Anybody get extended warranty?

[rlp2955]

So I just purchased my white GT AWD...during the finance review, they were really focused on selling the extended warranty that covers up to 72 months or 100K. I am wondering if I should go ahead and purchase this (I have 24 hours to call finance back). I initially declined and then he was able to work it down to the point where it was only $9 more bucks a month. He also mentioned you get the prorated amount returned to you at the end of the term. I still declined but now I am rethinking it.

I have always been inclined to think these are scams...but I do drive about 17-18K a year so the standard warranty is only going to get me about 2 years. Is the Mazda extended warranty worth it? There are a ton of electronics in these vehicles and I would imagine out of warranty repairs are a nightmare. Looking for some advice...thanks all.

 

[IHeartGroceries]

So I just purchased my white GT AWD...during the finance review, they were really focused on selling the extended warranty that covers up to 72 months or 100K. I am wondering if I should go ahead and purchase this (I have 24 hours to call finance back). I initially declined and then he was able to work it down to the point where it was only $9 more bucks a month. He also mentioned you get the prorated amount returned to you at the end of the term. I still declined but now I am rethinking it.

I have always been inclined to think these are scams...but I do drive about 17-18K a year so the standard warranty is only going to get me about 2 years. Is the Mazda extended warranty worth it? There are a ton of electronics in these vehicles and I would imagine out of warranty repairs are a nightmare. Looking for some advice...thanks all.

What is the cost? You have a pretty lengthy amount of time to consider this. As far as I know, you have at least until the factory warranty expires.

I personally have purchased extended warranty on the CX-5 and Mazdaspeed 6. Though, have yet to use it on the Speed6, it is nice to know it is there on a vehicle that can be extremely costly to repair.

 

[rlp2955]

What is the cost? You have a pretty lengthy amount of time to consider this. As far as I know, you have at least until the factory warranty expires.

I personally have purchased extended warranty on the CX-5 and Mazdaspeed 6. Though, have yet to use it on the Speed6, it is nice to know it is there on a vehicle that can be extremely costly to repair.

That is interesting...so I can purchase the extended warranty anytime within the life of the existing warranty? They told me I needed I needed to make a decision in 24 hours (to factor it into my loan). Wouldnt the price of the extended warranty go up each year?

 

[rlp2955]

Cost wascabout $1600 over the life of the loan (60 months).

 

[EricF]

It's a gamble; just like Vegas. And also like Vegas, the house usually comes out ahead.

From my understanding, if its a factory backed warranty, you have the whole time of the factory warranty to purchase an extended warranty. But Mazda doesn't offer a factory extended warranty, they use a 3rd party in which case it would need to be purchased at the time you buy the car. If you wait, it falls under a used car warranty, and could be more expensive, or not cover as many items. I'm not 100% on that info, so if someone can clarify that, it would be great.

 

[dbcx5]

I got an extended warranty, cost was approx. $2200 and is for 7 years 120K, and $1900 of it is refundable if it isn't used by the end of the term. The fact that it was refundable and this is a first generation car made getting it a no brainer. Would've been tougher if it wasn't refundable.

 

[Gio26NJ]

I purchased the 6 year 60,000 mile warranty for an extra $1,080. For a $30,000+ car it was well worth it in my opinion. You never know with cars these days, especially newer models it may be damn expensive to repair.

 

[soobaerodude]

There is a new Mazda-backed extended warranty plan
Mazda Extended Confidence

But it is administered by a 3rd party, Warrantech. It seems a lot of these 3rd party warranty plans will give any excuse to deny coverage. To find out, see who is administering your plan, and do a google search for reviews. A lot of them are junk.

 

[CX-SV]

No, I declined (as I have over last 25 years). Odds are the most expensive problems will happen after the extended warranty expires.

 

[nizzy1115]

I got them to give it for 1500 and extend it from 6 years to 7 years and 100k miles because that is about how long it will take me to hit 100k.

 

[EricF]

There is a new Mazda-backed extended warranty plan
Mazda Extended Confidence

But it is administered by a 3rd party, Warrantech. It seems a lot of these 3rd party warranty plans will give any excuse to deny coverage. To find out, see who is administering your plan, and do a google search for reviews. A lot of them are junk.

I don't see how its a mazda backed plan when a 3rd party is involved in any way.

 

[elite3847]

i did, got it for the s-plan price and its not taxed. esp. with my driving style, it works.

it was only $30 a month extra. very doable.

 

[erhayes]

Never bought one and never needed one so I should be ~ $1,500 X 12 vehicles = $18,000 ahead not including accrued interest. Ed

 

[CX-SV]

^ Agreed, that's similar to my savings over last 2 decades.

 

[soobaerodude]

I don't see how its a mazda backed plan when a 3rd party is involved in any way.

That's how Mazda has been handling their extended warranties. Their previous Mazda Extended Protection Plan (MEPP) was handled by EasyCare, a former Ford subsidiary

 

[EricF]

That's how Mazda has been handling their extended warranties. Their previous Mazda Extended Protection Plan (MEPP) was handled by EasyCare, a former Ford subsidiary

Yeah, I know. So its not backed by mazda. Once you're out of the basic warranty, its between you and Easycare, or whoever. (who've had pretty bad reviews)

Also, by purchasing the extended warranty from the start, you're giving them $1600 or whatever to hold until you hit 3/36k with no interest. IMO, it would be best to see how the vehicle is within the basic warranty period, and if you think you need it, purchase it near the end of the warranty period. Why give them cash to hold for free for 3 years??

 

[EricF]

That's how Mazda has been handling their extended warranties. Their previous Mazda Extended Protection Plan (MEPP) was handled by EasyCare, a former Ford subsidiary

Yeah, I know. So its not backed by mazda. Once you're out of the basic warranty, its between you and Easycare, or whoever. (who've had pretty bad reviews)

Also, by purchasing the extended warranty from the start, you're giving them $1600 or whatever to hold until you hit 3/36k with no interest. IMO, it would be best to see how the vehicle is within the basic warranty period, and if you think you need it, purchase it near the end of the warranty period. Why give them cash to hold for free for 3 years??

edit... not only are you not making interest on the money, THEY ARE CHARGING YOU INTEREST ON IT! LOL How does that make sense?

 

[Gio26NJ]

I've dealt with EasyCare in the past and have had absolutely no problems + they are an A+ accredited business according to the Better Business Bureau. That's why I picked them up again when I heard the Mazda dealership was offering EasyCare. Maybe it depends where you live and who they work with in that state? not sure but they took care of problems on my old Explorer with no problems.

 

[IHeartGroceries]

You should at least have until the expiration of the factory warranty to decide whether to purchase an extension, especially in that it is through a third party.

 

[under200]

Reluctantly bought mine. I always buy them but after my last car which was my first Japanese car I thought that it is not required. My Toyota was bulletproof. Anyhow, after thinking about labor rates of $150 per hour at the shop I decided that something like an electrical gremlin requiring hours of troubleshooting time would make the warranty worth it.
On the other hand, they have really smart people with PHD's in statistics making the prices on these warranties, you can be sure they do not get burned often.
On the plus side, my Corolla that still had one year of warranty did pay off. I was able to recoup the remaining year left on the warranty when I traded it in. Toyota care is sending me a check. Win.