Opinions on extended warranty

I only ever bought an extended warranty once. That was in 1995, and I forget what I paid for it, but it was the top-shelf bumper-to-bumper 10-year/100k mile warranty.
The only reason I bought it was because it was on Dodge B2500 full-size van (318) ... And getting to the engine, be it through the hood, or pulling out the dog-house ( A 20 minute PITA) I thought 'Better to let someone else do it' if I ever need to fix something on the engine...
Anyway, guess how many times I ever needed it? Not once. Of course this did not (At the time) cover general maint .. Like say oil/filter changes, or general 'wear' parts .. Like brakes or tires and such. I did all that stuff myself.
To be fair though ... There's not anywhere near the computer/electronic gizmo's in that, that there is now .. But even when I bought my 2020 Taco I passed on the extended warranty, because my thinking was that the reason I'm buying a Toyota is because of the rep of quality.

 

The credit union would be the only one that I might look into. The add-on profit margin at the dealership and the third party extended offer is a scam. Did the dealership one on my first new car purchase and it had zero value to the 130k miles and 13 years I had that truck. Would have been a good value if it covered rust. I had plenty of that living in New England.

Looking back I should have used the money for some cool aftermarket parts instead.

 

Depends on the warranty and the price. I took a class on car buying from a guy I won’t name but was damn good at what he does. Saved me thousands of dollars on my last 3 cars I bought. His opinion on warranties which I share is if you can get it cheap enough they are worth it on a new car. Since one repair can equal the price of the warranty it’s not bad insurance. The caveat is if you suck on haggling just say no to the extended warranty and go about your day, but if you have some skill at it try to get one cheap they can only say no. I have a 7/100,000 platinum warranty only paid $100 for it and no I’m not lying.

 

I'm happy to see these replies because I've often wondered if I screwed up by not buying the extended coverage. I never do on any new vehicle but the this particular finance guy was good, very good, and he left me feeling like I just fck'd up big time. He couldn't believe I wouldn't bite not matter how appealing he made it sound. This thread make me feel better about sticking my guns.

 

This.

A friend of mine owned a multi-brand motorcycle dealership for years. One day while having a few refreshments at the end of a day we were talking about the diversity of the motorcycle riding public, which of course evolved into how much money each segment generated for a dealer.

I guessed the guys that bought the big touring Gold Wings and then bolted on every bit of chrome and high tech gadgetry you could think were the cash cows, someone else opined that the kids that bought 160 hp bikes and had 20 hp of skill waded them up as fast as they buy them, surely were the profit center.

He sipped his glass and said Nope, scooters. The others cost a lot and the bolt ons and crash repair cost a lot, but per capita scooters generated the most profit. Sure they're cheap and there isn't a lot of profit per unit but we sell a lot of em. A lot of em get dropped or mom backs into it with the mini van, they bring it in for repair and then don't want to pay $500 for a couple pieces of painted plastic. We give them a couple of hundred bucks for it, put the plastic on ($200 our cost) and sell it for $1000 as a low mileage used unit. "I make more off selling it used than I did on the original markup. I've sold the same scooter 5 times in one summer before"

 

Man I love people like you. People that think they are smarter than everyone else. Bet you think you're 'clever'.

Everyone consults the 'interwebs' for information, and they are 99.99% strangers regardless. If you don't then you're the idiot, not me.

 

The comment wasn’t fair. How people do things and what names others want to attach for that isn’t productive, isn’t reasoning well and is outside what the OP started. The forum is too important for judging and name calling.

It’s all this type of web bullying that scares the crap out of those that came here and want to post their first thread of something that’s concerning to them about their ride and they always start their first post with, ‘I’m so sorry to have to ask, please be kind, don’t beat me up...etc.’

 

I was tempted to bite but resisted. @Kevin8se7en and @TacomaBeast67 as far as warranties go, I figure if some type of manufacturing defect, then it's likely to happen within the factory warranty period. That's pretty much it. I kind of ended up with the extended warranty on the wife's truck due to sales trickery....we can get you better interest rates with this extended warranty. I kept asking for the difference overall etc. In the end I feel like it was just a rip off. The last 2 vehicles since, I lined up financing beforehand and signed a few papers and declined all the other this and that's. Thanks

 

Bro, we have a whole fleet of new Chevy's at work and the most common problem is with fuel pump issues. Those trucks will straight up die on you whenever if feels like it.
Suspension is super bouncy (terrible)
When you need acceleration the engine makes alot of noise like it doing something but its slow ass balls. (Makes alot of noise but the performance doesn't match)
Until chevy ups their game they can suck a fat one.
( I used the be a chevy fan until i realized within a whole fleet of 50+ chevys they're all lemons).

 

Not smarter but I’ve definitely been around the block a time or two. Graduation from school of hard knocks.

 

Tough love.

 

I only got one because they gave it to me "below cost" and it was already a 3 year old truck. I can do most mechanical things myself, but not so much electronic. I'll still be paying on it for 2 years after I figure I'll reach the maximum miles, but the peace of mind was worth it for me. Haven't needed it yet.

 

I buy Toyota so I don't feel the need for an extended warranty. If I were buying a Ford/Dodge/Chevy then sure load up.

 

I had left bank cat converter go bad after warranty about 94k miles. I paid then 3 years later the right cat shit the bed. Again I paid cats on these are welded on to the exhaust manifold. Timing cover was leaking too, that’s another out of pocket expenditure. Those three items would have paid for the extended warranty an$ then some

 

Exactly. If you ask your neighbor, who has owned nothing but Chevy's for 30 years 'So ... Whaddya think about the new XXXXXXXX Chevy?' What do you think they're gonna say?
I'd rather ask 100 complete strangers about what they thought about a particular thing, who have used/tried it but really no vested interest in it one way or the other.

 

From my post in one of warranty threads before:
OK, this is my third vehicle with extended warranty, and here is the math:
For KIA Sedona minivan extended warranty was $2000 till 150 000 kms (here in Canada).
3 minor malfunctions (electronic components) fix was around $5000 - so, warranty paid off more than twice.
Nissan x-terra, was under extended warranty for$1500 until 120 000kms. Well, it cost Nissan around $24 000 (!!!)
to fix all "legendary quality" issues. Speechless, but happy.
Got my current, 2019 Tacoma on extended warranty for 10 years/200 000 kms, for $1200 (!). (I know, I'm lucky bastard)
So far I like quality of this truck, but extended warranty is a real peace of mind. Price in your case too high, I can advice
to negotiate with other dealerships, what they can offer. Warranty can be purchased in any dealership.

That's my experience, also, very important is how good your relationships with dealership (it shouldn't be like that, but it is what it is).
Better be a "buddy-buddy" in this case.
Good luck!

 

Extended warranties...if you never need them...people will say...”What waste of dollars”..
If it help you with those warranty issues and save you money? .”.What a savings of money..”
——
When I use to work for Lowe’s...if buying any appliances...you should consider..highly recommended..buy extended warranty.
You will be surprised how many of these appliances are return or need repairs...often after factory warranty ends...
Today’s appliances...do not expect a very long life..
Aloha