Wisdom of Purchasing the Extended Warranty
- Thread starter PhilRich
- Start date
NelsonLewis
Banned
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- 16.5 CX-5 GT AWD w/Tech BRMica
This guy gets it.
I am aghast! The finance guy at the dealer lied to me! Who could have ever thought such a thing?(cryhard)(sarcasm)
I should have known he was lying - his lips were moving.
Thanks for the replies. It appears that most of us do not spring for the extended warranty. The one I was offered extended to 8 years/80k miles. We are planning on keeping the vehicle for a long time depending on its reliability. Setting aside the premium will pay for maintenance costs later on.
I set aside that money, invest it, and hope for the best. Never had an issue I could have claimed on many vehicles now, and I've saved many thousands of dollars by not buying a warranty so far. Even if I have $2-3k in repairs for this vehicle I'm still coming out ahead. Everyone's experiences are different though. Get a warranty if it would be difficult for your finances to cover a repair bill... it's mostly for peace of mind.
I'd say, in that case, get a less expensive car. If you can't swing the repair, you can't afford the car.
NelsonLewis
Banned
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- 16.5 CX-5 GT AWD w/Tech BRMica
Yep. There's no peace of mind with an extended warranty. Claim denied! Lol
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- 2005 Mazda3
Probably not worth it IMO. Even if some of the pricier electronic features break down at some point(AAC, HUD, Lane departure assist, etc...) and they're too expensive to fix, a lot of these are just driving aids and I'm sure the car will work fine without them. I got a warranty in my 17 CRV but that's primarily due to it having a brand new turbo engine and transmission.
7eregrine
The man, the myth, the legend
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- Land of Cleve
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- 2016.5 CX5
Agree with this. I can afford a major repair for my car. I'm going to risk it that it won't happen.
I can't think of a single hugely expensive repair I've ever had to do on any car that wasn't self induced. (Like bending an axle by hitting a curb.) Never had to replace an engine. Or transmission. Maybe I'm lucky? I doubt it. Far from Lucky in most aspects of my life. LOL If I was going to do an extended warranty, it would only be the one from the car company. Never a 3rd party. And I assume you can buy it later. Why wouldn't you wait to get the warranty when your factory warranty is almost up?
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I have to agree with most here. Extended warranty is not worth it, especially third party. When my mom bought a third party warranty for her mercury, they would not pay for anything. The car would not start one day. Turns out there was something wrong with the distributer. Well that seemed great because the warranty specifically said the distributor was covered. But of course the company would to pay up because the distributer could be repaired. They said they would only pay if they replaced the whole distributer.
Makes me wonder if they would have paid if something went wrong with the transmission. Since that specifically was covered. But usually you can open up a transmission and repair it. So I think they would not pay for that repair either. So the car was terrible, so we finally gave it back to the dealer and took a loss.
I drove my 626 for almost 400,000 and 25 years, and maybe paid about $1500 in repairs that are not maintenance like timing belt, and brakes. The first repair actually came in about 200,000 miles with a water pump.
Makes me wonder if they would have paid if something went wrong with the transmission. Since that specifically was covered. But usually you can open up a transmission and repair it. So I think they would not pay for that repair either. So the car was terrible, so we finally gave it back to the dealer and took a loss.
I drove my 626 for almost 400,000 and 25 years, and maybe paid about $1500 in repairs that are not maintenance like timing belt, and brakes. The first repair actually came in about 200,000 miles with a water pump.
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