Extended Warranty for 2007 ZO6

[TheBugster]

This is my first time posting a thread so, hopefully, I'm doing it correctly.
When I bought my 2007 ZO6 in July I also bought an extended GM warranty ( 6yr. 48000mi. ) for about $1600.00. When GM began their 5yr. 100000mi. powertrain coverage I contacted them to see what adjustment they planned to make. I just received a response that a $140.00 refund would be issued and that if I were not satisfied with that I could cancel the warranty for a full refund.
I'm inclined to opt out while I have the chance. In fact, I've had lingering doubts about the wisdom of taking it in the first place. If anyone out there has any thoughts that would help me with a decision I would appreciate it.
The Bugster

 

[Roadster Guy]

Opt out............take the full refund....I would!

I would certainly opt out. If I understand this correctly you will pay GM for one years warranty $1600-$140=$1460 that you finance for 6 years or at a cost to you of an additional $400 interest approximately.

Take the $1460 and invest it for 6 years and if you happen to still have the Z06 6 years from now you should be well covered if something needs repair or you can do as you wish with the growing investment if all is well or the Z is history.

Very very nice Vette by the way and a big Welcome to the !!!!
RG

 

[TheBugster]

RG- Thank you so much for your helpful reply. Your math is correct. To make matters even worse, I forgot to mention that the plan has a $200.00 deductible per claim.
The Bugster

 

[jhecox]

Welcome Bugster (BTW- did you get that handle from all the bugs you get in your teeth from doing 300mph with your window down and a BIG smile on your face for owning the 07 Z06?)otfl

I got my '07 the week GM announced the 5yr/100,000mi deal. I also purched an additional 5yrs bumper-to-bumper coverage to take me to 10yrs (for about $1400 I think). We plan on keeping the car and I figured with all the "goodies" on the car, if I had to make 2 service calls in 10 yrs, I'd make back my money.

No recommendations, its insurance, if you don't need it you waisted money, but if you do...

Good luck with your Z06.

 

[Paul T]

Hey Bugster, I just bought a 2007 Z06 and I took a 7year 72000 mile extended warranty on it. Remember, the 5 year factory warranty is powertrain only after 3 years. All you have to do is lose one computer in the car and you have made your premium back. I actually fear things other than the powertrain going bad after three years. My opinion only, I would keep the extended warranty.
Good luck, Paul

 

[1stiff84]

Remember, the 5 year factory warranty is powertrain only

This is key.

 

[BLUEDUCE]

Please remember that the extended warranty purchased at the time of delivery is when the mileage starts. In other words, if you purchased a 72 month 72,000 miles warranty you are really getting only an additional 36 months after the factory warranty is finished. We purchased a used 03 Z06 with 3180 miles and waited until the factory warranty was about to run out and then found Black Pontiac Cadillac in Pa. on the internet and purchased a GMPP extended warranty at close to cost. I have been in the car business since 1972 and think it is best to wait until the factory warranty is about to run out on a new vehicle before purchasing one. I also make sure that if buying a used vehicle an extended warranty is purchased. We bought a used 1994 Vette and my husband wouldn't listen to me about the extended warranty and wound up replacing the Opti-spark, water pump and transmission at our expense. Sooo he doesn't argue anymore.

Donna

 

[TheBugster]

Hi jhecox

Actually, I got my "Bugster" moniker from my wife, who claims I constantly bug her about everything. However, I do get lots of smiles from driving my new ZO6. It's a fantastic car. Thanks for your input on the extended warranty.

The Bugster