Bought An Extended Warranty-- Am I Nuts?

[Mr Nice]

I would have used that $1145 toward the car payment and skipped the extended warranty. Why ?

Its a brand new car, its not like you bought it with 50K miles and unknown history.

 

[The Critic]

Originally Posted By: Bill in Utah
I can count how many times I've had to use a tow truck on one hand... With most of the fingers cut off in over 30 years. (once with the Jetta when the clutch cable broke..) Did have to tow the Subaru when the semi hit it but normal insurance covers that.

Lock out? Never...

Flat tire? A few times but they are easy to do since its in a parking lot or home when they are flat.

Jump start? Never and with today's computers, pass on your average tow truck to do it.. Seen major issues doing it..

Don't run out of gas...

I'll also bet that your parents keep the AAA. Plus how come so much? Here its $54.

How often do you use AAA?

Take care, bill

See, we've used AAA three times in the last year, IIRC. Once for a tow, one flat and something else that I cannot remember. All on the same car, of course.

$89/year is for the plus membership. Basic AAA membership only covers tow for 5 miles, which is a joke.

Normally only my mom has AAA anyway. My dad usually goes without. But we'll see, who knows. For now I'm putting my breakeven at $433-- the difference in cost between the cost of 8 years of AAA membership and the price of the policy.

Anyway, if it so happens that a year from now, reports of 75k+ come in with absolutely 0 issues, I can still get a pro-rated refund. As a side note though, one reason that motivated me to get it (I did not mention in the original post) is that CR only predicted average reliability for this car, and usually that isn't a good thing from my limited experience.

 

[Norm Olt]

Bought the aftermarket extended warranty (100K miles/7 years/$50 deductible) on the 1992 SVX (SUBARU factory warranty was 5 years/60K miles on the powertrain) FROM THE DEALERSHIP for $1105 with a written guarantee FROM THE DEALERSHIP that if we didn't use the extended warranty for the 7 years or 100K miles, whichever came 1st, the DEALERSHIP would refund the entire $1105 directly to us.

Which they did 3 business days after the 7 year anniversary.

That was a good program, too bad they are not available anymore. Had the transmission replaced in about 1996 with about 56K on the odo, it was done under the factory warranty in about 7 1/2 hours after I dropped the car off. They had replaced quite a few 4EAT's in the early SVX's by then and had thoroughly upgraded the tranny by that time (it was actually a transmission cooling problem that was related to the radiator design more than a flaw in the transmission itself), although the 4EAT was really continuously and sequentially improved between '92 & '97 and used in various Subaru vehicles from 1988 through the present day (per Wikipedia)!

Cheers!

p.s. With all the hype and tv commercials for "extended warranties" on used cars, you can be sure that MOST are a waste of money. The FACTORY extended warranties on "certified" "pre-owned" (read that as "USED") cars is another matter. A Star warranty on a used Mercedes is a very worthwhile thing to have, just be sure the previous owner or the dealership is paying for it and that you buy the car with the warranty included at a fair price.

 

[silverrat]

Considering how little the car is driven I don't think there is a need for an extended warranty.

 

[Tahoe4Life]

The answer is you are nuts for buying the extended warranty.

 

[Trav]

I always thought they were a waste of money till my father used his to replace a blown tranny in his Ranger 4x4,it only cost him $50 deductible.
With the price of parts and given how complex some of these are i think its good insurance.We see many cars with serious problems right after the normal warranty runs out,piston slap,bad trannys,bad steering racks are all pretty common and expensive.

My brother wishes he would have bought one on his wife's piece of junk 2005 odyssey,that thing started to let go shorty after the warranty was done and has cost a bloody fortune since,an absolute nightmare,he is seriously considering junking the thing the next time a 3k repair rears its head.
JM2C

 

[CharBaby]

Trav, I'm sorry to say but, your brother should have gotten rid of the Odyssey. A friend of ours got rid of their 05 Odyssey(after the replaced tranny) and actually bought a Chrysler T&C and have had much better luck. I happen to really like the privious generation T&C/Caravan most, of all mini-vans. The Odyssey may still carry a decent resale value(maybe not!). My own experience with Honda's has been spectacular and when I sold them(into their teens) they still fetched a good dollar.
Yes, the Odyssey had it's issues especially with trannys. It's a shame that your brother has had so many problems with the '05. Again, I don't know the particular resale value on the '05 Odyssey but, I'd Sell!, Sell!, Sell!

 

[The Critic]

Originally Posted By: Trav
My brother wishes he would have bought one on his wife's piece of junk 2005 odyssey,that thing started to let go shorty after the warranty was done and has cost a bloody fortune since,an absolute nightmare,he is seriously considering junking the thing the next time a 3k repair rears its head.
JM2C

What went wrong with the Odyssey?

Usually the 05+ are fairly solid, though the VCM equipped models go through expensive mounts quickly.

 

[NHHEMI]

Originally Posted By: The Critic
Originally Posted By: Bill in Utah
I can count how many times I've had to use a tow truck on one hand... With most of the fingers cut off in over 30 years. (once with the Jetta when the clutch cable broke..) Did have to tow the Subaru when the semi hit it but normal insurance covers that.

