $2,300. With all the other problems I had, I think I'm way ahead of the game, with the warranty. I took out a 5 year/75,000 mile one. It will expire December of this year, but I plan to be in a new Edge or MKX when the '12's come out. Mine was the Ford ESP one. Which one did you take? Back then, my cost was $1,100. Smart choice you made as far as I'm concerned, others might differ, but not me ! Joe A sample size of 2 is mighty small. For comparison, I've had 5 vehicles that we kept at least 2 years after the factory warranty expired. I never had a repair so had I bought an extended warranty on all 5 I would have wasted $7500. I can buy a new engine tomorrow and still be way ahead. You can get lucky (or unlucky) on one or two or even a few vehicles, but in the long run you won't win because if you did then the warranties would lose money and nobody would sell them. Quote Link to comment Share on other sites More sharing options...
Chris2Go Posted May 13, 2011 Author Report Share Posted May 13, 2011 As far as I'm concerned, extended warranty is a smart choice. I took it out on my '06 Explorer, and it was a smart decision. Last summer, some of the covered repairs were rear wheel bearing and axle, rear wiring harness, "frozen" spark plugs ( 2 of them), and a few other things that I don't recall off the top of my head. A friend that has same year Explorer had the rear bearing go bad, never mind split axle, and it was a repair that cost them over $2,300. With all the other problems I had, I think I'm way ahead of the game, with the warranty. I took out a 5 year/75,000 mile one. It will expire December of this year, but I plan to be in a new Edge or MKX when the '12's come out. Mine was the Ford ESP one. Which one did you take? Back then, my cost was $1,100. Smart choice you made as far as I'm concerned, others might differ, but not me ! Joe Good to hear that it worked out well for you. Up here in Canada we pay a bit more i paid 2K on it (Ford ESP). I've had 4 ford different cars but this one is my first Lincoln and almost new. I just wanted a peace of mind for 7 years. Another reason is that this car has more technology than my previous ones and my first AWD. I know Ford makes reliable cars now and I never had experience with extended warranty so I'm looking for other owners input who had it. I know some owners don't think ESP is necessary. Quote Link to comment Share on other sites More sharing options...
akirby Posted May 13, 2011 Report Share Posted May 13, 2011 I just wanted a peace of mind for 7 years. I get a lot more peace of mind with $7500 cash still in my pocket, but maybe that's just me. Quote Link to comment Share on other sites More sharing options...
JOEHIO Posted May 14, 2011 Report Share Posted May 14, 2011 If you plan to keep it 7 years, a smart choice. We took a 7 yr / 100,000 on my wife's '09 MKS. Technology can get might expensive in repairs. It's kind of like term life insurance. Do you go for it, or not ? Quote Link to comment Share on other sites More sharing options...
akirby Posted May 14, 2011 Report Share Posted May 14, 2011 If you plan to keep it 7 years, a smart choice. We took a 7 yr / 100,000 on my wife's '09 MKS. Technology can get might expensive in repairs. It's kind of like term life insurance. Do you go for it, or not ? Electronics usually fail right away or it lasts for years and years. It doesn't wear out. Self-insuring is always cheaper in the long run but you have to be able to afford it. I can afford to pay for a repair on my vehicle so I self-insure. I can't afford to buy a new vehicle if mine is totalled so I have car insurance for that. My wife can't afford to maintain our lifestyle on her own so I have life insurance. If it makes you feel better to have an extended warranty or you just like to gamble then go for it. But don't pretend that it will save money in the long run because it won't. Quote Link to comment Share on other sites More sharing options...
Chris2Go Posted May 15, 2011 Author Report Share Posted May 15, 2011 If you plan to keep it 7 years, a smart choice. We took a 7 yr / 100,000 on my wife's '09 MKS. Technology can get might expensive in repairs. It's kind of like term life insurance. Do you go for it, or not ? Thanks for the input. I do plan to keep it for a while. We'll see what happen. I spent 2K on it so it's not so bad imo, I can always cancel it anytime we'll see if I made a smart choice. Quote Link to comment Share on other sites More sharing options...
Chris2Go Posted May 15, 2011 Author Report Share Posted May 15, 2011 Electronics usually fail right away or it lasts for years and years. It doesn't wear out. Self-insuring is always cheaper in the long run but you have to be able to afford it. I can afford to pay for a repair on my vehicle so I self-insure. I can't afford to buy a new vehicle if mine is totalled so I have car insurance for that. My wife can't afford to maintain our lifestyle on her own so I have life insurance. If it makes you feel better to have an extended warranty or you just like to gamble then go for it. But don't pretend that it will save money in the long run because it won't. Good points, It maybe a feel good and gamble in my case. :P Quote Link to comment Share on other sites More sharing options...
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