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Insane Cost/Availability of Extended Warranty for a 2004 Porsche Cayenne S

bubbanickbubbanick Posts: 1
edited January 2014 in Porsche

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. :)

Comments

  • kyfdxkyfdx Posts: 130,684

    It's a 10 year old vehicle... I'm surprised you can find a warranty for any price.

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  • Have you tried the AAA?
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    edited January 2015
    Extended warranties are actually bets. The issuer of the warranty is betting a certain amount of $$$ that your car will not cost more than the cost of the warranty, and you are betting that it will.

    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.
  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    The cost of that warranty should tell you something about the reliability and costs of repair on a high risk car like that one. I'm surprised you can buy one at all.

    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.
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