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Started By
Message
Deciding on an Extended Warranty
Posted on 3/9/17 at 11:47 am
Posted on 3/9/17 at 11:47 am
What does the OT advise? Bought a 2015 car. Warranty is good through Thanksgiving. Would be about $2k extra for 6 years or 100k miles. The last car I had lasted 12 years/170k miles and never had $2,000 worth of mechanical problems.
21
Posted on 3/9/17 at 11:48 am to JabarkusRussell
Your last sentence summed it up pretty good.
Posted on 3/9/17 at 11:49 am to JabarkusRussell
Just from my personal experience, extended warranties are worth it. In my situation. We had some issues with my truck, and my wifes SUV, that would have cost us over 6k. We paid a couple hundred dollars, the warranty covered the rest. This is not the case for everyone i'm sure. But it's why you buy insurance, for the unexpected.
This post was edited on 3/9/17 at 11:51 am
Posted on 3/9/17 at 11:51 am to JabarkusRussell
Don't get an extended warranty. There's a reason why dealerships push them.
Posted on 3/9/17 at 11:52 am to JabarkusRussell
I think it all depends on the brand/car
Jeep? Yeah get it
Toyota? Nah
Jeep? Yeah get it
Toyota? Nah
Posted on 3/9/17 at 11:53 am to JabarkusRussell
2k over six years is $27 per month.
Think about how insignificant $27 is. I spend $27 a month on coffee.
Even if 99 percent of the car's parts worked perfectly, 15 parts would fail.
You can't put a price on piece of mind.
Think about how insignificant $27 is. I spend $27 a month on coffee.
Even if 99 percent of the car's parts worked perfectly, 15 parts would fail.
You can't put a price on piece of mind.
This post was edited on 3/9/17 at 11:54 am
Posted on 3/9/17 at 11:53 am to JabarkusRussell
quote:Consider yourself extremely fortunate. This is abnormal.
The last car I had lasted 12 years/170k miles and never had $2,000 worth of mechanical problems
Posted on 3/9/17 at 11:55 am to GEAUXT
2015 Camaro with 17,800 miles.
The payment itself is $50 over 36 months.
quote:
2k over six years is $27 per month.
The payment itself is $50 over 36 months.
This post was edited on 3/9/17 at 11:56 am
Posted on 3/9/17 at 11:55 am to JabarkusRussell
quote:
What does the OT advise? Bought a 2015 car. Warranty is good through Thanksgiving. Would be about $2k extra for 6 years or 100k miles. The last car I had lasted 12 years/170k miles and never had $2,000 worth of mechanical problems.
I'd say never buy the extended warranty. Take this to the money board and those guys will give you a great idea on what you need to do.
Posted on 3/9/17 at 11:56 am to meeple
quote:
Don't get an extended warranty. There's a reason why dealerships push them
It's a money grab. Good luck getting them to pay out on a legit claim.
They will use every trick thinkable to get out of paying. If they do pay it's using the cheapest parts possible with the cheapest labor possible. When it breaks again you get to do it all over again.
Posted on 3/9/17 at 12:02 pm to JabarkusRussell
I'm not a big fan of extended warranties in general, but SOMETIMES they are worth it.
In your case, you've got a 2 to 2.5 year old vehicle. MOST vehicles don't see major repairs for several years. You have to evaluate what is covered carefully. Most aren't covering suspension and what they deem normal wear and tear. They get pretty crazy with what they think is normal wear vs what you think it is. You also need to evaluate what type of vehicle it is and what you will really be doing with it. A small SUV that you're hauling a boat with might experience more issues than a Camry that your wife is using simply to tote a 4 year old around.
Most of those warranties require a "co-pay" along with any repairs, usually its $100 per repair, so you need to factor that in. Oh, the sales/finance guys love to hook you in by letting you finance that $2000 in with your car payments....So, now you're paying interest on that $2000 that is really $2100 minimum if you ever use it.
Now, what you could do is put that $2K in a savings account and let it sit and maybe throw in a few bucks every once in a while. A couple years down the road you have an account that you can tap into if you do have a repair that needs to happen.
