Extended Warranty Prices?
Grand HDF Member
Joined: Sep 2007
Posts: 4,122
Likes: 44
From: Boise Idaho
You should ask your investment banker what he thinks of extended warranties, the only people they help are the dealer.
It's a proven fact that 99% of the time the warranty costs you more money than you ever get back from it.
When I started investing years ago this came up in the first meeting I had with my banker and he was right I canceled all the warranties I had and invested the money and have never needed a thing that would have cost what those warranties cost me.
I also know there will be at least one person out there that will say his warranty saved him a bundle and that be the same individual the Harley dealer uses to try and scare everyone into buying one.
It's a proven fact that 99% of the time the warranty costs you more money than you ever get back from it.
When I started investing years ago this came up in the first meeting I had with my banker and he was right I canceled all the warranties I had and invested the money and have never needed a thing that would have cost what those warranties cost me.
I also know there will be at least one person out there that will say his warranty saved him a bundle and that be the same individual the Harley dealer uses to try and scare everyone into buying one.
Novice
Joined: Oct 2009
Posts: 16
Likes: 0
5 yr does give you 7 total years!
Just bought the ext for my king and I do have a total of 7 yrs for $1250. A friend of mine with a 6 yr old softail had his tranny go and to make a complicated story short, he had the 5 yr ext (total of 7) and both the tranny and engine were covered! Would have cost him a bundle! Repair bill $50. Well worth it.
Ultimate HDF Member
Joined: May 2008
Posts: 7,439
Likes: 884
From: 'Noke, VA
"There's lies, damn lies, and statistics."
I paid less than $1,500 for 7 year coverage including tire & wheel, or less than $18 a month. For that $18, I know that wherever I am, I can make a single phone call, and my bike will be picked up and taken to a dealership, and repaired for $50. I know that if I get a nail in my tire, I can make a single phone call, and my bike will be picked up and the tire replaced, and it won't cost me a dime. And I know that if the repair takes more than a day, or if the blowout happens at 10 at night, I'll be put up in a hotel room at no charge.
Now I suppose I could buy a case of cheap canned beer every month with that $18, but I'll take the peace of mind knowing that the only money I have to spend on my bike is for routine maintenance.
I paid less than $1,500 for 7 year coverage including tire & wheel, or less than $18 a month. For that $18, I know that wherever I am, I can make a single phone call, and my bike will be picked up and taken to a dealership, and repaired for $50. I know that if I get a nail in my tire, I can make a single phone call, and my bike will be picked up and the tire replaced, and it won't cost me a dime. And I know that if the repair takes more than a day, or if the blowout happens at 10 at night, I'll be put up in a hotel room at no charge.
Now I suppose I could buy a case of cheap canned beer every month with that $18, but I'll take the peace of mind knowing that the only money I have to spend on my bike is for routine maintenance.
Cruiser
Joined: Apr 2006
Posts: 127
Likes: 0
From: North Carolina
Just my .02, but insurance is for stuff you can't afford to encounter. The insurance company has loads of data that tell them they can offer extended warranties for a certain price. Its a bet they are willing to make because most of the time it doesn't pay out as much as it takes in via the premiums.
Take your 1500 bucks and invest it. If you need it, use it. If not... take the ol' lady out on Friday night for a nice dinner, then drive to the stealer and buy some more mods!
Take your 1500 bucks and invest it. If you need it, use it. If not... take the ol' lady out on Friday night for a nice dinner, then drive to the stealer and buy some more mods!
Road Warrior
Joined: Apr 2008
Posts: 1,517
Likes: 2
From: the frozen tundra of the "Windy City"
well I have been researching this and talking to dealers about this exact topic, and 7 years gets you 5 years unless you but the service plan when the bike is new! Thats what I have been told from the dealers here!
Member
Joined: Jul 2009
Posts: 4,310
Likes: 1,079
For the record Harley offers a 4, 5, 6 and 7 year ESP. Each of these ESPs covers the bike for the period stated from the date of purchase. Subtract 2 yrs from the coverage for the Manufacturer's warranty and you'll have the number of years that the ESP covers.
I paid $940 to cover the wheels, tires and the entire bike for 5 years (2 + 3yrs).
Given the complexity of a 2010 SE Ultra and all the electronics involved, heated seat and grips, abs, lighting out the wazoo, xm radio, garage door opener, cb radio, intercom, power locks, remote control, security system, expensive chrome wheels etc....... an investment of an extra grand to have this complexity covered for 5 years seems like a bargain to me.
