Extended Warranty Worth It?

[tbinmd]

Wife bought an extended warranty on her 22 CT4, right before the warranty ran out. $4.3k is cheap compared to what a repair could cost. Just makes sense for another 4 years of peace of mind.

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[Dee]

Otherwise, might have been head-on.

I think you missed my point.
Otherwise, the deer wasn't there at all.

 

[Dee]

One other variable in this discussion is the cost of the extended warranty. From other posts, I've seen prices as low as slightly less than $1000US per year. I was told that a 2yr extended warranty from my dealer would cost about $5000CAN for 2 years. I'll certainly shop around when the time comes, but I'm not too optimistic.

Exactly.
As I'm not driving the car that much, every year I don't have any issues I "earn" money.
So far I've saved €2000 and with every year it's growing, that's my money right there.
The longer I don't have issues the more I'm able to pay for an issue when it may occur in the future.
It is a risk but then again, I'm able to pay the bill at any time, I can afford a Porsche (I assume many people don't to be fair).
I don't like to pay for a car that doesn't have any issues, I'd rather pay when something actually breaks, not in advance, it may never happen, then I actually lose money and I don't like that.
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[Dabz]

Does the OPC usually reach out proactively to sell a warranty near the end of the initial warranty period or is it something people are having to ask for a quote for?

 

[chun]

Does the OPC usually reach out proactively to sell a warranty near the end of the initial warranty period or is it something people are having to ask for a quote for?

in my experience, you have to ask. And would suggest shopping around, prices differ.

Owning this car out of warranty is just begging for problems.

 

[69Mach390]

I think you missed my point.
Otherwise, the deer wasn't there at all.

Someone needs to watch the Butterfly Effect again.

 

[e92er]

Great timing on this thread because I have this same question right now.
Second problem is, there's no independent shops near me (Atlanta) that I could find that work on Taycans making getting an extended warranty worth it if you're getting all your repairs at the dealership.

 

[JustWatching]

Killing time at the airport so here is mine:

Bought new April ‘22
Currently ~29,000 miles
Zero issues except for recalls

NEVER bought an extended warranty for absolutely anything.

Bought 8 year / 60,000 mile plan for $4160

Rationale:
Plan is 2.95% of original cost of car

I got $7500 EV credit to entice me to buy an EV, offset.

1 event likely to pay for all or most of the expense.

I usually keep my cars 3-5 years.

This is the first car I plan on keeping for an extended period (8 years). Why? I don’t like the new Taycan. I am never going back to ICE. There isn’t another EV I’d rather have. Car still feels new ( EVs don’t vibrate as much so they hold up better? I don’t know but it feels exactly the same as the first day.)

So instead of spending tens of thousands on a new car, I am spending $4k for my “next” car.

A small dig for the “you are going on feelings crowd not math”. You don’t know for a fact that your car will have an issue or not. Your FEELING is that it won’t and your FEELING is that if it does, you don’t care. Not caring is also a feeling.

At the end of the day, the question you need to answer:

1) Am I willing to pay a large expense however unlikely it may be? If yes, don’t buy

2) Do I like predictability? Yes, buy it.

 

[prj]

Thanks- Many of the threads were for 20 and 21 model years which are known to have many more issues from the beginning. 22 MY seems to be hit and miss and 23/24 MYs much better.

This is a myth parroted online over and over.
The reality is the 22 is not any different mechanically from a 20 or 21 and is no less likely to develop any issues.

All the 20, 21, 22, 23 had all the recalls done by now, and the likelihood of developing a fault is the same between all of them.
Just because you have a '22 or '23 does not mean you're less likely to have battery, inverter, OBC or heater failure...

 

[foilwagon]

Thanks all for mostly constructive feedback- especially since this is much discussed topic (i will try to find some questions about PCM next). As a new model, with new tech and just recently exceeding the manufacture warranty period, there is limited experience with out of warranty vehicles, so I would anticipate this be a re-occuring topic.

FWIW, on the myth about difference years being more or less reliable, the Porsche service department brought up to me, when asking about the EV Cayenne, that 20 and 21s Taycans had a lot more issues as they were ironing out the new model and would wait a year or two before getting a Cayenne.

