amazingflapjack
US Veteran
I am considering keeping our 2016.5 Mazda CX-5. It only has 13000 miles on it, and I wanted to know if anyone had some experience with extended warranty's, either good or bad? Thanks.
Extended waranty...
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bigwheelzip
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22 years ago hubby got an warranty extension from 3 to 7 years for his Dodge Ram. It paid for itself with the needed repairs it covered.
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Careful. Many of these plans are administered by a third party. And the service may not be what you expect.
Many extended warranties are thought of as a waste of money.
Many extended warranties are thought of as a waste of money.
Ματθιας
Member
Extended warranties are money makers in the finance office - like the leather/vinyl/fabric, paint sealant "protection packages".
For used vehicles: My unsolicited advice, before shelling out for an extended warranty, is to do some research, find out common potential problems at milage intervals and have the vehicle inspected by a trusted third party before you sign any paperwork.
As stated above, if you pay for an extended warranty, read the fine print to find out what is, what isn't covered, what hoops you have to jump through for a claim if it is pro-rated, and who is the actual administrator.
In my experience, most warranties aren't worth the paper they are printed on.
For used vehicles: My unsolicited advice, before shelling out for an extended warranty, is to do some research, find out common potential problems at milage intervals and have the vehicle inspected by a trusted third party before you sign any paperwork.
As stated above, if you pay for an extended warranty, read the fine print to find out what is, what isn't covered, what hoops you have to jump through for a claim if it is pro-rated, and who is the actual administrator.
In my experience, most warranties aren't worth the paper they are printed on.
rockquarry
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Never bought one and never wished I had.
stansdds
Member
Factory extended warranties are usually pretty good, but you generally purchase those when you purchase the vehicle. Third party (aftermarket) warranties have a spotty record and are usually money makers for the warranty company and leave the purchaser with a worthless piece of paper. The same goes for many home warranties, gas line and water warranties.
If you buy one, buy from the manufacturer. These can often be bought online for half what some dealers charge. If there is a lot of high tech stuff on the car, I would recommend it.
I've bought extended manufacturer warranties with each vehicle since 1999. Every one has paid out more in benefits than it cost, or I've gotten a hefty buyout of the remaining time in the next trade.
With all the electronic mess, I would not consider a vehicle without one.
With all the electronic mess, I would not consider a vehicle without one.
HOUSTON RICK
Member
Extended warranties cover everything except what actually goes wrong - then come the disclaimers and small print or the $3.97 part is covered but the $3,400 of labor is not.
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The typical customer will spend more on the extended warranty than he would on repairs. Otherwise, the warranty company would not be making money. Think about it.
I am not the typical customer. I can, and have, broken just about anything.
Ask S&W CS about me!
Goldstar225
Member
I've only bought an extended warranty one time, that was for a Jeep that my wife wanted. It paid for itself but I knew that it was a risky vehicle when I bought it.
Otherwise, no, I won't pay for one. Over the course of the past 40 years I have saved untold thousands of dollars by not wasting them on extended warranties.
Otherwise, no, I won't pay for one. Over the course of the past 40 years I have saved untold thousands of dollars by not wasting them on extended warranties.
S42N8
US Veteran
Have purchased the factory extended warranty on my last three cars (Audi, VW) — each paid for itself. It’s been a good hedging strategy (buy CPO, buy extended warranty), and still better than paying depreciation driving a new car off the lot.
Can’t help but think that with the slew of electronic stuff on newer cars, repairs are gonna get more expensive. One (!) circuit board on my R32 cost $1400, and two hours of labor to replace. Made the $75 deductible seem downright cheap. (That repair bill was about 60% of the extended warranty.).
As always, YMMV.
Can’t help but think that with the slew of electronic stuff on newer cars, repairs are gonna get more expensive. One (!) circuit board on my R32 cost $1400, and two hours of labor to replace. Made the $75 deductible seem downright cheap. (That repair bill was about 60% of the extended warranty.).
As always, YMMV.
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I wouldn't. Last Mazda I had was still going strong when I traded it in at 120,000 miles. No repairs were needed at any time (not including routine maintenance, of course). The only extended warranty that MIGHT be worth buying would be one backed by the manufacturer. Most are not. I might consider an extended warranty if I were buying a vehicle with a reputation for problems, but most likely I'd buy something else instead.
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amazingflapjack
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Thanks everyone for your contribution. Flapjack.
