What are my options with this used car I recently bought?

I bought a used car with 59,000 miles on a Saturday. On Monday I noticed that the car floorboard was wet. I called the dealership and they let me bring it in and said it was a clogged sunroof drain. On the way home from the dealership, the airbag SRS light came on. I took it to a Ford dealership to have it looked at since it's a ford and they said it would be $450 dollars to fix because the wiring had gone bad. We bought an extended warranty and it's still under the manufacture 60,000 or 5 year warranty and they said the wiring doesn't fall under the warranty.
I'm confused at how this wouldn't be covered and beyond frustrated considering I just bought this car under the pretense that everything was good and accident free. What are my options at this point? Bite the bullet and pay for it be fixed?

You need to read the warranty conditions carefully to see if the dealer is correct about the exclusion. If you can't see an exclusion take it to the dealer and ask him to show you the relevant clause. If he can't, you can pay for it to be fixed and sue him in the small claims court. If the warranty doesn't cover it shop around for other estimates as a Ford dealer will always be expensive.

Unless your state has a cooling off period for used cars, you meet the requirements, and are still within that time frame = you own a new car.

The Ford factory warranty is transferable to subsequent owners. The warranty is:
3 years / 36000 miles = bumper to bumper
5 years / 60000 miles = powertrain only (from the engine to the axles; engine, transmission, drive shafts, differentials, etc)

The electrical system is not part of the powertrain.

Unless you had the car checked out by a 3rd party independent mechanic, you had no idea what condition of a car you were purchasing.
- If it was checked out by a 3rd party independent mechanic, go back to that mechanic and see if they provide any guarantee on their evaluation.

What are my options at this point?
Since it's unlikely you have a cooling off period, that's not an option.
You can tell the dealership you purchased it from the issues and see if they will make good on the car, don't expect anything but they might help. If not:
1. Get the car fixed
2. Have a very expensive statute in your driveway
3. Sell it and likely lose a bunch of money

Unless the car came with a written warranty provided by the seller, the law of the land is BUYER BEWARE. If it doesn't fall under the Ford warranty program all you can do is bite the bullet and pay for the repair. The standard Ford Factory Warranty is 3 years or 36,000 miles from the original purchase date of the first owner. After this full coverage expires, the powertrain warranty continues for another 2 years or 24,000 miles so it is obvious that the warranty covering non-powertrain components (i.e. Wiring) expired 23,000 miles ago. You should have paid to have a Ford dealer's shop do a complete pre-buy inspection before signing the purchase agreement. Fail.

Ask the dealership to pay for the repair since you just bought it. They don't have to but they might.

Also, cancel the extended warranty. They are rip offs. You won't get cash refund but it will shorten the term of the loan and reduce interest.

The only time Wiring is warrantied is under Bumper to Bumper coverage. Sorry to say, your options are let Ford fix it or someone else. You can be sure Ford will charge more than anyone else. Bring it to a few Mechanics and ask them what it needs and cost to fix. I would guess $250-$300 from them.

Extended warranties are worth the paper they're printed on. I'm amazed that people still open the mailers they receive and actually consider them.

One of the posters above is correct… You're out of the bumper-to-bumper warranty period, and wiring generally isn't considered part of anything covered afterward. As mentioned, it's always a good idea to have a licensed mechanic look over the car thoroughly beforehand.

No state has a "cooling-off period" in vehicle sales. CA is an exception, but that's not implied nor free, and must be purchased at point-of-sale.

At 59,000 miles, the fix is on you.

(*Also, to the one dude… The whole "FAIL" thing was old 10 years ago.)