Extended warranty: yay or nay?

bluegrass said:
I just looked into this, and it is a big waste of money...

- Your new car comes with a 5yr/60K mile Mazda powertrain warranty, yet you must buy this Geico policy when the car is new. So your premiums for the first 5 years are wasted, and the only unique coverage you get is years 6-7.
- This coverage only applies to vehicles up to seven years old or 100,000 miles (whichever comes first). I've never had ANY repairs, on ANY vehicle, with fewer than 100K miles.
- In addition to your annual premium, you must pay a $250 deductible for each repair. "if you have multiple unrelated problems, you will have to pay a separate deductible for each problem."
- If your repair facility is unable to diagnose any mechanical failure with your vehicle, GEICO will not pay for any diagnostic fees.
Click to expand...

Agreed. With 5 year/60k, why the hell would you buy an additional insurance that you have to get when the car is new. You're basically paying for something that is functionally useless for 5 years! Huge waste of money. And then deductibles for each repair? Yikes. How much money did it cost for 5 years already?
 
bluegrass said:
I just looked into this, and it is a big waste of money...

- Your new car comes with a 5yr/60K mile Mazda powertrain warranty, yet you must buy this Geico policy when the car is new. So your premiums for the first 5 years are wasted, and the only unique coverage you get is years 6-7. Haha, if you don't actually drive.
- This coverage only applies to vehicles up to seven years old or 100,000 miles (whichever comes first). I've never had ANY repairs, on ANY vehicle, with fewer than 100K miles. I have. Plenty. Ask the guy who just posted a thread about his dead AC at like 89K or something...
- In addition to your annual premium, you must pay a $250 deductible for each repair. "if you have multiple unrelated problems, you will have to pay a separate deductible for each problem." Mine is $100, and it added a few bucks per month. I think like $15ish? What's a new CX5 transmission cost, anyone?
- If your repair facility is unable to diagnose any mechanical failure with your vehicle, GEICO will not pay for any diagnostic fees.
Click to expand...

If your facility could not diagnose an issue, it wasn't very pressing, IMO. A failed transmission is pretty easy to diagnose. A slight bobble? Well, just wait until it s**** the bed, IMO
 
PaulZooms said:
The extended warranty picks up where the regular warranty expires. No duplication.

I got 100k/9yr/$0 deductible for $1,940 on my 16.5 GT with Tech & Sensing IIRC.

Got extended warranties on 2 other cars. Broke even on 08 RAV4, ahead 3:1 on 07 VW Eos. Cheap piece of mind IMHO.
Click to expand...

No duplication? Are you sure about this?
Mazda's come with a 5 year powertrain warranty. So the extended warranty you purchased is valid through year 14?
Can you please provide a link to the warranty details that states this?

Also, you must be one unlucky son of a b**** with new cars.
Extended warranties are huge profit centers for the people that sell them. On average, you will never come close to recouping what you paid for the extended warranty.
Yet somehow, on your last two cars, you've gotten all your money back on one and 3x your money back on the other? With your luck, you might consider leasing.
 
ColoradoDriver said:
Agreed. With 5 year/60k, why the hell would you buy an additional insurance that you have to get when the car is new. You're basically paying for something that is functionally useless for 5 years! Huge waste of money. And then deductibles for each repair? Yikes. How much money did it cost for 5 years already?
Click to expand...

I drive 30-40k miles a year. Some of you don't. Weigh it. Not everyone lives within a city block of their job and doesn't venture out.
 
bluegrass said:
No duplication? Are you sure about this?
Mazda's come with a 5 year powertrain warranty. So the extended warranty you purchased is valid through year 14?
Can you please provide a link to the warranty details that states this?

Also, you must be one unlucky son of a b**** with new cars.
Extended warranties are huge profit centers for the people that sell them. On average, you will never come close to recouping what you paid for the extended warranty.
Yet somehow, on your last two cars, you've gotten all your money back on one and 3x your money back on the other? With your luck, you might consider leasing.
Click to expand...

The replacement of my rear differential was $2800. If it had happened today, I would save $2700 due to having an extended warranty. And if you actually drive a car, leasing is terrible. You only get like 12-15K miles a year. That might cover me for the summer?
 
Unobtanium said:
I drive 30-40k miles a year. Some of you don't. Weigh it. Not everyone lives within a city block of their job and doesn't venture out.
Click to expand...

Exactly. 5 years doesn't mean squat to me when I was already 70k miles going into my fourth year of ownership.
 
