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Sorry for the blank post. I have a BS in Economics and to me, the $36M makes no sense whatsoever. Although I am not an expert on class action suits regarding automotive defects, it just doesn't sit well with me. It would be nice if PCNA actually disclosed what they paid out to claimants when it was all said and done. Highly unlikely that they would do that, but it would be interesting nonetheless.
I'm curious to know how they arrived at $36.6M in benefits for those affected by the coolant pipe issue. I for one will not be submitting a claim due to the exorbitant dealer repair cost ($3k) compared to a measly $375 "rebate". A friend of ours also owns a CTT and will also not be submitting for reimbursement. I would place a sizable gamble that PCNA ends up paying less than $25M as a result of the settlement. On top of that, it is a requirement that current work be done at an authorized Porsche dealer where they are guaranteeing themselves a substantial payday. Win win for PCNA.
Hello everyone. Just joined the forum today as we purchased our first Porsche. We purchased a 2004 Cayenne Turbo with 89,000 miles on it for $13,000. Seems like a pretty good deal to me (it's going to be the wife's car, unfortunately!). The previous owner had replace the transmission valve body about 5,000 miles ago which he said cost him just shy of $6,000. He provided the paperwork and warranty, and he wasn't lying. He also had recently taken care of the brake boost issue. He was the 3rd owner and unsure if the coolant pipes had been replaced yet, so I will have to take a look this evening to see. I did my research before buying the vehicle and read up on the coolant pipe issue. I am fairly mechanically inclined so it doesn't worry me if the pipe needs to be replaced. The parts are $500 or so and from what I've seen it can be tackled by a novice car owner with the proper tools and patience. What I was surprised at is how much dealers and independent shops charge for the repair. I thought I would get some quotes since it looks like the Class Action suit (more displeasure with that in a minute) would reimburse me $375 if I took it to a Porsche dealer. I called Checkered Flag Porsche in Virginia Beach and they quoted me $2,800. That seems outrageous to me, so I decided to call an independent shop which I would think would definitely be no more than that. The guy told me "3 to 5" and I was thinking maybe he was going to say $300-$500 labor, plus parts. Nope, 3 to 5 grand! Needless to say, I will be doing this myself. Even at dealer prices the parts are $700-$800 max. How would someone possibly charge $2,200 to $4,200 in labor to fix something that requires no more than 10 hours labor? If mechanics are making $280 - $480 an hour, I'm leaving my job in corporate finance and turning wrenches for a living. Back to the Class Action suit. It's for all intents and purposes a huge slap in the face. The most that anyone can receive under this is $1,800. Realistically, I would bet the average that PCNA will pay out per claimant is more like $500. The attorney's are getting $4.5M. So at least 9,000 Cayenne owners will have to (1) know about the claim; (2) submit a claim; and (3) be eligible to receive a benefit before the payout by PCNA will be greater than what the attorneys are getting. Seems ridiculous to me. I knew this before buying the vehicle so I can only complain so much, but had I bought the vehicle new I would be fuming right now.