Warranty WORRIES for the Mustang GT
I own a 2001 Mustang GT which I purchased brand new in August 2001. Since I bought this car I have not been driving it much at all. This vehicle currently has only 1,279 miles on it. I also own another Mustang which is a 2002 V6 Mustang that I am driving as my daily driver. This is why my 2001 GT has such low miles on it.
I currently have almost 19,000 miles on my daily driver 2002 V6 Mustang. The warranty on my 2002 V6 Mustang will expire in 1 year in January 2005.
AND the warranty on my 2001 GT will EXPIRE in August 2004.
What I want to do is to hold on to the 2001 GT for a longer period of time (for about 4 to 5 years longer from right now) than I do the V6 Mustang. I want to start driving my GT more than I am now. I want to drive it at least 50%-60% of the time and to drive my V6 Mustang much less than I do right now. In 4 years from now I want to buy a brand new Cobra Mustang. I would want to trade-in and sell my 2002 V6 Mustang for a brand new Cobra and keep my 2001 GT for a few more years.
Now this is what I need to know:
I am looking to purchase the Ford Extended Service Plan. The particular plan which I want to buy is the 7 year and 100,000 mile "New Premium Plan" which is the top of the line extended warranty plan that Ford currently has. I figure that I will have 4 1/2 years (7 year of extended warranty plan minus 2 1/2 years of current ownership which has already passed = 4 1/2 years balance left on extended warranty) plus 98,721 miles (100,000 miles total coverage minus 1,279 current miles on my car = 98,721 miles balance left on the extended warranty) left on my warranty if I buy this Ford Extended Warranty Service plan. So, this will allow me to put more miles on my GT and keep it longer and also not have to worry about transmission, engine and other problems which could arise which will cost a fortune to fix.
This is where I am not sure and don't know what to do: I have 2 alternatives here.
The 1st choice is:
Buy the warranty directly from Ford corporate. This Ford extended warranty plan costs a total of $2,930 with a $50 deductible per repair and I will pay 0% interest for up to 17 months maximum with a monthly premium as low as $155.12 per month for 17 months. There is NO INTEREST for the life of the 17 months of the loan payments. If I decide to get this plan I will have to get it directly thru Ford corporate offices from the www.ford.com website. With this particular plan, when I divided the $2,930 by 17 months, I got a total monthly payment of $172.35. I got MORE per month payments than what the Ford corporate website quoted online. Could this mean that I would need to put down around $292.96 in order for the monthly balance to be $155.12 each month for 17 months? The Ford corporate website does NOT say anything about a lumpsum downpayment on their website. I want to keep the monthly payment no more than $155.12 per month.
The 2nd choice is:
Buy the warranty from a Ford website which is a Ford dealer down in Connecticut which is the "ONLY" Ford dealer authorized by Ford Corporate offices to sell this SAME EXACT warranty online. Their website address is: www.fordwarrantys.com. This online Ford dealer has a cheaper price on the same 7 year/100,000 mile Ford extended warranty. Their price is $2350 with a $50 deductible per repair with their discount price. BUT there's a catch here. This warranty is interest free for only 3 months. After the 3 months are over, the interest is 20% per year and you have to sign up for a Ford Credit card. The monthly payments are put on the Ford credit card and there will be monthly interest charged on each payment. With this plan the dealer was unable to tell me what the length of time the loan will be up to the time it will be paid off. I beleive that this means that the monthly payments with this plan can extend for many years like a balance from a regular credit card. I am weary about this 2nd choice because I don't exactly know what my monthly payments will be with the 20% annual interest rate if I extend the payments to no more than 18 months. I want to have the balance paid off in exactly 18 months if I choose this 2nd choice.
I would like to know from the people in here which of these 2 choices will be CHEAPER and also save me some money. I don't know which one to get here. Please keep in mind that I don't want more than 17 - 18 months in payments and that I don't want my monthly payments to be NO MORE than $155.00. If I can have monthly payments LESS than $155 for 17 - 18 months that will even be better. Please tell me which choice is the BEST one and most affordable one which I should make. I wouldn't be asking this if I wasn't afraid that my 2001 very low mileage GT will start having problems. I know that the Mustang GT's have transmission, front end, rear end, and other problems as time goes on. I want to be sure that if something breaks within the next 4 1/2 years on my GT that it will be covered 100% by Ford with their extended warranty. Please keep in mind that I don't care about buying a warranty for my V6 Mustang. I will be driving it less and I want to trade it in within the next 4 years for the new Cobra.
I only want to keep my GT for a long time and to also be able to rack up the miles on it (up to 22,000 miles per year in heavy driving) without worrying about things costing a fortune to fix when they break. Please don't change the subject or steer in a different direction to try and convince me to get a warranty with less years on it and less miles. I ONLY want to purchase the 7 Year/100,000 Mile Premium Care Extended Ford Warranty and NOTHING LESS than that.
Please tell me which choice is BETTER and CHEAPER. Thank you.