Unobtanium said:
Haha, if you don't actually drive.
If your facility could not diagnose an issue, it wasn't very pressing, IMO.
Mine is $100, and it added a few bucks per month. I think like $15ish? What's a new CX5 transmission cost, anyone?
A failed transmission is pretty easy to diagnose. A slight bobble? Well, just wait until it s**** the bed, IMO
Click to expand...

I hate to break it to you, but you are misguided on several points...

First, you say you drive 40K miles a year.
You are so far outside the bell curve in terms of miles/year driven, that it renders your experiences/opinions on this topic completely useless to the people on this forum.

Second, I'm not sure what makes you think the Geico warranty has any value, even to you.
With your driving (40K/yr), you will get 1.5 years of coverage with the factory warranty, with ONE additional year of coverage (to 2.5 years) with the Geico warranty.
Maybe you also have extremely bad luck with your vehicles. Are you really scared that you will have expensive repairs on a car LESS THAN 3 YEARS OLD and with FEWER THAN 100K MILES that you need such a warranty?

Lastly, you mention paying your insurance monthly. What insurance carrier do you have, and how much do they charge in fees for paying monthly? Anyone's advice/opinion on financial matters should be taken with a grain of salt if they aren't willing to take the most basic Personal Finance 101 steps of avoiding such fees.
 
bluegrass said:
I hate to break it to you, but you are misguided on several points...

First, you say you drive 40K miles a year.
You are so far outside the bell curve in terms of miles/year driven, that it renders your experiences/opinions on this topic completely useless to the people on this forum.

Second, I'm not sure what makes you think the Geico warranty has any value, even to you.
With your driving (40K/yr), you will get 1.5 years of coverage with the factory warranty, with ONE additional year of coverage (to 2.5 years) with the Geico warranty.
Maybe you also have extremely bad luck with your vehicles. Are you really scared that you will have expensive repairs on a car LESS THAN 3 YEARS OLD and with FEWER THAN 100K MILES that you need such a warranty?

Lastly, you mention paying your insurance monthly. What insurance carrier do you have, and how much do they charge in fees for paying monthly? Anyone's advice/opinion on financial matters should be taken with a grain of salt if they aren't willing to take the most basic Personal Finance 101 steps of avoiding such fees.
Click to expand...
Rear diff has already been replaced, that was $2700 that Mazda ate. I'll hedge my bets.

I use State Farm, and my armory is insured through them as well, life insurance and hospital income policy, as well, so I really am not sure how much JUST my CX5 costs. $200ish a mo for all of it though.
 
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Unobtanium said:
Rear diff has already been replaced, that was $2700 that Mazda ate. I'll hedge my bets.
Click to expand...

This thread is about extended warranties, correct?

You mention that the rear diff was replaced. Was it replaced under the new car manufacturer warranty or an extended warranty?
Given that you currently has 62K miles on your car, I'm guessing it was the manufacturer warranty.
If so, it proves the point I made earlier and you tried to dispute!

Even if you buy an extended warranty from Mazda, you are gaining very little with your driving style.
Manufacturer warranty is good through 60K miles. An extended warranty gets you to what, 100K, which is an additional ONE year of coverage for you.
 
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Remind me not to share my experience on this type of "holy war" thread. Too many trolls a' flaming IMHO.

bluegrass said:
No duplication? Are you sure about this?
Mazda's come with a 5 year powertrain warranty. So the extended warranty you purchased is valid through year 14?
Can you please provide a link to the warranty details that states this?
....
Click to expand...

I find this whole duplication argument to be silly. The price is the price regardless. Buy it or don't. Feel free to do your our research.

bluegrass said:
...Also, you must be one unlucky son of a b**** with new cars...
Click to expand...

And you, sir, appear to be an argumentative one.

I Keep cars 10 years and have been very lucky, thank you. My wife's little yellow Volvo 245 DL wagon made it 27 years

bluegrass said:
...
Extended warranties are huge profit centers for the people that sell them. On average, you will never come close to recouping what you paid for the extended warranty.
...
Click to expand...

So? Buy it if you feel if it's worth it, or pass if not. Cars are huge profit centers as well. Doesn't stop me from buying them.

bluegrass said:
....
Yet somehow, on your last two cars, you've gotten all your money back on one and 3x your money back on the other? With your luck, you might consider leasing.
Click to expand...

On Toyota/Lexus 3.5 V6, water pump failures are common. $450 saved. Shock failures aren't. $200 saved. Even! Those are the only 2 repairs in 9 yrs/90k miles. I'd say I've been lucky, but then it is a Toyota.

