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Should I purchase the extended warranty?

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Old 09-01-2013, 07:14 PM   #21
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Quote:
Originally Posted by Snowbrdr1220 View Post
I would never buy an extended warranty, especially on a newer vehicle that has one of the most reliable engine / drive train out there. Most auto information sources like Edmunds, Consumer Reports, and J.D. Power all say statistics show they are not worth it.

Here are the results of a survey done by Consumer Reports on them:


"Consumer Reports proved the dubiousness of this pitch by surveying 8,000 owners of five- and six-year-old vehicles that had been covered by extended service plans. Sixty-five percent of those surveyed said they spent significantly more for the contract than they got back in repair-cost savings. Respondents said their extended warranty cost them $1,000 on average while providing an average benefit of $700. That means the average loss was $300. A big reason: 42 percent of extended warranties in our survey were never used, in most cases because the vehicle didn't need repairs or the standard manufacturer's warranty sufficed."


Here is what J.D. Power has to say about them:


"When you buy an extended warranty, you are placing a bet. Your bet is that your car will ultimately require more repairs than the cost of the warranty. The warranty provider is also placing a bet. The warranty provider's bet is that your car will not require more repairs than the cost of the warranty. One of you will win the bet, and considering the number of extended warranty providers there are, it would appear that the odds are not in your favor. "
Very interesting.
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Old 09-01-2013, 07:27 PM   #22
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You have to do what works for you.

But...

My feeling is that it's like buying insurance. The "insurance" company uses all sort of PFM to, overall, charge more then they will pay out. In other words, you are betting you'll spend more on repairs then the cost of the policy. OTOH, the "insurance" is betting they will charge you more then they will pay out. I'm guessing they're better at finding the actual statistics then I am...I don't ever buy extended plans.

Other factors to consider I guess are your peace of mind, they fact that the insurance provider may be able to negotiate lower repair cost then you or that you may have a truck that is on the bad side of average.
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Old 09-01-2013, 09:04 PM   #23
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Quote:
Originally Posted by BamaToy1997 View Post
And as I mentioned, they are always a gamble. I never said they were perfect. The insurance world is the same way. I am willing to bet that if they did the same suveys for people who were insured over accidents, that they spent more money than they received in compensation. As mentioned I have spent thousands on insurance, yet haven't had to make a claim in a very long time. Does that mean I shouldn't carry insurance on my car? Enough said. I think I have proven my point.

I just don't understand why you would want to gamble against the odds, when you could put your money on the side where the odds are in your favor. I'll place my bet on the side where the odds are in my favor. It's not really like insurance at all, because collision insurance is protecting you against loosing a very large sum of money which could be devastating to a lot of people financially. If you total your vehicle you could easily be out 20k+. I've never known many people to carry full insurance coverage with collision on a vehicle worth less than $5,000.
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Old 09-01-2013, 09:35 PM   #24
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How much cash do you have on hand? If you've got a few thou readily available, it might make sense to just insure yourself. If you don't, then a policy to cover the "unexpected" might make more sense.

Your situation should determine your decision.
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Old 09-01-2013, 10:28 PM   #25
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Quote:
Originally Posted by Snowbrdr1220 View Post
I just don't understand why you would want to gamble against the odds, when you could put your money on the side where the odds are in your favor. I'll place my bet on the side where the odds are in my favor. It's not really like insurance at all, because collision insurance is protecting you against loosing a very large sum of money which could be devastating to a lot of people financially. If you total your vehicle you could easily be out 20k+. I've never known many people to carry full insurance coverage with collision on a vehicle worth less than $5,000.
Well perhaps it is just what I have seen in all my years working at dealerships. I don't see it as gambling AGAINST the odds. You all don't see the number of vehicles that come in getting these repairs done and their policy paying for itself. I have. Again I agree it is a "to each his own" attitude, but in my personal experience it is worth the risk. $2500 is a small price to pay in today's world where a blown engine can cost easily in excess of $5k or more. My family has owned mostly Chrysler, Toyota, and Nissan and have had policies on each one. Some have paid off, others have not. It is always easier to consider paying out $2500 just in case, rather than hold onto it in hopes that the $5k engine failure does not show up. I guarantee you my brother was PISSED for not getting the plan on his Frontier when his transmission took a dump after the factory warranty had expired. He lucked out in that I was able to do the work for him and save him a bundle. Even then it was not cheap.
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Old 09-02-2013, 09:08 AM   #26
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As mentioned its up to each individual. Myself, ever only bought extra warranty once. Never had to use it so they made a lot of money off me for that. All my other cars I never bought it. Never needed it turned out. Would I buy a extra warranty in the future? No.
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Old 09-02-2013, 11:38 PM   #27
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I would say buy the extended warranty. I did not, and I use my truck in similar conditions to you and my 2011 Tacoma is the worst most unreliable vehicle I have ever owned. I have 18 different issues with truck. Buy it, especially if you are on gravel and rough muddy roads.
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Old 09-03-2013, 02:25 PM   #28
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Thanks for the opinions. I will have to decide, and soon cuz 60 000 is rolling around. It seems like a big chunk of change, but the miles I'm putting on it on rough roads are making me think I will be going through ball joints, bushings, tie rod ends, etc.

