Warranty expiring in November

[hmp10]

I wonder if there is an exchange or depot that collects and sells Lucid parts from scrapped cars. If one can get access to scraps and get a mechanic to install them, would that work? What about SW?

I'm sure there is. We've had both an Air and a Gravity totaled in accidents, and both times the cars went to salvage outfits. Unfortunately, the insurance company did not tell me which ones.

 

[Northpointe]

A couple of months back, I was on the trajectory of getting an extended warranty. Now, looking at the many exclusions and the residual value of the car, it is not immediate obvious to me it makes financial sense.

It always makes financial sense, if you're in the business of selling extended warranties. But extended warranties aren't truly warranties or insurance they're service contracts. It's an important distinction. Insurance covers unforeseen catastrophes that may or may not happen. More people will buy insurance than those that actually use it. Service contracts cover the cost of maintaining your car which at some point is an inevitable expense. The odds of a claim being filed are far greater and almost certain.

Buying an extended warranty for a Lucid is appealing given what we anticipate being very high and largely unknown repair costs. But the uncertainty surrounding the frequency and severity of repairs is what's driving the pricing and policy exclusions. At the end of the day the service providers goal is to make money. Extended warranty policies have some of the lowest loss ratios (premiums-claims) in the insurance industry. They accomplish that objective through pricing and restrictive policy terms. My best advice is to establish a monthly maintenance budget equal to what you would have paid for the extended warranty. Paying $5K-6K on a policy that might fully or partially cover an unknown repair is more like betting than insuring.