Other car was a VW. Nuff said. No way I would have bought without the extension. Loved that convertible, but sold at 9.75 yrs/75k mikes before warranty expired. Also, I lived walking distance from my VW dealer and enjoyed the route.

Leasing is not cost-effective unless you gotta have a new ride every 3 and don't want to deal with getting rid of oldy.

Have a nice day!

10/4
 
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PaulZooms said:
I find this whole duplication argument to be silly. The price is the price regardless. Buy it or don't. Feel free to do your our research.
Click to expand...

How is the "duplication argument" silly?
It sounds like you don't fully understand extended warranties.
Whether or not there is duplication of warranties makes a HUGE difference in the "value" of an extended warranty.

For example...
Mazda comes with a 5 year powertrain warranty.
You bought a "9 year" extended warranty for nearly $2,000.

Did your extended warranty get you 4 additional years of coverage (to year 9), or 9 additional years of coverage (to year 14)?
I researched this, and it appears the Mazda extended warranty IS a duplication of the manufacturers warranty, meaning you only get 4 years of coverage (not 9).

So the price is NOT the price regardless.
You spent $2000 for 4 years worth of coverage ($500/year), not 9 years of coverage ($222/year).
 
bluegrass said:
How is the "duplication argument" silly?
It sounds like you don't fully understand extended warranties.
Whether or not there is duplication of warranties makes a HUGE difference in the "value" of an extended warranty.

For example...
Mazda comes with a 5 year powertrain warranty.
You bought a "9 year" extended warranty for nearly $2,000.

Did your extended warranty get you 4 additional years of coverage (to year 9), or 9 additional years of coverage (to year 14)?
I researched this, and it appears the Mazda extended warranty IS a duplication of the manufacturers warranty, meaning you only get 4 years of coverage (not 9).

So the price is NOT the price regardless.
You spent $2000 for 4 years worth of coverage ($500/year), not 9 years of coverage ($222/year).
Click to expand...

9 yrs/90k$0 deductible miles.

Whatever, dude. 10/4. Be gone troll.
 
PaulZooms said:
9 yrs/90k$0 deductible miles.

Whatever, dude. 10/4. Be gone troll.
Click to expand...

How can you possibly call me a troll?
Simply because I disagree with something you posted?

I've asked the question twice, and you refused to answer both times, so the answer is clear.

You paid $2000 for 4yrs/30K miles of additional coverage, once the 5yr/60K mile new car warranty expires.
Your extended warranty is NOT covering your car for 9yrs/90K miles beyond the new car warranty.

This is a huge difference that everyone should understand.
 
bluegrass said:
...
Your extended warranty is NOT covering your car for 9yrs/90K miles beyond the new car warranty.

This is a huge difference that everyone should understand.
Click to expand...

Finally something we can agree on. I never said 9 yrs/90k BEYOND. That's total, from day of purchase. All warranties work this way, showing total term including original, not just Mazda. Only powertrain is 5/60k, everything else is 3/36k.

Another silly argument. Price is price! Well worth <$2k to me with all the $ electronics.
 
PaulZooms said:
I never said 9 yrs/90k BEYOND. That's total, from day of purchase. All warranties work this way, showing total term including original, not just Mazda.
Click to expand...

Here is what an earlier poster said...
...the regular and extended warranties overlap - what's the point of that?
Click to expand...

This was your response...
The extended warranty picks up where the regular warranty expires. No duplication.
Click to expand...

So yes, you did say that.
That is why I politely asked you to clarify, and you respond by saying "this whole duplication argument is silly."

I've simply been trying to point out that, despite your initial claim, there is overlap/duplication between the regular and extended warranties.
It is important for prospective buyers to understand that they are NOT getting 9yr/90K mile of extended coverage.
 
bluegrass said:
Here is what an earlier poster said...


This was your response...


So yes, you did say that.
That is why I politely asked you to clarify, and you respond by saying "this whole duplication argument is silly."

I've simply been trying to point out that, despite your initial claim, there is overlap/duplication between the regular and extended warranties.
It is important for prospective buyers to understand that they are NOT getting 9yr/90K mile of extended coverage.
Click to expand...

TFW a yappy little dog grabs your pantcuff and won't let go.

You are paying for 6/4yr 54k/30k more of coverage. You are not paying again for original. No duplication in pricing. EVERY manufacturer does it this way.

Tired of your incoherence. Blocking you now.
 
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