M3P Extended Warranty advice

[GeoffA]

My M3P is three years old now and on 47k miles, so the 'Basic' Warranty will expire at 50k. I hoped at this point there would be something else interesting on the market, but with the S, X and Cybertruck all uncertain and the Y lacking the 7-seat option, I am going to clear the PCP and stick with my M3P. But I only feel comfortable doing this with an extended basic warranty.

Tesla offers the following - Extended Warranty. It looks to be around £1200 for 2yrs / 20k miles and £2400 for 4 years / 20k miles. My logic is to purchase the 4 years as it covers me until something more interesting arrives and will contribute to the re-sale if I choose to sell the car privately in the future.

Does anyone have experience with the above warranty or any advice in general?

All help/advice appreciated

 

[Durzel]

What is immediately unclear about that page is whether or not this extended warranty adds 50,000 miles (so 100,000 total) coverage. Logically you'd think it meant that, but the fact it says "additional 4 years or 50.000 miles, whichever comes first" makes me wonder.

You could easily intepret that as meaning you'd have an additional 4 years coverage, up to 50,000 miles (i.e. what you get when you buy the car) or - what you're hoping it will be - another 4 years or 100,000 miles.

 

[GeoffA]

What is immediately unclear about that page is whether or not this extended warranty adds 50,000 miles (so 100,000 total) coverage. Logically you'd think it meant that, but the fact it says "additional 4 years or 50.000 miles, whichever comes first" makes me wonder.

You could easily intepret that as meaning you'd have an additional 4 years coverage, up to 50,000 miles (i.e. what you get when you buy the car) or - what you're hoping it will be - another 4 years or 100,000 miles.

Yes - good point - well spotted! I am assuming it would be an additional 4-years from today and an additional 50k miles from today. But I'll clarify as that could be an expensive mistake!

 

[Burley]

Strongly recommend you start the quote process then download and read the Extended Warranty Terms & Conditions. The list of excluded items is extensive, including motor and traction battery. Also upholstery, headlights, carpets & trim, suspension parts etc. lots of the items which are typically replaced under warranty when covered by Tesla. No loan vehicle whilst yours is in for repair under the warranty. I think its just worth being clear what actually is covered.

 

[GeoffA]

Yes - good point - well spotted! I am assuming it would be an additional 4-years from today and an additional 50k miles from today. But I'll clarify as that could be an expensive mistake!

Read through the small print, and it looks like it kicks in when the original expires. So, in reality I will have an 8yr/100k warranty on the car - what ever comes first

 

[GeoffA]

Strongly recommend you start the quote process then download and read the Extended Warranty Terms & Conditions. The list of excluded items is extensive, including motor and traction battery. Also upholstery, headlights, carpets & trim, suspension parts etc. lots of the items which are typically replaced under warranty when covered by Tesla. No loan vehicle whilst yours is in for repair under the warranty. I think its just worth being clear what actually is covered.

OK - thanks. I have given it a read (and attached the terms to this post) and understand there is a difference between this and the original tesla warranty. The motor / battery is covered by Tesla anyway, so I am not too worried about that. Understand that upholstery and bodyseals are excluded. Headlights are excluded, and it specifically mentions shock absorbers, however which is strange (is this a generic tesla policy to avoid air suspension issues?), but I make the assumption that ball joints, anti-roll bars and other suspension components will be covered though, although there is always the wear and tear argument!

So the main exclusions that concern me are the Headlights and shock absorbers - are these a common problem on the M3P - I am not actually sure. Also, the lack of a replacement car is a bummer - especially with supply chain issues right now - I assumed that this was something the service centre did anyway, but maybe not. I'll probably check the position on this.

Terms and conditions are below - I like the idea of this warranty as it's recommended by tesla, and they deal directly with the warranty company in the event of a claim - but I could just be falling for the marketing . The proof in the pudding with car warranties, so has anyone on here had any good/bad experiences when claiming with this specific warranty?

 

[btc1k]

£2400 to cover all the stuff that's not expensive if it goes wrong then? Sounds incredibly expensive.

 

[Durzel]

Indeed. Might well be more prudent to have a rainy day fund. That said it's probably good peace of mind (in theory at least) if you end up selling the car (it's tranferrable to another private owner)

 

[GeoffA]

£2400 to cover all the stuff that's not expensive if it goes wrong then? Sounds incredibly expensive.

Yes - it's around £600 per year - but I don't really know the typical things that are likely to go wrong over the next 50k...

I am still haunted by the engine failure on my VW California one month after the VW warranty ran out - I bought an extended warranty, and between them, they covered it (after some persuasion!) - it was nearly 10k! But I do wonder what the 'big ticket items are on a tesla if the battery and motors are covered by the manufacturer?

Need to sleep on it and give it some thought - but thanks for the advice, everyone.

 

[Medved_77]

@GeoffA Have you worked out the delta between the value of your current car (motorway, WBAC) + £2,400 (for the warranty you're considering) and the cost of a new M3P, from £61,490?

Might be worth thinking about as you'll then get the full warranty without the exemptions of the extended warranty, plus you won't need to replace consumables (tyres etc) and will get the incremental improvements such as powered tailgate, new processor, heat pump etc.

 

[Durzel]

No chance the delta from a 2019 M3P to a new one would be in the region of £2400. I suspect it would be at least £10k more, possibly even £15k, given the price rises since then.

The OP would presumably be offered not a huge amount less than he paid at the time (since he would’ve got the full Plug in Car Grant), but that is only relevant if he were cashing out rather than part exchanging.

 

[gangzoom]

Yes - it's around £600 per year - but I don't really know the typical things that are likely to go wrong over the next 50k...

I went down the no extended warranty route on our X. The warranty excluded most of the expensive stuff like headlights, air suspension so wasn't worth it for me.

You be surprised to find how easy these cars are to work on, and Tesla rates are actually pretty good interms of charging very minimal labour time even if you need work by Tesla.

I've had one third party garage repair and one Tesla repair in the last 12 months. Just passed 5 years now, and next 12 months will interesting to see.

However the biggest costs by far is motor (£5k+ I believe), and battery (£20k for a new pack or £13k for refurbished). Luckily I have another 3 years of manufacture warranty on those.

 

[SpanishJ0n]

Took this out on my S. Recommended. I had one claim for a front drive shaft of 1800 just two months after purchase. The policy cost me 1600 for 2 years. I would not hesitate. It also makes the car more sellable as it is xfer able. Spanish

 

[MrT3]

The list of excluded items is extensive, including motor and traction battery.

lack of cover on the motors and battery isn’t an issue as the M3P has an 8 year/120k mile warranty on those components anyway.

 

[GeoffA]

Some great comments - thanks, everyone. On getting a new one with 4 yr warranty, it has certainly crossed my mind, and I took a further look at the numbers last night.

-The M3P in November 2019 originally cost me £54,990 (including grants etc.)
-Motorway are offering an estimated sale price of £40,077 (I assume I could get +2k for this privately)
-A new equivalent grey paint with white interior is now is £63,690

So chopping in and starting again with a full 4-warranty will cost somewhere between 21-23k, something worth considering - I would like to get a cyber track or new mode S/X once they are available, though, so need to consider the 1-2 year depreciation/maintenance on the two options. Logic says that keeping my 2019 M3P would be the way forward, but it's a strange market!

I am leaning towards the warranty atm for (some) of mind and scalability - thanks for the advice everyone!

 

[myky]

Hey @GeoffA
Did you move with it in the end? I also considering to by it