I paid $940 to cover the wheels, tires and the entire bike for 5 years (2 + 3yrs).
Given the complexity of a 2010 SE Ultra and all the electronics involved, heated seat and grips, abs, lighting out the wazoo, xm radio, garage door opener, cb radio, intercom, power locks, remote control, security system, expensive chrome wheels etc....... an investment of an extra grand to have this complexity covered for 5 years seems like a bargain to me.
Ultimate HDF Member
Joined: Feb 2006
Posts: 5,190
Likes: 5
From: Eastern Washington
Some one else made a good point on another similar post and that is. I have owned 5 bikes (3 of those were Harley's) 3 trucks, 2 suvs, and one car. All in the last 20 years. Out of those vehicles I bought one warranty and could never use it (I had claims, but they were always denied claiming "that's not covered". I have AAA which covers ALL cars I ride in and not just my bike for towing. That cost be $89 a year for me and my wife. No it doesn't cover hotels, but I am so far ahead of the game I can afford a real nice one on the road So out of the 9 vehicles that I did not buy the warranty I figure I saved at least 10k. So I guess I have up to 10k of repairs to break even. Yes there is a lot of new high tech stuff on the new bikes, but there is nothing on my bike I cant fix, or at least figure out how to fix. I am not going to preach as to why or why not you should buy a warranty, but my experience has shown it not to be worth it for me.
Member
Joined: Jul 2009
Posts: 4,310
Likes: 1,079
Some one else made a good point on another similar post and that is. I have owned 5 bikes (3 of those were Harley's) 3 trucks, 2 suvs, and one car. All in the last 20 years. Out of those vehicles I bought one warranty and could never use it (I had claims, but they were always denied claiming "that's not covered". I have AAA which covers ALL cars I ride in and not just my bike for towing. That cost be $89 a year for me and my wife. No it doesn't cover hotels, but I am so far ahead of the game I can afford a real nice one on the road So out of the 9 vehicles that I did not buy the warranty I figure I saved at least 10k. So I guess I have up to 10k of repairs to break even. Yes there is a lot of new high tech stuff on the new bikes, but there is nothing on my bike I cant fix, or at least figure out how to fix. I am not going to preach as to why or why not you should buy a warranty, but my experience has shown it not to be worth it for me.
It all comes down to peace of mind when buying "insurance". I generally don't get extended warranties unless its a new model or very complex equipment. My 2008 Sequoia was a new model and I got the extended warranty even though all my Toyota's have been flawless. I had to replace one of the power folding mirrors that was acting up. Imagine ...a single power folding mirror costs $800. I paid for the extended warranty with that one event. A single failure point on my 2010 SEUC during 5 years will more than likely pay for my 5 yr ESP.
Its just a matter of how lucky you think you are. The more complex or new the product's design is, the less "lucky" I feel.
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Ultimate HDF Member
Joined: Feb 2006
Posts: 5,190
Likes: 5
From: Eastern Washington
I couldn't agree more. I have owned 2 Toyota's and my wife owned 1. Never a single problem with any of them. They all had over 100k without a major repair.
Road Master
Joined: Jun 2008
Posts: 986
Likes: 3
From: Texas
The ESP on my '04 runs out at the end of this month.
I've been going back an forth on whether to renew.I was at North Texas HD today to get a part and figured I'd sit down and haggle prices for the heck of it.
He pulled out a price sheet for Used bikes for me to look over.It was in line with some of the higher prices that have been shown here.
1 yr 774
2 yr 1,019
3 yr 1.119
4 yr 1,490
5 yr 1,896
T&W not included in these prices.
I ask what price he could give me.....he just pointed at the price list.
I let him know that I knew he could do better than msrp.
"They won't let me sell them for less."
I told him they were too high and if he changes his mind to let me know.Otherwise,forget it.
This is a Big dealership and I was about the only one there on a beautiful sunny day.
Makes me wonder about the health of their business.
I've been going back an forth on whether to renew.I was at North Texas HD today to get a part and figured I'd sit down and haggle prices for the heck of it.
He pulled out a price sheet for Used bikes for me to look over.It was in line with some of the higher prices that have been shown here.
1 yr 774
2 yr 1,019
3 yr 1.119
4 yr 1,490
5 yr 1,896
T&W not included in these prices.
I ask what price he could give me.....he just pointed at the price list.
I let him know that I knew he could do better than msrp.
"They won't let me sell them for less."
I told him they were too high and if he changes his mind to let me know.Otherwise,forget it.
This is a Big dealership and I was about the only one there on a beautiful sunny day.
Makes me wonder about the health of their business.