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Just tuned 90,000 on my '07 Ranger. Don't put the miles on like I used to. Outside of brakes, tires & batteries haven't many repairs. Saved the cost of insurance.
cherrypointmarine
Member
Living in Fl , you know what the heat does to our vehicles . Is yours garaged ? I would worry more about things that would go wrong from your car just sitting than from mileage if I was you . If you want one , visit a couple of larger garages and ask them what would be a good one , they can tell you .
You can think of it like this, if you spend 1400 on an extended warranty ( just grabbing a number here ) and you have a "covered" claim for 1400 then you broke even. If you have 1400 of issues and you don't have the warranty then you are effectively even. The warranty companies are betting that on a whole the purchasing population will have less in covered claims than the total sale revenue plus investment income. It is like gambling, slot machines payout a predetermined % of money taken in. The key is it isn't always to you. So, some will benefit greatly from the plan like the jackpot winners at the slots. But if you think about it the casino always get's their 5%. I am a firm believer in self insuring and I never buy the warranties. Has worked out so far. Good luck to you.
hoosierone
Member
Bought a new Honda Accord in '07 and got the warranty as the dealer discounted it deeply. My grandson now has the car. Other than normal maintenance, never any problems.
Bought a new Mazda CZ-9 in '11. Sold it last year, never a problem. Now driving an '18 Mazda CX-5, no problem with anything yet.
Some of the cars mentioned above, Jeep, Audi, VW, I suspect are not as reliable as the Japanese cars. I know, broad statement but that's my experience.
Bought a new Mazda CZ-9 in '11. Sold it last year, never a problem. Now driving an '18 Mazda CX-5, no problem with anything yet.
Some of the cars mentioned above, Jeep, Audi, VW, I suspect are not as reliable as the Japanese cars. I know, broad statement but that's my experience.
rockquarry
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Good explanation.
Double-O-Dave
US Veteran
I've purchased 2 extended car warranties - both through 3rd parties NOT from the manufacturer. The first one was for a Honda Civic hatchback back in the mid-1980s. It was an econobox version, no frills whatsoever, but it was a solid and dependable little car. When I tried to use the warranty, I found out how some of these companies operate. Deny every claim, or make it so odious a task that you just give up on it. A total waste of money, but a lesson learned. Fast forward to 2015, I bought a used 2013 Ford C-Max Hybrid from CarMax. It had been a rental car, but had low mileage and was in excellent condition. I was a bit nervous about it because of all of the electronics and high tech equipment - especially all of the sensors/relays/batteries/etc. associated with the electric motor, so I bought the extended warranty CarMax offered. I don't recall how much extra the package was, and to date, I have never had a problem with the car - just normal stuff like oil changes, brakes, new tires, etc., plus whatever factory recall stuff that needs to be done.
We just bought the wife a 2016 Honda CR-V that has maybe a month or two left on the original factory warranty. The credit union offered their extended warranty (First Guard) that cost a bit over $1k. Initially, we opted for it because of all of the tech stuff (collision avoidance, lane drift warning, side and rear cameras, etc.), but then I read the online reviews for the company, and based on the fact that there wasn't even one positive review, we changed our minds and had them remove the warranty from our loan.
The dealer (BMW) offered us their extended warranty for a shade over $2k - but kept emphasizing that they were BMW, and we couldn't expect or rely upon them to make any repairs on the Honda. Our very trusted mechanic and I talked and my thought was that Hondas by and large have a reputation for quality and reliability, and that the CR-V had been around for at least 15 years. He agreed, so we're not going with an extended warranty on the Honda.
Good luck,
Dave
We just bought the wife a 2016 Honda CR-V that has maybe a month or two left on the original factory warranty. The credit union offered their extended warranty (First Guard) that cost a bit over $1k. Initially, we opted for it because of all of the tech stuff (collision avoidance, lane drift warning, side and rear cameras, etc.), but then I read the online reviews for the company, and based on the fact that there wasn't even one positive review, we changed our minds and had them remove the warranty from our loan.
The dealer (BMW) offered us their extended warranty for a shade over $2k - but kept emphasizing that they were BMW, and we couldn't expect or rely upon them to make any repairs on the Honda. Our very trusted mechanic and I talked and my thought was that Hondas by and large have a reputation for quality and reliability, and that the CR-V had been around for at least 15 years. He agreed, so we're not going with an extended warranty on the Honda.
Good luck,
Dave
