What's the word on extended automobile manufacturer warranties
- Thread starter bushmaster1313
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An upscale vehicle with only 1 year warranty? Even Chevy offers 3 years/36,000 miles; plus 100,000 on drivetrain.
Or something like that.
Or something like that.
Absalom
SWCA Member, Absent Comrade
Nobody seems to have stated the obvious yet:
Research the maintenance and repair history of the model you are buying.
An extended warranty is nothing but insurance. So you have to arrive at an educated guess how likely it is that you’ll need it, how much you need, and what the worst case would look like financially if you don’t have it.
Keep in mind that the warm fuzzies you get from peace of mind have real value for your quality of life too. Ultimately, the uncertainty factor means the decision depends on how risk-averse you are.
Research the maintenance and repair history of the model you are buying.
An extended warranty is nothing but insurance. So you have to arrive at an educated guess how likely it is that you’ll need it, how much you need, and what the worst case would look like financially if you don’t have it.
Keep in mind that the warm fuzzies you get from peace of mind have real value for your quality of life too. Ultimately, the uncertainty factor means the decision depends on how risk-averse you are.
It really depends on the brand.
A Toyota, probably not needed. Same goes for Nissan, Mazda, but not Subaru.
Jeep or VW. Get the extended warranty and trade the car in the day it expires. The same goes for any Chrysler product.
A Toyota, probably not needed. Same goes for Nissan, Mazda, but not Subaru.
Jeep or VW. Get the extended warranty and trade the car in the day it expires. The same goes for any Chrysler product.
pantannojack
US Veteran
When I bought my 2 year old Bronco from the dealer, I rolled in an extended wara, after a year I sold the wara and bought a SKB 20ga with the money. A better deal. The Bronc still runs perfectly.
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Think about it. The price of the warranty has to exceed the cost of repairs for the average customer. Otherwise the warranty company would not make a profit, and you wouldn't be receiving all those letters and phone calls trying to sell you one.
Jon651
Member
Just remember, you are not actually purchasing a "7-year, 70,000 mile" warranty as it will only pay anything AFTER the factory warranty pays first. Basically, on a new car you are paying for the few years after the factory warranty expires. You also have to look at how long you expect to keep the vehicle.
Where an extended warranty pays off is if you are buying a late-model used car with no factory bumper-to-bumper warranty left. We recently purchased a 2019 Subaru and the 7yr/100k ($100 deductible) warranty was only $1200. Now we have a bumper-to-bumper warranty for as long as we expect to own the vehicle for a reasonable price - and very few repairs these days are less than the $100 deductible so we don't mind that part of it.
If you are a member of a credit union then check with them for an extended warranty. Even if you didn't finance the vehicle with them their prices are generally better than the dealer for the same or better coverage.
"A Toyota, probably not needed."
Tell that to my customer who had to shell out $3200 for a new touch screen to get his 2015 RAV4 climate system to function again. I could go on and on about the various brands that "never" break..however the reality is nobody makes a magic car.
OK..maybe Christine is the exception...
ALL manufacturers have malfunctions..that's why they all have warranties from the factory.
Some brands are better than others...but trust me...I see them ALL. Pay me now..or pay me later...
Tell that to my customer who had to shell out $3200 for a new touch screen to get his 2015 RAV4 climate system to function again. I could go on and on about the various brands that "never" break..however the reality is nobody makes a magic car.
OK..maybe Christine is the exception...
ALL manufacturers have malfunctions..that's why they all have warranties from the factory.
Some brands are better than others...but trust me...I see them ALL. Pay me now..or pay me later...
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I’ve had both Toyota’s and Mazda’s. Both have tried to weasel their way out of doing the right thing until forced to by the Feds.
No help from either the dealers or corporate.
RAV4 with their “epoxied”
rear suspension links for one, nevermind the oil gelling issues. Recalls.
Mazda for their bad batch of 2016 $1200 headlights. Recalled.
No help from either the dealers or corporate.
RAV4 with their “epoxied”
rear suspension links for one, nevermind the oil gelling issues. Recalls.Mazda for their bad batch of 2016 $1200 headlights. Recalled.
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The Norseman
Member
Extended Warranties
Zurich Insurance Group.
Zurich Insurance Group.
JJEH
Member
It's an insurance, nothing more nothing less. You may get one and never need it.
With today's excessive pricing on any kind of vehicle components I'd rather have it than not.
We did get an extended warranty with our Ram - 7yr/100,000mls and I'm not looking back. After 7yrs I either fix stuff myself or sell it.
Should I ever get a luxury- or exotic car I sure as hell will purchase one, because 9 times out of 10 issues will arise after factory warranty runs out. Seen it several times... unfortunately.
With today's excessive pricing on any kind of vehicle components I'd rather have it than not.