Normally i would never consider an extended warranty- but many of you have me thinking.
I have a quote for around $5K for 5yr/40K additional miles. Another quote of $6K for 4 yrs and less miles (Porsche).

I will continue to call around and maybe use some contacts from other threads to see what I can get. Hearing tariffs on parts having a big impact on cost.

 

[prj]

FWIW, on the myth about difference years being more or less reliable, the Porsche service department brought up to me, when asking about the EV Cayenne, that 20 and 21s Taycans had a lot more issues as they were ironing out the new model and would wait a year or two before getting a Cayenne.

Yes they had more issues in 2020 and 2021 when the issues were fixed. That was 5 years ago. How is this relevant today?

The service department was also correct - if you buy a first model year new vehicle you are likely to have more issues, until they are fixed. But this does not apply 5 years from when the car was new - how would you ever come to that conclusion? All these cars had the recalls performed and stuff fixed under warranty by then.

The only real difference is J1.2.

Any older than that the only thing that is different is how much warranty it has left.
You can ask anyone who owns these cars and they're gonna say that the years just before their vehicle are bad, and they have the best thing since sliced bread. So someone with a 2021 is going to say all the 2020 and 2019 are crap, someone with a 2023 will say everything below that and so on.
There is not a sliver of truth to any of that. Not in 2026.

 

[69Mach390]

Killing time at the airport so here is mine:

Bought new April ‘22
Currently ~29,000 miles
Zero issues except for recalls

NEVER bought an extended warranty for absolutely anything.

Bought 8 year / 60,000 mile plan for $4160

Rationale:
Plan is 2.95% of original cost of car

I got $7500 EV credit to entice me to buy an EV, offset.

1 event likely to pay for all or most of the expense.

I usually keep my cars 3-5 years.

This is the first car I plan on keeping for an extended period (8 years). Why? I don’t like the new Taycan. I am never going back to ICE. There isn’t another EV I’d rather have. Car still feels new ( EVs don’t vibrate as much so they hold up better? I don’t know but it feels exactly the same as the first day.)

So instead of spending tens of thousands on a new car, I am spending $4k for my “next” car.

A small dig for the “you are going on feelings crowd not math”. You don’t know for a fact that your car will have an issue or not. Your FEELING is that it won’t and your FEELING is that if it does, you don’t care. Not caring is also a feeling.

At the end of the day, the question you need to answer:

1) Am I willing to pay a large expense however unlikely it may be? If yes, don’t buy

2) Do I like predictability? Yes, buy it.

Pretty close on the feeling part, but not all the way there. You don’t have to know for a FACT that you won’t have an expensive repair.

You just need to know the math if it’s a good bet or not. And 12% payout is a bad bet.

Even if you end up with a large out of pocket expense, you still know you made the wise bet, even if unlucky.

I never feel bad making wise financial decisions based on the info I had at the time. It’s why you can’t play the “I should have put every penny into Apple stock in 2001” game.

It would have been unwise for me at the time.

 

[Dee]

Someone needs to watch the Butterfly Effect again.

Are you saying it's my fault?!

 

[prj]

In case of Porsche Approved it's quite cheap for what it is, because it's an insurance re-sold by Porsche themselves and when they have to replace parts then they are charged to the insurance at a MUCH lower price.

So because of this it's an asymmetrical bet. If you were to pay the expenses out of pocket, you would pay much more than what the insurance would pay to fix your car.

Hence the whole calculation of insurance premium vs repair goes completely out the window, and you should always get Porsche Approved.

With a third party warranty it's completely different and the insurance premium is also much higher to reflect it.

 

[snstevens]

Does the OPC usually reach out proactively to sell a warranty near the end of the initial warranty period or is it something people are having to ask for a quote for?

IMPORTANT: For those that aren’t aware of it - The dealer will not contact you about buying an extended warranty.

ALSO IMPORTANT- The cost of an extended warranty is cheaper if your car is still under warranty. Once you go past the four year warranty the price increases, but I’m not sure by how much.

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