Lock out? Never...

Flat tire? A few times but they are easy to do since its in a parking lot or home when they are flat.

Jump start? Never and with today's computers, pass on your average tow truck to do it.. Seen major issues doing it..

Don't run out of gas...

I'll also bet that your parents keep the AAA. Plus how come so much? Here its $54.

How often do you use AAA?

Take care, bill

See, we've used AAA three times in the last year, IIRC. Once for a tow, one flat and something else that I cannot remember. All on the same car, of course.

$89/year is for the plus membership. Basic AAA membership only covers tow for 5 miles, which is a joke.

Normally only my mom has AAA anyway. My dad usually goes without. But we'll see, who knows. For now I'm putting my breakeven at $433-- the difference in cost between the cost of 8 years of AAA membership and the price of the policy.

Anyway, if it so happens that a year from now, reports of 75k+ come in with absolutely 0 issues, I can still get a pro-rated refund. As a side note though, one reason that motivated me to get it (I did not mention in the original post) is that CR only predicted average reliability for this car, and usually that isn't a good thing from my limited experience.


I have AAA myself now and have for the last couple years. I got it because I am sick now(MS) and doing things like swapping the spare if I get a flat are an issue for me. I have only had to be towed one time in my life so it isn't like I did it because I drive clunkers and need it. I drive new vehicles that generally don't break down. It was more for peace of mind in case I get a flat, run out of gas, battery dies, etc...

However, with that said, I have saved my $49 annual membership fees on AAA discounts alone. Hotels, glasses, and even auto parts at Napa. AAA is cheap insurance if it is needed and it has a ton of other benefits as far as money saving discounts.

 

[bigmike]

You can get alot of freebies with AAA. I picked up quite a few maps and trip books a few weeks ago.

It's a little peace of mind for me as well. I didn't want my wife to be stuck somewhere or changing a tire on the highway.

 

[WishIhadatruck]

I would never get an extended warranty. Most likely it will not save me money. Even if it covers some repairs and I break even it still would not be worth it. I hate warranty work. You never know if you're going to have to argue to get something covered, you have to take it back to the dealer, etc. Although I don't like to pay for car repairs, I've not had any excessive repairs over the years and once the original warranty is out I'm free to fix stuff any way I like, by whomever I like, etc. I know there won't be an arguement about what is covered and what isn't. It brings the stress level down a notch for me to just pay for it myself when it breaks rather than trying to pay for it ahead of time by buying a warranty.

 

[bigmike]

It helps to have the "good 'ole boy" system in full effect for warranty work. I've cultivated this system as best I can with my service adviser and it really works. It helps that he builds custom cars and is a slick talker to warranty companies. I know that sounds bad, but it's what is needed sometimes.

 

[Trav]

Originally Posted By: The Critic
Originally Posted By: Trav
My brother wishes he would have bought one on his wife's piece of junk 2005 odyssey,that thing started to let go shorty after the warranty was done and has cost a bloody fortune since,an absolute nightmare,he is seriously considering junking the thing the next time a 3k repair rears its head.
JM2C

What went wrong with the Odyssey?

Usually the 05+ are fairly solid, though the VCM equipped models go through expensive mounts quickly.


They bought this thing new, it’s the touring model. Presently 109k
First expense came at 19k when the PAX tires wore out.

Parts since end of warranty.
The tranny let go shortly after the warranty was up/replaced w/ OEM
The power steering rack began leaking and got stiff
The power steering pump failed, replace and installed filter
Power steering pump failed again 20k later
Water pump leaking
Fuel injector went bad (1)
Front struts leaking
Electric side door/drivers side cable snapped
Electric side door/pass side motor died
Rear engine mount failed
Manifold pipe/cat rotted out
Check engine light/ECM fail
ABS light/wheel sensor x 2 events
Screen died on navigation/radio/info system
Tranny again slipping/rebuild
Hydraulic belt tensioner failed
Sludge issues
VVT issues because of sludge
EGR valve fail
Battery
Rear wiper motor
Outer tie rod ends
Etc

All other vehicle they own have gone 150k+ with very few issues.
OCI were less than 7k on gp III synthetic now at 3k
I cant keep up with this Honda, it needs more repairs more often than any vehicle my family has ever owned.

I said sell it but he is in a dilemma, The thing cost a lot to buy and he has a small fortune into it now. I say bite the bullet and dump this thing but he keeps hanging on till the next time it breaks.

 

[Cutehumor]

Originally Posted By: WishIhadatruck
I would never get an extended warranty. Most likely it will not save me money. Even if it covers some repairs and I break even it still would not be worth it. I hate warranty work. You never know if you're going to have to argue to get something covered, you have to take it back to the dealer, etc. Although I don't like to pay for car repairs, I've not had any excessive repairs over the years and once the original warranty is out I'm free to fix stuff any way I like, by whomever I like, etc. I know there won't be an arguement about what is covered and what isn't. It brings the stress level down a notch for me to just pay for it myself when it breaks rather than trying to pay for it ahead of time by buying a warranty.


sounds like my experience with nissan dealers. it's funny, under warranty, the dealer denies anything is wrong. after warranty, they find all kinds of problems wrong with the car