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Old 01-28-2014, 02:10 PM   #1
focusmidwest
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Continued Service Plan - Is it worth it?

My 2008 SES is approaching 100,000 miles, and because of that the Extended Service Plan that I purchased when the car was brand new is running out. Ford is offering a Continued Service Plan (CSP) that will cover the car for another 60,000 miles (up to 160,000). The Plan covers most engine items, transmission, odometer and speedometer, steering parts, suspension (not including alignments and wheel balancing), brake parts such as the master cylinder, A/C, most electrical items, seals and gaskets, and what Ford calls "high tech" components. Towing and rental car reimbursement are also provided.

The cost of the Plan is $869.50 per year or $72.46 per month (including tax). This is with a $250 deductible. There is a Plan available for 50-something-dollars per month with a $500 deductible.

To be fair, I did not "use" the Extended Service Plan much at all (credit to Ford for the quality of their product, the maintenance that was done, etc.). I think I used it twice, and the two repairs would have cost me maybe $300 or $400 out of pocket combined.

The car is paid off, and I am not gung ho about the idea of paying for something that may not be "worth it." Yet, if there is a long-term financial or logical benefit to getting the Continued Service Plan, I would definitely consider it.

Thoughts?


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Old 01-28-2014, 04:22 PM   #2
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traditionally "extended service plans" are a rip off for the consumer

you are going to be $1k (deductible + premium)out of pocket the next year IF you need something

you can get a lot for $1K IMO
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Old 01-28-2014, 04:30 PM   #3
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^My feeling as well.

Odds are you've not looked into private mechanic (vs dealership). Might be a good idea to stop at one and just ask them what 'normal' problems they've encountered and the average cost of repair.


And by my math, that $1,000 pays for your fuel for little over half the year.
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Old 01-28-2014, 04:42 PM   #4
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Not too cheap for insurance, it's the usual debate about how much insurance you can afford & makes sense for your circumstances.

Typical repairs would be cheaper than insurance, major repair (like transmission) would make it seem worthwhile. (still not ahead after 3 yrs)

As usual, if repair bills wouldn't be a personal disaster, you're better off "self insured" financially. The House always wins overall when gambling, more losers than winners.

"Insurance Poor" can be as bad as worrying about what might happen, there are still maint. bills to be paid that aren't covered by warranty.

Is the peace of mind worth it? Individual decision.

Step son just bought ESP on a new Truck, plans to keep it 'till it rots & paying up front made sense to him - didn't want to worry for a long time.

luck!
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Old 01-28-2014, 05:05 PM   #5
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Personally, I'd forgo it. If you've had a relatively trouble-free 100K miles, I wouldn't expect a catastrophic failure at this point so long as you've had the vehicle properly maintained and continue to do so.
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Old 01-28-2014, 06:12 PM   #6
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If you've kept up with the basic maintenance to this point. Expect the car to be pretty much worry free all the way to 150,000 miles with a little refresh with a few things around the 150k mark... If you think anything catistrophic is going to happen within those next 10k miles, then go for it.
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Old 01-28-2014, 06:59 PM   #7
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Quote:
Originally Posted by focusmidwest View Post
My 2008 SES is approaching 100,000 miles, and because of that the Extended Service Plan that I purchased when the car was brand new is running out. Ford is offering a Continued Service Plan (CSP) that will cover the car for another 60,000 miles (up to 160,000). The Plan covers most engine items, transmission, odometer and speedometer, steering parts, suspension (not including alignments and wheel balancing), brake parts such as the master cylinder, A/C, most electrical items, seals and gaskets, and what Ford calls "high tech" components. Towing and rental car reimbursement are also provided.

The cost of the Plan is $869.50 per year or $72.46 per month (including tax). This is with a $250 deductible. There is a Plan available for 50-something-dollars per month with a $500 deductible.

To be fair, I did not "use" the Extended Service Plan much at all (credit to Ford for the quality of their product, the maintenance that was done, etc.). I think I used it twice, and the two repairs would have cost me maybe $300 or $400 out of pocket combined.

The car is paid off, and I am not gung ho about the idea of paying for something that may not be "worth it." Yet, if there is a long-term financial or logical benefit to getting the Continued Service Plan, I would definitely consider it.

Thoughts?
I have been driving for over 40 years and I have never bought an extended warranty and I have never regretted it. As a mater of fact I have never bought an extended warrant on any item and have never regretted. I saved so much money over the years that I can buy a new car cash.
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Old 01-28-2014, 08:12 PM   #8
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http://lmgtfy.com/?q=truth+about+extended+warranties
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Old 01-29-2014, 08:59 AM   #9
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Thanks for all of the input. I think I'm going to forgo it at this point, put away the money I would have spent on the CSP, and use the money (ideally) for long term maintenance items.

I'd like to get 150k+ out of the car.
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Old 01-29-2014, 01:09 PM   #10
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Smart move IMHO, you should come out way ahead in the end.

Check out this recent thread on a high mile car.

http://www.focusfanatics.com/forum/showthread.php?t=364017

Lot of miles there, it was about 100,000 past your target before a major item failed. Basic maint., nothing too special, will take you a long way in most cases.

Unless rust gets out of hand, most cars get tossed because of a long list of repairs that weren't done when needed. Once it's not working right basic maint. gets put off as well, then a big bill comes up that can't be ignored & it's all over...

Enjoy many more miles! (Like that color, & not as many 2dr's around)
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