In your case, you've got a 2 to 2.5 year old vehicle. MOST vehicles don't see major repairs for several years. You have to evaluate what is covered carefully. Most aren't covering suspension and what they deem normal wear and tear. They get pretty crazy with what they think is normal wear vs what you think it is. You also need to evaluate what type of vehicle it is and what you will really be doing with it. A small SUV that you're hauling a boat with might experience more issues than a Camry that your wife is using simply to tote a 4 year old around.
Most of those warranties require a "co-pay" along with any repairs, usually its $100 per repair, so you need to factor that in. Oh, the sales/finance guys love to hook you in by letting you finance that $2000 in with your car payments....So, now you're paying interest on that $2000 that is really $2100 minimum if you ever use it.
Now, what you could do is put that $2K in a savings account and let it sit and maybe throw in a few bucks every once in a while. A couple years down the road you have an account that you can tap into if you do have a repair that needs to happen.
Posted on 3/9/17 at 12:03 pm to Kracka
quote:
ust from my personal experience, extended warranties are worth it. In my situation. We had some issues with my truck, and my wifes SUV, that would have cost us over 6k. We paid a couple hundred dollars, the warranty covered the rest. This is not the case for everyone i'm sure. But it's why you buy insurance, for the unexpected
Lol. You spent a couple $100 PLUS the cost of the extended warranty which was probably $4000 for two vehicles. So basically you spent probably $4500 for $6000 service from the dealership, when in reality if you took it somewhere other than the dealer to fix those issues it probably would of cost you $3000-4000 total in repairs.
As said, extended warranties don't cover 'any issue' like wear and tear and driver error. So they are great if something under actual warranty breaks, but under 100,000 that is rare and usually not worth the cost.
Posted on 3/9/17 at 12:07 pm to JabarkusRussell
What brand of car?
Posted on 3/9/17 at 12:08 pm to JabarkusRussell
I've always been against them because I usually don't keep a vehicle that long, I kept my last truck longer than usual and had some expensive issues with it(I think it was the over-sized truck nuts,) so I got it for the truck I just bought, they wanted about 2 grand and I negotiated it down to 1 thousand(the warranty is pure profit for them, they get paid by the manufacturer) cheap insurance for me although I don't expect to keep this truck for much more than a year
Posted on 3/9/17 at 12:09 pm to Maniac979
quote:
What brand of car?
Camaro.
Posted on 3/9/17 at 12:11 pm to Kracka
You are totally right about the extended warranty. It's always better to be ready for any situation. What about me, I use California MIS Insurance Services https://www.mis-insurance.com/ . Finally, I found the agent who didn't get tired of my questions, was patient and understanding. And these nuances make you the happiest customer ever.
Posted on 3/9/17 at 12:12 pm to JabarkusRussell
I never get them. The only major issues I have had under 100k miles; recalls took care of it.
Posted on 3/9/17 at 12:17 pm to JabarkusRussell
Never purchased one for a vehicle but we bought it on a washer/dryer/refrigerator when we moved to our new home 2.5 years ago. I've had little issues that needed to be fixed and I've already gotten my money back. Also I can get a rebate when I buy filters for the refrigerator. That alone paid for the refrigerator coverage within the first year.
eta EW are not something that we normally purchase but this time it worked out. Figured "something" would happen to one of the appliances.
eta EW are not something that we normally purchase but this time it worked out. Figured "something" would happen to one of the appliances.
This post was edited on 3/9/17 at 12:21 pm
Posted on 3/9/17 at 12:29 pm to JabarkusRussell
I would feel pretty good about having a warranty through Thanksgiving. I don't know anything about the reliability of a 2015 Camaro, but at that age and mileage it should be rock solid and any latent defect should become apparent by Thanksgiving.
Doesn't the original warranty transfer? 3/36,000 and 5/100,000 is what I am seeing.
Doesn't the original warranty transfer? 3/36,000 and 5/100,000 is what I am seeing.
Posted on 3/9/17 at 12:45 pm to JabarkusRussell
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