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Old 03-24-2018, 03:54 AM   #1
jack65
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To get or not? Warranty for used pickup?

As some of you know already, I am about to get a 2014 RAM 1500 SLT Quad Cab 4X4 with a 5.7L HEMI, rear ratio of 3.92 with 49K miles on it in another post.
http://www.keystoneforums.com/forums...ad.php?t=32216
I'm waiting for them to have a Class IV Hitch installed before finalizing it with the bank next Monday.

My question is: it has 49K miles on it and eventually things may go wrong and fixing it can be expensive. Things tend to happen after you hit 80+. So I'm thinking of getting this warranty on it:
https://www.ascwarranty.com/asp/customers.asp?ID=100002
For the best package, (all of it) it cost $2,500 added to the pickup loan for full zero deductible coverage for 4 years or when it hits 100K miles (whichever comes first). Would this be a smart thing to do or am I wasting my money? My wife thinks it's a waste of $$$ as we have similar coverage on our Ford Edge the past four years and never used it.

Any of you folks use this type of warranty? Thoughts?
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Old 03-24-2018, 04:16 AM   #2
Tinner12002
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Personally, I wouldn't do it, but, I would see if the dealer your buying from would offer you a 6 mo or so warranty as part of your deal. I think most newer trucks are quite capable of running 100K worry free miles if you keep up with the maintenance. You might also see if and when the tranny was flushed last and if it hasn't been, see if you can get that on the deal too since your going to be towing with it...just a little piece of mind.
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Old 03-24-2018, 04:28 AM   #3
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$2500 is a ton of money and will pay for a number of repairs. We wouldn't make the purchase in our family. YMMV
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Old 03-24-2018, 04:42 AM   #4
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I wouldn't "invest" in a 3rd party service contract either. You're buying a very good 4th generation RAM that is powered by that proclaimed 5.7L Hemi motor. As long as you've got a clean car fax history, I would worry about any major service issues for at least another 50K miles.

3rd party service contracts can be a hassle anyways. I purchased one with my Yukon Denali (GWC) and it was like pulling teeth at the dealer for them to issue payment on a service bill. I only had 2 small issues and GWC had hard limits on the dollars they would payout on each repair. It had to be pre-authorized and approved prior to the work being done. Such a hassle I tell you.

Just take the $2,500 dollars and invest it into a "RAM repair" fund. If you never use it it in 4 years, use it to buy some nice mods for your truck (or as a downpayment on a new one). If you do have components that fail, take it out of that fund money. I bet you'll still have money left over in 4 years. Remember, you bought a RAM truck. If it were a Ford, I'd probably say buy the warranty.
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Old 03-24-2018, 06:28 AM   #5
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I just went through the same decision process on our 2015 F250. We bought it new, did not buy the extended warranty. The "new car warranty expired at 36,000 miles earlier this week. Ford has been sending me letters and emails with offers to buy the extended warranty almost every day for over a month now...... I won't buy it. Here's my thoughts:

I have bought only one "insurance policy" for a vehicle. That was from ASC and they NEVER approved a repair on that vehicle. Truthfully, nothing broke on that vehicle that was covered by the ASC "bumper to bumper" warranty. They exclude ALL engine accessories, all emissions components, all glass breakage, (that means when a window stops working....), etc. So if you go with an "aftermarket insurance" (they are not a true warranty) be very sure to read the fine print on exclusions and be extremely sure to ALWAYS follow the "request for approval" step by step without any deviation or they will refuse the claim.....

On the other hand, all of the manufacturers provide a "true extended warranty" on vehicles that are within specific criteria. In the case of Ford, they have "fine tuned the actuarials" to the point that their extended warranty products either exclude those items that fail (written in the policy) or the policy is only available "until the month before any projected failure". So, they sell them to make a profit, not to protect the consumer. They KNOW when to stop coverage on parts that statistically prone to cost money and they continue "feel good coverage" on parts that never break....

