What This Site Is About

I created this blog for three reasons:

1. While researching the purchase of my new car, I was enticed by Chrysler's Lifetime Powertrain Warranty.  However, I found frustratingly little in terms of specific details, analyses, or thoughtful critiques of the Lifetime Warranty Plan.  Was this just a marketing gimmick or was it a true stress-reliever for car buyers (like me) with a long-term "buy and hold" mindset?  I thought sharing with others some of the things I found out might be useful.  Moreover, a blog allows others to leave their own insights and ideas in the form of comments.  I certainly don't pretend to know all the pros and cons of the Chrysler Lifetime Warranties and welcome input from others.



2. I find that blogging on a topic of interest is a good way for me to get into the nitty-gritty details.  For instance, now that I've made my purchase and have "real" warranty documents in hand, I've forced myself to actually read every word of them and re-type them into blog posts.  A little strange no doubt, but also comforting to me and perhaps useful to others.
3. The blog will be a recordkeeping tool for me to document decisions made, vehicle service records and other relevant matters

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I recently (April 2008) did purchase a new 2008 Chrysler Town & Country minivan largely due to the enticement of the Chryler Lifetime Powertrain Warranty.  I supplemented the lifetime powertrain warranty with purchase of a lifetime "wrap" warranty that covers just about all the other mechanical components of the vehicle (electronics, power doors and windows, air, etc.).Conventional wisdom in the personal finance world seems to be that extended warranties aren't worth their cost. Experts say, instead, take the money and set it aside in an interest-earning account so that you will have money available to take care of repairs.  Moreover, carbuyers typically sell or trade their vehicles within 5-7 years making long-term warranties irrelevant.

But my thinking led me to a different conclusion:

1.  I intend to buy and hold this vehicle for at least 10-15 years.  The vehicle I am replacing is a 1993 Buick and my other vehicle is a 1999 Ford both of which I've owned from the start, so buying for the long term is not new to me. It's my belief that gas prices will likely never recede to sub-$2.00 levels, so the notion of fixing vehicle maintenance cost for the long run is an especially appealing budget strategy for me.
2. With auto sales in the doldrums, there are some very attractive car deals out there.  Many involve no-cost/low-cost option packages with sophisticated electronics and other "luxuries".  Normally, I would avoid buying a "loaded" vehicle fearful of costly accessory repairs down the road.  The lifetime wrap warranty provides the comfort level I needed to get a really nice vehicle with lots of features like heated seats, dual DVDs, back-up camera, sound system, etc. at sharply discounted cost.
3. Along the same lines, liberal rebates and other incentives are the norm right now due to the sluggish economy.  As shown below, I received $3,000 in rebates on my vehicle purchase.  The rebates I received more than covered the $1,800 cost of the lifetime wrap warranty.
4. The "wrap" warranties themselves are also being sharply discounted to attract buyers.  The $100.00 deductible package I got for $1,800 retails for more than $2,700.  I've seen some online forum comments where buyers have been offered the same lifetime wrap warranty for as little as $1,500.

In any event, only time will tell wheter my thinking was sound and my decision a correct one.  Here are some details of my purchase  together with links to detailed information about Chrysler's warranties.  Perhaps this information will be of benefit to others considering a similar purchase.

• Chrysler Lifetime Powertrain Warranty - The Actual Warranty Language
• Chrysler Lifetime Warranty - Official Questions & Answers Direct from Chrysler
• Chrysler Lifetime Maximum Care Wrap For Lifetime Warranty Owners - Plan Provisions

My Town & Country Touring Minivan Purchase (April 2008/RTYP53)
Item	Price
Dealer Invoice	$25,577
Destination Charge	730
Signature Quick Order Options Package	4,440
Flexible Seating Group	436
Dealer Discounts	(1,265)
Sales Tax	1,806
Fees	203
SUBTOTAL	$31,927
Lifetime Wrap Warranty	1,815
Total Rebates	(3,000)
TOTAL VEHICLE COST	$30,742