Insane Cost/Availability of Extended Warranty for a 2004 Porsche Cayenne S
I recently looked into picking up a 2004 Porsche Cayenne S. Found a bunch of great deals out there for ~10k. Then, I started looking into buying an extended warranty.
First, I've been finding that extended warranties on Cayennes older than 2005 or over 100k are virtually non-existent. Then, I found that the rare ones that do exist go for around $13-$18k (quotes that I found).
Anyone else seeing the same thing? I had no idea extended warranties could go for 2x the price of a car in some cases.
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It's a 10 year old vehicle... I'm surprised you can find a warranty for any price.
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Obviously, on some cars, for the issuer to "win the bet" most of the time (and thus make a profit most of the time), they'll have to charge a lot to cover repairs on a creaky old Porsche.
Look at it this way---on a 10 year old Porsche, if the engine quits, that car is totaled. The engine costs more than the entire car is worth.
On a ten year old Porsche, you'd be much better off not buying an extended warranty (even if you could find one), and instead putting aside a certain amount of $$$ each month for the future (inevitable) repairs. If you are lucky and the car doesn't need much, then you have a nice little savings account to put toward your next car.
Seriously, if you are that risk adverse there are much better choices out there. A ten year old Porsche is not for the faint of heart.