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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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extra warranties on cars? worth it?
I'm just curious. We just a bought a new (used) car and they asked if we wanted to get their extra warranty for when this one ends.
So is it worth it to pay for the extra warranty? 
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Posted 3/23/08 6:09 PM  |
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Lucky09
2017!
Member since 1/06 7537 total posts
Name:
DW
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Re: extra warranties on cars? worth it?
I think it depends how much it is (including the interest if they roll it into the life of the loan), and what it covers (parts only, service + parts, etc).
I bought the extended warranty on my CR-V and haven't had to use it yet. So, I'm not sure I would do it again...
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| Posted 3/23/08 6:11 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: extra warranties on cars? worth it?
nope, I don't think they are. especially if you know a reputable mechanic.
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| Posted 3/23/08 6:28 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: extra warranties on cars? worth it?
depends on how much it is and what it covers.
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| Posted 3/23/08 7:46 PM |
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CurlyQ
Member since 6/07 2024 total posts
Name:
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Re: extra warranties on cars? worth it?
Yes, because it always seems that when the regular one runs out that is when you have all your problems, especially if it is used.
My dad works at a dealership and would never let me not get one and he gets them for all of his cars. In his experience it is totally worth it and he has worked in the field for over 30 years.
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| Posted 3/23/08 8:07 PM |
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Blazesyth
*yawn*
Member since 5/05 8129 total posts
Name:
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Re: extra warranties on cars? worth it?
We bought a manufacturers extended warranty yesterday. We bargained a lower price, so it made me feel a little better.
Being that we bought the first year of a totally redesigned model, there could be things that nobody knows about it yet. We drive our cars into the ground (other car is 9 years old with 130K on it right now) so it's not like we're giving it back in any range where the regular warranty covers. We got an 8 year/120K advanced manufacturers warranty. If it wasn't a manufacturers offered warranty, I'd feel a little more uncomfortable. It also has roadside assistance, gas delivery, free maps, etc.
For any major items, we always bring it back to the dealer, warranty or not. We've gotten taken advantage by local mechanics too many times. We feel more comfortable with the dealer doing the work - as they have more experience, better parts, knowledge of recalls and a direct line to corporate to know of any known issues.
The extended warranty is a gamble. Figure out what it would cost you monthly, and think if you feel comfortable risking it.
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| Posted 3/23/08 8:32 PM |
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CunningOne
***
Member since 5/05 26975 total posts
Name:
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Re: extra warranties on cars? worth it?
No. Consumer Reports just had something on it.
Here is the artice ... (click here)
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| Posted 3/23/08 8:47 PM |
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GoldenRod
10 years on LIF!
Member since 11/06 26792 total posts
Name:
Shawn
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Re: extra warranties on cars? worth it?
Most other experts echo the same statement. With today's cars (and most other things you might buy a warranty for), it is pretty much never worth it. You'll make out much better if you just take the cost of the warranty, invest it, and in the rare chance that you need it, odds are, you'll make out better on the deal.
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| Posted 3/23/08 9:18 PM |
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bomb-blast
bye bye
Member since 11/06 1327 total posts
Name:
Leo
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Re: extra warranties on cars? worth it?
Not worth it..and I've never seen someone try to sell it when you just now bought the car. Isn't it usually an option down the line?
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| Posted 3/23/08 9:46 PM |
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Re: extra warranties on cars? worth it?
I agree with the two above posters, having read consumer reports as well. My insurance just informed me that for $30 a year they have a 100,000 mile/7 year mechanical insurance which is similar to it..perhaps look into that? Congrats on your new car!!
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| Posted 3/23/08 9:47 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: extra warranties on cars? worth it?
Posted by GoldenRod
Most other experts echo the same statement. With today's cars (and most other things you might buy a warranty for), it is pretty much never worth it. You'll make out much better if you just take the cost of the warranty, invest it, and in the rare chance that you need it, odds are, you'll make out better on the deal.
I agree. my car didn't need anything the extended warrantee would have covered (alternator) until it was 6 or 7 yrs old. I got it at a reputable shop for a few hundred $'s. FAR below what I would have paid for an extended warrantee.
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| Posted 3/23/08 9:47 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: extra warranties on cars? worth it?
Posted by bomb-blast
Not worth it..and I've never seen someone try to sell it when you just now bought the car. Isn't it usually an option down the line?
ITA. I am not sure why they would sell you one for when the current one runs out, unless it is soon. You always have the option of extending the warrantee after your current one expires, but I have heard that on a used purchase there seems to be a lapse in getting the information to the correct owner of the vehichle.
I am a fan of taking the same amount of $$ every month and putting it into a savings with interest. That way the money is working for you & is there if you need.
Message edited 3/24/2008 11:21:36 AM.
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| Posted 3/24/08 11:20 AM |
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MrsKelly
just hangin' around...
Member since 11/06 6305 total posts
Name:
Krista
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Re: extra warranties on cars? worth it?
i purchased one when i bought my car... and my dad ripped me a new one, what a waste of money blah blah blah...
well, let me tell you that when i needed a NEW ENGINE this past fall, that $1800 dollar extended warranty was the best money i ever spent. saved me on having to buy a $10,000 engine.
i don't care if i never end up needing the extended warranty again... i'll never take the chance.
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| Posted 3/24/08 3:37 PM |
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Superkat
More a stranger than a friend
Member since 5/06 9730 total posts
Name:
K
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Re: extra warranties on cars? worth it?
Posted by Blu-ize
depends on how much it is and what it covers.
Exactly correct. One repair can cost you the amount of the warranty depending on the coverage. I have a BMW 540i and I bought the extended warranty until 100K. My first repair was $3000 (transmission seal leak) and it was covered under the warranty. My warranty didn't even cost $3k.
However, my friend has a 2005 Honda Accord and her warranty expired at 35K. So from now until the end of time, everything she does to her car is cash out of her pocket. A Honda may not be as expensive to repair as a BMW but I personally don't believe in taking the chance. If you blow your engine, it is 10K to replace in a BMW JUST FOR THE ENGINE, no labor.
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| Posted 3/24/08 4:02 PM |
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