We did get an extended warranty with our Ram - 7yr/100,000mls and I'm not looking back. After 7yrs I either fix stuff myself or sell it.
Should I ever get a luxury- or exotic car I sure as hell will purchase one, because 9 times out of 10 issues will arise after factory warranty runs out. Seen it several times... unfortunately.
Chubbs103
US Veteran
I'm generally of the "not worth it" mind set. When buying my current truck, however, I had a chance to do the factory lifetime warranty (it has a a $100 deductible). I keep vehicles for a long time (at least 10 years). I plan on getting my money's worth.
The warranty expired on our Subaru and shortly after the touch screen in the dash went out. That was $1300 to replace. I still wouldn't have gone with an extended warranty with that purchase.
The warranty expired on our Subaru and shortly after the touch screen in the dash went out. That was $1300 to replace. I still wouldn't have gone with an extended warranty with that purchase.
I wonder where they get their call list for extended warranties. My newest car is 15 years old and all of them have over a hundred thousand miles. And no, never bought an extended warranty.
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GUNMIKE
US Veteran
Ford's extended warranty covers a rental if repairs are overnight, and this has saved rental fees a couple of times {once for 3 days}. Recently {at 50k miles the information screen went out...I think it would have been $3400.00}. So sometimes it pays for itself. The loaner for the 3 days was a 2021 mustang E...which was interesting.
Chubbo
Member
The best use for extended warranties, that I've found is, the paper that their written on makes good kindling for lighting fires, albeit extremely expensive kindling.
double-dipper
Member
100% of all cars/trucks will break at some point. Know one knows when that will be!
I read that about 70% of people who purchase a car warranty never needed it. The car was sold or the warranty expired before something broke.
So about 30% or so maybe got some of their money back from purchasing a warranty.
Its all a risk/gamble.
I read that about 70% of people who purchase a car warranty never needed it. The car was sold or the warranty expired before something broke.
So about 30% or so maybe got some of their money back from purchasing a warranty.
Its all a risk/gamble.
70,000 miles isn't that long, at least to those of us who live in wide open spaces where logging miles is pretty routine. I still consider my car new when I have up to 60,000 miles on it. Since I generally do my own repairs and maintenance, and have some savings, I have usually skipped the warranty and self insured. The times I have purchased it have usually been when I was frequently deployed and wanted my wife to have a turnkey option if something went wrong. Just be sure to read the fine print in the warranty. I have had some coverage weaseled out of because of the fine print. (taking the car to the closest dealer while on a road trip, rather than getting pre-authorization on a Friday night) On the other hand I once got a complete new engine out of the warranty.
Depends on the track record of repairs for your vehicle and the manufacturer. Hopefully you didn't buy one with a poor track record, but that and planning to keep your car for an unusually long period of time would be the only cases where it would make any sense to even consider such a warranty for a car. Here in Maine, the car will rust out before then.
As has been pointed out, you are likely better off to "self-insure" by setting aside some money every month for unexpected repairs on cars, home, appliances, etc. If no expenses come up, you're way ahead of the game. If some do, which they will you're prepared and can spend the money where it is needed, which may or may not be the vehicle.
I remember reading an article on the subject of extended warranties a while back and very few were cost-effective. One item for which coverage was recommended was front-loading clothes washers and that is the only extended warranty that we purchase routinely from the store - that has paid for itself many time over, regardless of manufacturer (sadly).
As has been pointed out, you are likely better off to "self-insure" by setting aside some money every month for unexpected repairs on cars, home, appliances, etc. If no expenses come up, you're way ahead of the game. If some do, which they will you're prepared and can spend the money where it is needed, which may or may not be the vehicle.
I remember reading an article on the subject of extended warranties a while back and very few were cost-effective. One item for which coverage was recommended was front-loading clothes washers and that is the only extended warranty that we purchase routinely from the store - that has paid for itself many time over, regardless of manufacturer (sadly).
OP
bushmaster1313
Member
I checked the regular warranty. It was 4 years or 50,000 miles.
So what I was got was an additional 3 years assuming we do not put on more than 10,000 miles per year. What I am most concerned about is failure of key electrical components.
On a separate note. I think we have reached the point where it may not be possible to keep today's new cars going for many years. If a key electrical component or chip goes out of whack 10 years from now and the manufacturer no longer supports it, how will a mechanic be able to get the car back up and running?
So what I was got was an additional 3 years assuming we do not put on more than 10,000 miles per year. What I am most concerned about is failure of key electrical components.
On a separate note. I think we have reached the point where it may not be possible to keep today's new cars going for many years. If a key electrical component or chip goes out of whack 10 years from now and the manufacturer no longer supports it, how will a mechanic be able to get the car back up and running?
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