I own a 2001 Mustang GT which I purchased brand new in August 2001. Since I bought this car I have not been driving it much at all. This vehicle currently has only 1,279 miles on it. I also own another Mustang which is a 2002 V6 Mustang that I am driving as my daily driver. This is why my 2001 GT has such low miles on it.
I currently have almost 19,000 miles on my daily driver 2002 V6 Mustang. The warranty on my 2002 V6 Mustang will expire in 1 year in January 2005.
AND the warranty on my 2001 GT will EXPIRE in August 2004.
What I want to do is to hold on to the 2001 GT for a longer period of time (for about 4 to 5 years longer from right now) than I do the V6 Mustang. I want to start driving my GT more than I am now. I want to drive it at least 50%-60% of the time and to drive my V6 Mustang much less than I do right now. In 4 years from now I want to buy a brand new Cobra Mustang. I would want to trade-in and sell my 2002 V6 Mustang for a brand new Cobra and keep my 2001 GT for a few more years.
Now this is what I need to know:
I am looking to purchase the Ford Extended Service Plan. The particular plan which I want to buy is the 7 year and 100,000 mile "New Premium Plan" which is the top of the line extended warranty plan that Ford currently has. I figure that I will have 4 1/2 years (7 year of extended warranty plan minus 2 1/2 years of current ownership which has already passed = 4 1/2 years balance left on extended warranty) plus 98,721 miles (100,000 miles total coverage minus 1,279 current miles on my car = 98,721 miles balance left on the extended warranty) left on my warranty if I buy this Ford Extended Warranty Service plan. So, this will allow me to put more miles on my GT and keep it longer and also not have to worry about transmission, engine and other problems which could arise which will cost a fortune to fix.
This is where I am not sure and don't know what to do: I have 2 alternatives here.
The 1st choice is:
Buy the warranty directly from Ford corporate. This Ford extended warranty plan costs a total of $2,930 with a $50 deductible per repair and I will pay 0% interest for up to 17 months maximum with a monthly premium as low as $155.12 per month for 17 months. There is NO INTEREST for the life of the 17 months of the loan payments. If I decide to get this plan I will have to get it directly thru Ford corporate offices from the www.ford.com website. With this particular plan, when I divided the $2,930 by 17 months, I got a total monthly payment of $172.35. I got MORE per month payments than what the Ford corporate website quoted online. Could this mean that I would need to put down around $292.96 in order for the monthly balance to be $155.12 each month for 17 months? The Ford corporate website does NOT say anything about a lumpsum downpayment on their website. I want to keep the monthly payment no more than $155.12 per month.
The 2nd choice is:
Buy the warranty from a Ford website which is a Ford dealer down in Connecticut which is the "ONLY" Ford dealer authorized by Ford Corporate offices to sell this SAME EXACT warranty online. Their website address is: www.fordwarrantys.com. This online Ford dealer has a cheaper price on the same 7 year/100,000 mile Ford extended warranty. Their price is $2350 with a $50 deductible per repair with their discount price. BUT there's a catch here. This warranty is interest free for only 3 months. After the 3 months are over, the interest is 20% per year and you have to sign up for a Ford Credit card. The monthly payments are put on the Ford credit card and there will be monthly interest charged on each payment. With this plan the dealer was unable to tell me what the length of time the loan will be up to the time it will be paid off. I beleive that this means that the monthly payments with this plan can extend for many years like a balance from a regular credit card. I am weary about this 2nd choice because I don't exactly know what my monthly payments will be with the 20% annual interest rate if I extend the payments to no more than 18 months. I want to have the balance paid off in exactly 18 months if I choose this 2nd choice.
I would like to know from the people in here which of these 2 choices will be CHEAPER and also save me some money. I don't know which one to get here. Please keep in mind that I don't want more than 17 - 18 months in payments and that I don't want my monthly payments to be NO MORE than $155.00. If I can have monthly payments LESS than $155 for 17 - 18 months that will even be better. Please tell me which choice is the BEST one and most affordable one which I should make. I wouldn't be asking this if I wasn't afraid that my 2001 very low mileage GT will start having problems. I know that the Mustang GT's have transmission, front end, rear end, and other problems as time goes on. I want to be sure that if something breaks within the next 4 1/2 years on my GT that it will be covered 100% by Ford with their extended warranty. Please keep in mind that I don't care about buying a warranty for my V6 Mustang. I will be driving it less and I want to trade it in within the next 4 years for the new Cobra.
I only want to keep my GT for a long time and to also be able to rack up the miles on it (up to 22,000 miles per year in heavy driving) without worrying about things costing a fortune to fix when they break. Please don't change the subject or steer in a different direction to try and convince me to get a warranty with less years on it and less miles. I ONLY want to purchase the 7 Year/100,000 Mile Premium Care Extended Ford Warranty and NOTHING LESS than that.
Please tell me which choice is BETTER and CHEAPER. Thank you.