I had the Ford extended warranty on several trucks and cars over the years. I've probably spent $15 or 20 thousand on those warranties (10 at $2000 each) and the only time I've ever had a warranty that paid for a repair was at 86,000 miles on a Mercury Mountaineer. The alternator failed, repair cost was $290. I paid the first $100 and Ford paid $190. Not a bad added profit for Ford, $20,000 "off the top" with the only cost being a few sheets of paper to give the customer and a $190 claim.......

For me, I stopped buying extended warranties about 10 years ago and the only repair cost I've had was my DW's current Escape. The A/C evaporator (in front of the radiator) corroded, leaked all the Freon out. Total cost to replace it and add Freon was $590. So, having bought 8 vehicles including hers, at $2000 per vehicle, that's $16,000 in extended warranty costs we saved and only spent $600.

Do your own math, only your financial situation can tell you if you're able to absorb the cost of a catastrophic failure. That's about all an extended warranty protects against. For many people, it's not worth the gamble.
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Old 03-24-2018, 07:23 AM   #6
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I don't think I would get it myself. Save the money if you want to but it's got pretty low miles and apparently never towed since it doesn't have a receiver. You need to be aware that the differentials need to be serviced at 60k (memory?) and I would check the coolant to see what it looked like. Tranny will need to be serviced as well but that's down the road a bit if I recall. When towing you've got to stay on top of all the mechanical maintenance because you are working your equipment harder.
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Old 03-24-2018, 07:25 AM   #7
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We have bought the ford extended warranties on our last 3 vehicles. On 2 out of the three they have been used. (And looking at it, that’s a real sad statement). Our 2009 F-350 it was used for replacing the EGR sensors that were failing due to MN going to 20% biodiesel instead of the 5% the truck was rated for, so not really a ford problem. For our 2012 escape, well, it was used to the tune of $2000 to replace the whole A/C system because of a failed drier sending particulates thru the whole system, a known issue with them. We didn’t pay $2000 for the extended warranty, so I figure we actually came out ahead there.

The main reason we have decided to go ahead and buy the extended warranty is the amount of miles we put on a vehicle. Our 2009 F-350 had 36000 miles on it at its first birthday. The 2012 escape went out of the normal warranty at 18 months old. We figure we may put the miles on a vehicle quickly, but in my experience, the parts that fail that aren’t related to just regular driving wear and tear, will take time to go ka-put, so we do get extended warranties. Now the one that may not have made sense is our 2016 F-350, it only has 24,000 miles on it.
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Old 03-24-2018, 07:33 AM   #8
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Also keep in mind that if you add the cost of the warranty to your loan you will be paying interest on that cost, so it will actually cost you more than the list price. As others have said your better off starting a repair fund.

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Old 03-24-2018, 07:41 AM   #9
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Do you know why the dealers and warranty companies push these things so hard? Because they make LOTS of money off of them.

I vote "NO." But, that's just me. YMMV.
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Old 03-24-2018, 08:56 AM   #10
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All of the extended warranties are marked up. Barter down to $1500-1800.00 if you think you really need it.
I remember when I used to ride motorcycles and the finance guy (good friend) would offer me the ext warranty. I always had no problem getting it cheaper. On my last MC (Goldwing) I found a place in FL that sold Honda warranties cheaper than anywhere in the USA.
It's scam IMO, but depending on the vehicles reliability then it can be a good deal if bought at the right price.
I would just have a separate credit card designated for $$$ repairs. Most small repairs can be done with You Tube and Google.
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Old 03-24-2018, 09:05 AM   #11
chuckster57
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Quote:
Originally Posted by MerlinB View Post
Do you know why the dealers and warranty companies push these things so hard? Because they make LOTS of money off of them.

I vote "NO." But, that's just me. YMMV.
And usuallyi have a LOT OF EXCLUSIONS. Read the fine print. I have never bought an extended 3rd party warranty on a vehicle.
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Old 03-24-2018, 11:46 AM   #12
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I will echo most of the sentiments on here by saying i would also pass. You have the corrected carfax now. I would get that truck and swap ALL the fluids soon (brake, pwr steering, tranny, oil, rear diff, transfer case, coolant) and drive it with confidence. You shouldn't have to worry about anything for a long time. Take the money and stash it.
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