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Extended Warranty ??

5K views 8 replies 4 participants last post by  Jeff 
I'm not a big fan of any warranty you have to pay extra for, because in the end you always end up spending more on the warranty than the warranty covers, or else the company wouldn't make a profit on the warranties. It seems these days they want to nickel-and-dime you for everything.

The only things I ever get extended warranties for are computers and cars, because repairs for both can be expensive, although it also depends on the individual situation. When you buy something expensive that tends to need repairs down the line, the warranties are worth it.

When I got my Rav4 used in 2003, it was Toyota certified pre-owned and came automatically with the 6-year 100K mile powertrain warranty, which was the only warranty that mattered to me. I really had no need for any other type of warranty because I've been screwed in the past by "new car" or "bumper to bumper" warranties. The "Toyota certified" warranty I got not only covered the powertrain, but also offered roadside assistance and some other stuff. When I got the Rav, it was 2 years old with 7,000 miles on it, and looked brand new. So essentially I got an almost-new Rav4 for far less money and a better 100K mile warranty than a new Rav4.

The only other thing I buy regularly with extended warranties are Dell computers, because they have the best warranties, support, and service in the business (although quality control has gone down in recent years). I've never had a bad warranty experience with Dell, and the few times that Dell stuff has broken, they fixed or replaced it no questions asked. I figure for that extra $100 that I shell out for the 3 year warranty upgrade from Dell, it's worth it when buying a $3000 computer. Heck somtimes Dell has a promotion where they throw in the extra warranty for free.

When my brother was getting a Chevy Trailblazer last spring, he got a good offer for a 4-year "smart buy" lease on an 04 model that the dealer was trying to clear out to make room for the 05's. It came with GM's standard 3 year warranty, but the dealer offered him an extension to make it 4 years for I forgot how much money. I told him to get the extra warranty, for two reasons. First off, American cars fall apart, and it usually happens right after the 3-year warranty expires. Second, his lease was for 4 years so it made sense to extend the warranty to 4 years. The extended warranty was also through GM so it wasn't one of those shady third party warranties.

I never get those extended warranties at electronics stores (such as Best Buy) because most electronics I buy are high quality in the first place, and usually when something breaks, it's time to upgrade anyway. Out of all the eletronics I have ever bought, there has only been once I wish I had purchased an extended warranty. Last year my cell phone got wet and fried itself, and I wished I had gotten an accidental damage warranty.

Of all the extended warranties you can get, the third-party ones for used cars are the ones you should be most wary of. I'm talking about those you can get for used cars through a separate warranty company which usually cost a good amount of money. I've heard many horror stories on the 11 o'clock news about parents who bought their kid a used car with a third-party warranty, and how things went wrong that the warranty company refused to cover.

Many car warranties can be voided by installing aftermarket parts or modifying powertrain components, and some you can even void by doing your own oil changes.

In any case, when considering any type of warranty, READ ALL THE FINE PRINT!!!!!! There might be a clause somewhere that might screw you out of warranty coverage for some stupid reason. Car dealers will often lie to you in order to get a car sold, so NEVER take their word for anything. Always make sure you read the terms of the agreement before you sign your life away.
 
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