Hey guys, I'm totally new to this forum & have in fact never owned a sports car. I've been driving Jeep SUVs for the last 15 years & while looking into luxury sedans I fell in love with this specific 2010 Panamera Turbo at the link below. I figure while I'm still in my early 30s maybe I should enjoy a badass car combined with luxury.

http://bit.ly/1d2TdQB

Looks like I can get it down to 75k. It's loaded with extras and had a 156k price-tag just 27k miles ago which seems like a great deal to me. However it is out of warranty & I certainly need a warranty if I'm to spend this much on a used vehicle. The dealership is offering me an extended warranty (5 year / 60k mile) for over $6600. As what they're offering is technically a "third party warranty" at this point I figure I may as well compare to other third party companies. I see that Endurance (https://www.endurancewarranty.com/coverage) is very highly reviewed so I just emailed them for a quote although I'm not sure how these companies work when it comes to covering makes such as Porsche.

My questions are:
What do you all think of the vehicle / it's value?
How would you go about handling extended warranty options if you were me? Any particular companies you've used?

Thanks so much. I really appreciate it!

-Jerry

 

We all love the Panamera so you won't hear anyone around these parts tell you not to go with one. However the consensus around here is when purchasing used. Get a CPO car.. When it's CPO'd you'll have peace of mind. Those third party warranties are expensive and often find ways to deny claims.. Find a decent CPO car and everything else should be gravy from there..

 

Fidelity offers similar for a more reasonable rate, i believe but please check details with dealership. Coverage varies so please pay attention to what is and is not covered. Dealership has quite a bit of markup on these so see what you can negotiate off the asking price of $6600. At all costs do not buy the vehicles if you cannot get the CPO. Dealership should be able to pull complete records of the vehicle so you know what was done. You can compare that to the Carfax report as well to match some not all items. Get as much detail as you can before you get it. Offsite mechanic may be an option depending on which dealership has the vehicle. Look for any variation on body panels. Under the hood anything that does not look proper. Drive it more than once possibly on different roads to get a feel and listen for noises with windows down. Slow and high speed if possible. turn the steering all the way while stationary and moving. Use all gears manually and in auto mode. Check all button to confirm they do what they are supposed to do. There is quite a few of them in there. Balancing/alignment make sure they are all good. tire and brakes cost a lot so look at them. Get to know a good mechanic via local forums which may be helpful in getting regular maint. done along with anything else that may pop up. You could use Porsche for CPO work. Not everything is covered in CPO so please pay attention. Good luck with purchase.

 

i have a 2010 bought in 2012 with 22K miles. Now 45K miles. CPO covered front suspension issues, air compressor for suspension, and HPFP to name a few issues. When the car runs - it is great. I shudder at what the cost would be without.

 

Thanks for all the feedback everyone. As far as third-party warranties it looks like Fidelity has 1 star on consumer reports so I was thinking to maybe stay away from them. Does Porsche as a company not offer any kind of extended warranty or additional warranty directly if I were to reach out to them?

I am a little concerned now that the vehicle isn't a CPO. Perhaps the dealership just can't do this because they have it on consignment. The car belongs to a personal friend of the dealership owner & they're helping him sell. The CarFax is clean & the car looks perfect (the matte wrap job & everything else looks pristine). In California, isn't there a law that allows an outside mechanic to check out the vehicle if I'd like to purchase? Should I find a Porsche mechanic & roll up there with him next time I'm there?

Thanks again for all the help!

-Jerry

 

Jerry, see if you can have a nearby Porsche dealership cpo the car. A lot of them will, you just have to pay for the process and any repairs that may be needed. Then you get the 2 year CPO. They can do a wholesale deal with your dealer (if it's not a P dealer), dealer will want a little gravy on the deal.

 

In theory, can't the Porsche dealership that is actually selling the car CPO the vehicle? I'm wondering if paying for that process / any repairs needed like you mentioned that could lead to 2 year CPO is for sure the better option vs paying for the 5 year extended warranty they're offering. I guess everyone is saying these extended warranties are just written up with too many loopholes in what they'll cover?

 

I recently bought my 2010 PTT from a dealer, but couldn't get it CPO'd I think because it had two previous owners (I could be wrong here). I did get the Fidelity warranty for about $3,600. This can be negotiated. Be sure you understand the coverages offered. Did that quote include the tire hazard warranty? I was offered that for $1,000. When I refused a couple of times, the finance manager offered to to me for $100, so I bought it. I turned down another coverage for $1,600, but I don't remember what that one was for.

Any used car is a risk, and their are never bulletproof warranties even when the car is new. To buy a PTT loaded with 27k miles for $75 is IMO a good deal and leaves you room to pay for some repairs if they were to occur considering the entirety of the situation. You didn't have to pay $156k to get in it, and it is practically a new car. It is one you can easily put 100k miles on it without a problem.

Just my .02

 

Jerry, i have had Fidelity warranties on 2 Porsches, bought through dealer. I went to the service manager and asked how they were to work with. He assured me there would be no issues and true to his word, i have had no problems.
Also, there seems to be 2 Fidelity warranty companies out there; i think i read it somewhere.
I agree with thunderrolls - checking what is excluded and deductable. I get the bumper to bumper Platinum coverage

my current 2010 PTT had two prior owners, and was CPO'd - but i dont know what plays into a dealers decision to do so.........

 

Mine had 3 owners. I got cpo + 6 yr extended fidelity, the platinum as previously mentioned. It's exclusionary, which is what you want. That means if it isn't explicitly excluded it's covered.

 

Good points by other on the Platinum Fidelity. No one even Porsche covers everything with the extended. For example your visor mirror lights may not be covered and that visor replacement will cost you possibly $1000.00. But the key components drivetrain and related items will be covered for the most part. $50.00 deductable or so usually. Best option will be to have it thoroughly inspected by a Porsche mechanic. Now that could be at the dealer or outside highly recommended shop. Good luck!

 

Jerry, these are GREAT cars, but maintenance does play a big roll when buying used. DO get some warranty and check covers and does not, after you do that, enjoy the car everyday you drive it, as it is a damn BEAST!

 

If the car belongs to a friend of the dealer, I assume all the service was done to the car at that dealer. First thing I'd ask for is every service record they have. Some of the early cars had some issues. Also get the VIN # and call Porsche tell them you are looking at purchasing this car and you were wondering why CPO is not available. Something does not sound right to me.

 

I called Porsche & the woman told me she believes they're not supposed to CPO it in situations like this where they don't actually own the vehicle & are selling on consignment. I just emailed the sales rep at the dealership asking why it's not CPO & he gave the same consignment answer so that doesn't seem too fishy; however I did respond asking him to clarify if it's simply not possible in this instance.

Do you happen to know if I were to purchase without any warranty (not that I want to do that) & immediately pay/request the dealership inspect/CPO it, is that something they can do? Maybe the seller just didn't want to pay to have it done pre-sale?

 

I don't know what is possible in the US but actually this is something Porsche can do in Europe.
If a Porsche vehicle with less than 9 years and less and 200.000 kms has been serviced and maintained in a Porsche dealership it can be inspected thru a 111 point check list and get CPO warranty (called Porsche Approved) for something like 1,500€ per year.