New Extended Warranty?

[JohnB007]

I live in Ontario, and just learned that Tesla has been working with another institution to offer an extended warranty for existing cars. I hear that this has been out on USA states for a little while now.

Reading through the terms, it seems almost too good to be true.

My situation:
- We drive our MY more than 30k miles per year (52,000km recorded during the first 12 months).
- I have 64,000km on my odo. Tesla warranty expires at 80,000k.
- We plan to keep the car for a long time. I was expecting to drive until 300,000km.
- So far, zero issues on my car, with only 3-4% battery degradation. So it's not a lemon.

Here's how I interpret this warranty:
- Does not cover powertrain/battery. But Tesla covers until 192,000km (70% capacity).
- For CA$2900+tax, they offer 5 years unlimited warranty exc. power train/battery. Their quoted date says exactly 4 years after the date of purchase regardless of mileage. So that means I will get 9 years of unlimited km warranty.

So what am I missing here? I've never seen anything close to this type of deal on any of my exiting cars before...

 

[ewoodrick]

The warrant should be considered as insurance.
What do you believe the odds are that you will have to pay vs not pay.

I CAN tell you that the agency has determined that on-average, the cost to the consumer is significantly less than CA$2900. After all, they have to make some money.

 

[JohnB007]

I was more concerned about the institution. If this was offered by Tesla directly, there would be no question. It is a much better deal than the one offered by Tesla in USA by far.

The institution in question is cbifinance DOT ca, and I couldn't find much info about them on the internet other than their own facebook pages etc. Drive Tesla Canada (blog) is the one that posted an article about this, and they did confirm that the company is legit, although they only have been in business for few years...