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re: Deciding on an Extended Warranty
Posted on 3/9/17 at 12:47 pm to DCtiger1
Posted on 3/9/17 at 12:47 pm to DCtiger1
Thanks for the advice. I'm able to cancel the warranty since it has not yet been 30 days since the purchase. I left a message with the finance manager. I'm sure they're going to throw a stink since they will be losing their commission.
0
Posted on 3/9/17 at 1:05 pm to JabarkusRussell
i had a transmission go at around 70k, and the regular warranty expired at 60k, luckily i purchased the extended warranty (can't remember how much, but much less than the cost of new transmission). so for me it was obviously worth it.
plus i'm fricking cursed, so i've learned to adapt to that throughout life.
plus i'm fricking cursed, so i've learned to adapt to that throughout life.
Posted on 3/9/17 at 1:34 pm to PhilipMarlowe
I usually don't entertain them during finance, but yesterday purchased a new car and haggled them down cheap. I think I pay $10/mo extra for bump up on my warranty to 100k and paint/interior protection. That also includes all PM for 100k miles. Dude already had them reduced because I told them I needed out of there to pick up my son. I think when he presented it they were $10 each. Usually don't buy but there's my story
Posted on 3/9/17 at 1:51 pm to JabarkusRussell
Nope, I keep an emergency fund that will cover most issues that arise and with a vehicle that new, shouldn't be an issue.
Posted on 3/9/17 at 1:55 pm to JabarkusRussell
Didn't get an extended warranty for my truck as I thought it was a huge ripoff, never needed anything mechanical. Truck now has 200k miles on it. GF wouldn't budge, she HAD TO get one just in case (so she said). One year out of warranty it needed $2700 in work when the extended warranty only cost $900. Saved us a ton of money. Goes to show its just a total shot in the dark whether you need it or not.
Posted on 3/9/17 at 2:01 pm to JabarkusRussell
I will always by an extended warranty when I purchase a new car. I keep them for several years, and every time it's more than paid for itself.
Warranty is pretty cheap. Repairs usually aren't.
Warranty is pretty cheap. Repairs usually aren't.
Posted on 3/9/17 at 2:15 pm to JabarkusRussell
Most of the top car sites say no. There have been numerous studies showing that the vast majority of folks won't have repairs greater than the cost of the warranty.
Hell, they wouldn't offer the policy and push it so hard if they weren't making a killing on it.
But, peace of mind. You could easily be the outlier and get nailed hard the day your initial warranty expires.
Last car I had, didn't have a single problem through 6 years. 100% normal maintenance (Tires & Batteries)
Went ahead and rolled the dice on my current ride.
Hell, they wouldn't offer the policy and push it so hard if they weren't making a killing on it.
But, peace of mind. You could easily be the outlier and get nailed hard the day your initial warranty expires.
Last car I had, didn't have a single problem through 6 years. 100% normal maintenance (Tires & Batteries)
Went ahead and rolled the dice on my current ride.
This post was edited on 3/9/17 at 2:16 pm
Posted on 3/9/17 at 2:16 pm to NYNolaguy1
quote:
Good luck getting them to pay out on a legit claim.
That's what did it for me... I read through the policy (yes, that fricker that's like 50 pages) and it was one thing after another that it wouldn't cover, and one condition after another wherein you could void it.
I'm not saying that it never works, or that for some people in particular situations that it won't work, but for most casual drivers it isn't a good option.
I live in the city, keep up with scheduled maintenance, not a hard driver, and only use my car for personal things. So, for me to have something go wrong with my car that isn't covered by standard warranty/insurance but is covered by an extended warranty would be extremely unlikely.
Posted on 3/9/17 at 2:20 pm to JabarkusRussell
How so?
Posted on 3/9/17 at 2:21 pm to JabarkusRussell
I live in DFW alone with only a handful of friends that most of them are frickbuddies and have no idea what the frick a car has inside of it.
I got the extended warranty for a piece of mind. Its a Toyota (yeah I know) but it came with 2 years already. I just bought an additional 2 years to cover the time of the loan. Plus I like the fact I can just drop the car off every 6 months at the dealership and they do whatever it is on the list for that particular time period. On top of that, they have a clear record of what service the car has done so when I go to trade up into the Lexus im eyeballing in a year or so I can sell the remaining part of the Warranty and also should get top dollar for my Toyota trade in.
I got the extended warranty for a piece of mind. Its a Toyota (yeah I know) but it came with 2 years already. I just bought an additional 2 years to cover the time of the loan. Plus I like the fact I can just drop the car off every 6 months at the dealership and they do whatever it is on the list for that particular time period. On top of that, they have a clear record of what service the car has done so when I go to trade up into the Lexus im eyeballing in a year or so I can sell the remaining part of the Warranty and also should get top dollar for my Toyota trade in.
Posted on 3/9/17 at 2:23 pm to zmanthetigerfan
quote:Did it really?
One year out of warranty it needed $2700 in work when the extended warranty only cost $900. Saved us a ton of money.
$2700 - $900 = $1800
How much did the warranty cost? If it was more that $1800 then it didn't save you a penny. Even if it was less how much would what you paid for it have matured to if you put that money in the S&P500 instead, or if you paid off your car that much faster?
ETA: I admit that I read that wrong... I see that the cost of the policy was $900. Still though, I think my argument holds.
This post was edited on 3/9/17 at 2:26 pm
Posted on 3/9/17 at 2:32 pm to LSU
Do you think the financial officer would be wiling to negotiate a lower rate in order to save her commission? Say instead of $2k for 6 years/100k miles they lower it to $1k for 3 years/50k miles?
Posted on 3/9/17 at 2:54 pm to JabarkusRussell
I bought it, but I drive a lot. Otherwise I say no
Posted on 3/9/17 at 3:03 pm to Rebel80
quote:
I bought it, but I drive a lot.
I commute 1 hour 40 min round trip 2 times a week and 1 hour 10 min round trip 3 times a week.
Posted on 3/9/17 at 3:06 pm to JabarkusRussell
Bought a 2012 buick verano a few weeks back because I just took a job in norco and will be driving an hour each way. Paid 3k for a 3/36 warranty. The morning after I bought it, the engine light came on. Took it in and it needed the timing chain and a cam shaft sensor replaced. Needless to say I'm glad I got the wareanty
This post was edited on 3/9/17 at 3:08 pm
Posted on 3/9/17 at 3:56 pm to St Jean The Baptiste
quote:
You can't put a price on piece of mind.
Posted on 3/9/17 at 7:53 pm to JabarkusRussell
If it doesn't tack on much to your note, I'd get it then
This post was edited on 3/9/17 at 7:54 pm
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