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Extended car warranties...


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#1 ER Pemberton

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Posted 10 February 2019 - 06:51 PM

Carchex, Endurance, CarShield, etc.  Anyone using one?  When I bought this Rogue late last month the business manager asked me if I wanted to buy an extended warrantly to cover various things.  IIRC, it was something like $1900.  I told him no.  He started up with How can you possibly say NO to this?  Do you realize what car repairs cost? and all of that.  I asked him when I needed to decide and he said flatly, Point of purchase so I said "No thank you".  He said, "What is it?  The cost?" and I said, "No, the immediacy.  When someone tells me I have to buy something RIGHT NOW without being able to look at it, that's not working for me and there are other options out there".  He said, "I've only been here for 10 days, let me look".  He checked his documentation and it turns out I have 30 days to buy it from them should I want it.  A quick Consumer Reports search shows me that ENDURANCE is their #1 pick.  Anyone got any insight on this?



#2 Vagus

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Posted 10 February 2019 - 06:55 PM

You closed the door on the closer!
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#3 Vagus

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Posted 10 February 2019 - 06:57 PM

I'd invest the 1900 and see how long I can go without a warranty type repair.
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#4 davelew

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Posted 10 February 2019 - 07:08 PM

He’s pushing the warranty because, on average, it’s a better deal for him than for you.

If you have a liquidity issue and might not be able to afford car repairs in the next few years, a warranty might make sense. Otherwise, if you have reasonable cash savings, you’re better off saving the $1900.
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#5 porter

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Posted 10 February 2019 - 07:11 PM

He’s pushing the warranty because, on average, it’s a better deal for him than for you.

If you have a liquidity issue and might not be able to afford car repairs in the next few years, a warranty might make sense. Otherwise, if you have reasonable cash savings, you’re better off saving the $1900.


Exactly this.
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#6 weep er

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Posted 10 February 2019 - 07:12 PM

No.
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#7 Trub L

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Posted 10 February 2019 - 07:21 PM

Buy the warranty. And then if you don't ever need to get repairs done, you buy TWO warranties on your next car. After that, it's four. At some point, it will pay off. It's a fool-proof system.
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#8 SnowMan

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Posted 10 February 2019 - 07:22 PM

He’s pushing the warranty because, on average, it’s a better deal for him than for you.

If you have a liquidity issue and might not be able to afford car repairs in the next few years, a warranty might make sense. Otherwise, if you have reasonable cash savings, you’re better off saving the $1900.

 

 

1000% this.  


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#9 ER Pemberton

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Posted 10 February 2019 - 09:18 PM

That makes sense.  Cars are more reliable than ever (many cars that is).  I have owned my Mustang since 2011 and I have put a battery in it, had some product update/recall work done (no charge), changed the oil and put new tires on it (both clearly not covered) so it's been really smooth.  Okay, you convinced me.    



#10 zymot

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Posted 10 February 2019 - 09:28 PM

Extended warranties are gold for the dealer. The margin is 50%-75% and there is no inventory for them to carry.

Extended warranty? The dealer goes *smack* *smack* *smack*
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#11 SchwanzBrewer

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Posted 10 February 2019 - 09:47 PM

Extended warranties from 3rd party vendors are notorious for taking your money and denying all claims. I got one for my truck 2 trucks ago and it paid off. I paid $1200 for the warranty and got $2400 worth of transmission work done for free. The transmission guy called and asked for the key to my trailer hitch. If the hitch had been on the truck and warranty company saw it they'd have denied the claim on the transmission. I got super lucky because the claims guy came out an hour after I took offf the hitch.

 

So I think it's a crap shoot.


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#12 BrewerGeorge

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Posted 11 February 2019 - 05:27 AM

It's insurance. With multiple cars to take up slack, and savings to cover a repair you don't need it.

#13 Sidney Porter

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Posted 11 February 2019 - 06:12 AM

Buy the warranty. And then if you don't ever need to get repairs done, you buy TWO warranties on your next car. After that, it's four. At some point, it will pay off. It's a fool-proof system.

only works for black and red cars
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#14 the_stain

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Posted 11 February 2019 - 04:23 PM

It's insurance. With multiple cars to take up slack, and savings to cover a repair you don't need it.

 

Yep, exactly this.  You're insuring yourself against an unexpected event.  It's very likely that the unexpected event will be rare enough, and the cost will be low enough, that you're likely to pay less out of pocket to cover the event than you would have paid in premiums over a given time period.  You might luck out, but insurance companies don't make their money because a lot of people luck out.


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#15 BrewDaddy

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Posted 11 February 2019 - 07:17 PM

Saved my butt with my Subaru. Head gaskets went with less than 200 miles remaining on the extended warranty. Both heads had to be machined. Whole job was covered. And no, I didn't have the $ available to do it. Maybe not for everyone, but worked out this time
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#16 dondewey

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Posted 11 February 2019 - 07:25 PM

I just wanted peace of mind for my commuter. Extended b2b for my car from factory (50k?) to 120k was like $1200 from the dealer I brought from. I found out that Any Ford dealer can sell them; I found a dealer in TX that sold the exact same one for like $500 for a real Ford extended warranty.
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#17 dagomike

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Posted 11 February 2019 - 08:41 PM

I got one when we bought our Honda. I don’t have the details, but the coverage includes wear items. Basically I’ll get majority of my money worth if I ride the brakes down before the term, which I fully intend to do.

I politely sat there while he gave me the pitch he’s paid to do and turned it down when he took a breath. Then he cut to the chase and explained it as prepaid maintenance with extended repair coverage. I did the math on past DIY expenses for covered items and came out to really cheap insurance.
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#18 Trub L

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Posted 11 February 2019 - 08:58 PM

Free tires 4 life
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#19 dagomike

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Posted 11 February 2019 - 09:10 PM

I looked mine up. $730 to extend from 36mo/36K to 60/60. Includes brakes and rotators and battery. That’s like $400 and a good chunk of a Saturday.
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#20 porter

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Posted 11 February 2019 - 09:52 PM

That seems like a lot of money to cover a low risk portion of a car's life.

 

Our Outback made it to 80k before it needed a brake job. Didn't need new rotors. Truck is at 70k and still original pads. I could do brakes myself, I guess, but it doesn't really cost very much.

 

The Outback (8 years, 124k) still has the original battery as well. The truck's original battery was defective and replaced at 30k, no problems since. 


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