I'm also curious about the whining steering pump. Are the pumps on 4 cyl's always noisy? Its got enough fluid, and seems noisy upon start up. If the pump goes, or the hose is leaking, that will cost a few bucks...
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Old 09-03-2013, 04:16 PM   #29
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Thumbs down

Careful with the Canadian extended warranties, I've had some shady dealings with the fcpp company.

Really read that fine print because they exclude alot. If a bolt breaks and causes engine damage it's not covered because the bolt caused the damage and bolts/fasteners aren't covered.......this is a huge loophole for them.

Make sure you have receipts for all oil changes and have them done on time, and no they can't be done at home they must be at a business.

Brought in a honda one time for repair about a month after buying it. Was told the warranty is void because the car had been modified. The car was exactly how i purchased it when brought in and did not have modifications. My money was refunded after that disaster.

I'd honestly rather lose $20,000 than ever deal with this nonsense again.


I recommend you do a search on the company your dealing with, you'd be surprised at the stuff they try and pull.
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Old 09-03-2013, 06:19 PM   #30
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Quote:
Originally Posted by KB Voodoo View Post
Extended warranties are the biggest scam on earth. They wouldn't SELL it to you if they weren't making money from it.

They aren't offering it to you out of the kindness of their hearts, they're doing to take your money.
+1, never buy on anything and come out ahead in long run. There is good reason why they are pushed so hard. I get about 1 offer a month in the mail. I would ask myself why would I buy a product if I really thought I needed to buy an extended warranty.
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Old 09-03-2013, 06:27 PM   #31
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^^^ Exactly.

The fools in this thread actually praising aftermarket warranties have a screw loose.

They wouldn't sell them if they didn't KNOW FOR SURE THAT IT WOULD BE PROFITABLE TO THEM.

Why is this so hard to understand?

It's like going to a casino thinking you're going to come out ahead. How do you think they paid for that multi million dollar building? Durrrrrr!!!!!!
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Old 09-03-2013, 06:28 PM   #32
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I bought it. And im a genius. That should tell you something. Thats right. A genius
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Old 09-03-2013, 06:29 PM   #33
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Calling people fools for how they choose to spend their hard earned money is foolish.
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Old 09-03-2013, 06:47 PM   #34
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Quote:
Originally Posted by Beavis0076 View Post
Calling people fools for how they choose to spend their hard earned money is foolish.
Not if they're spending it foolishly....
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Old 09-03-2013, 07:36 PM   #35
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Quote:
Originally Posted by KB Voodoo View Post
Not if they're spending it foolishly....
Spending money that you earned how you want is never foolish.. Spending money to please others, or because of others opinions is foolish.
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Old 09-03-2013, 07:47 PM   #36
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Quote:
Originally Posted by Beavis0076 View Post
Spending money that you earned how you want is never foolish.. Spending money to please others, or because of others opinions is foolish.
Throwing it away on an extended warranty is the definition of foolish.
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Old 09-03-2013, 08:00 PM   #37
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I wouldn't buy it on a taco. But on a dodge/ gm that's a different story.
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Old 09-03-2013, 08:03 PM   #38
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Quote:
Originally Posted by Nfurtado77 View Post
I wouldn't buy it on a taco. But on a dodge/ gm that's a different story.
And that's kind of my point. Why buy an extended warranty for one of the most reliable trucks on the planet, if not the most reliable.

But if you're thinking an extended warranty is a good idea for another brand, then why buy that brand???
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Old 09-03-2013, 08:10 PM   #39
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Quote:
Originally Posted by KB Voodoo View Post
Throwing it away on an extended warranty is the definition of foolish.
opinionated persistant little bugger aren't ya? whatever.. thats why we can all make our own decisions.
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Old 09-03-2013, 08:12 PM   #40
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Should I purchase the extended warranty?

Quote:
Originally Posted by Beavis0076 View Post
opinionated persistant little bugger aren't ya ?
HELLO KETTLE
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