Extended warraty

[Chevelle3221]

What is the opinion in the crazy times we are in as to purchasing and extended warranty from the manufacturer, not after market?

 

[Leo99]

I never buy them.

 

[CKN]

What is the opinion in the crazy times we are in as to purchasing and extended warranty from the manufacturer, not after market?

What ever you decide they are available from dealers all over the country (via the Internet) and can be purchased at substantial discounts other than from the dealer you purchased the vehicle from.

 

[The Critic]

Within my group of friends, the 2 people who bought them have received more repairs than the cost of the policy.

 

[LenZee]

Manufacturer warranty only, aftermarket is full of "warranties" that don't cover repairs.

My toyota Sienna needed an a/c compressor (external rpm sensor just bad but replaced with new compressor) and radiator (some crust at tank seams replaced with new toyota radiator) both covered under certified warranty i bought.
Saved me $500 after paying for the warranty.

 

[Krieg]

Oui!

 

[Nick1994]

Depends if the car you buy needs one.

I paid like $3,300 for the Hyundai warranty on my Genesis and it paid out $11k within a 1 year timeframe before I sold it. Should have kept that car to the end of the warranty.

 

[Jason2007]

Carshield is Legit! Ice-T said so!

 

[Chevelle3221]

Carshield is Legit! Ice-T said so!

I was only referring to a factory warranty, not third party.

 

[I<3oil]

Carshield is Legit! Ice-T said so!

I got a spam letter from them yesterday lol

 

[slug_bug]

I find that car warranty stories are a lot like gamblers' stories. They love to tell you about how they won $500 at the casino, but, you never hear about the all times they lost $200 or $300 dollars. Same with extended car warranties, you'll hear about how people saved a ton of money getting a trans replaced, but, you never hear from people who spent 3k on a warranty and never used it once. JMO

 

[Andrew1972]

Skip aftermarket as many are challenging to collect on and weasel their way out.

With respect to automaker ones it really depends on your own financial picture. Do you keep $5k+ in your bank to cover a broken AC unit, car repair or home repair etc?

Remember you can start your way to the $5k but simply depositing the cost of warranty into there. The warranty companies typically expect to pay less than half of their cost on repairs claims on average. The other half is cover profit and admin etc. Then usually a car dealer sometimes doubles that overall cost to sell to you.

So if you pay $3k for warranty you are not ahead until you claim $3001 of repairs in the warranty period. The issue is you set out $3000 for a gain of $1. The odds were strong you'd only claim $750

I can't put a cost on piece of mind it brings you or prevents you from trading a vehicle(expensive typically) because it lacks any warranty.

The best benefit of self warranty/insure is you tend to keep cars longer and spend less overall replacement cycle since you already have something established. You also tend to stay out of dealership service and find decent independent mechanics out there.

Good luck!

 

[ChiTDI]

I made a lot of money selling insurance, not using it.
Different needs and product, of course. But you get the point.

 

[BMWTurboDzl]

I saved money the one time I purchased an aftermarket warranty from the automaker. It's highly vehicle dependent. I my case it was a diesel BMW.

 

[Chevelle3221]

I can get 2 factory Toyota warranties at 10 years or 100K for much less than 3K total or both vehicles with no deductible.

 

[Owen Lucas]

Only get an extended warranty from the manufacturer. Aftermarket is there to milk you up front and never pay or disqualify any needed repairs. A forum member recently had a an engine replacement denied because they forgot to rotate their tires at the recommended interval. If you somehow get approval for repairs they will use recycled garbage or the cheapest aftermarket parts unless only OEM is available.

 

[Chevelle3221]

Only the Toyota 10yr/100K from Toyota

$2500 for my Highlander and Tundra with 0 ded..

 

[Lubener]

I would buy an agreement only if my model has a reputation for areas of above average problems and if I was planning on keeping the vehicle for a long time.. Probably not needed for a Toyota.

 

[PWMDMD]

I find that car warranty stories are a lot like gamblers' stories. They love to tell you about how they won $500 at the casino, but, you never hear about the all times they lost $200 or $300 dollars. Same with extended car warranties, you'll hear about how people saved a ton of money getting a trans replaced, but, you never hear from people who spent 3k on a warranty and never used it once. JMO

It's really insurance and like all insurance, there's a higher probability you won't use it, but if it helps you sleep at night cool. The key is to not overpay. Many manufacturers have dealerships that will sell factory extended warranties over the internet and across state lines at or just above cost - I've done this with Toyota/Lexus and Honda. I think my Tundra was $1100 and I've seen people getting quotes for the same warranty for as much as $3500.

 

[BMWTurboDzl]

It's really insurance and like all insurance, there's a higher probability you won't use it, but if it helps you sleep at night cool. The key is to not overpay. Many manufacturers have dealerships that will sell factory extended warranties over the internet and across state lines at or just above cost - I've done this with Toyota/Lexus and Honda. I think my Tundra was $1100 and I've seen people getting quotes for the same warranty for as much as $3500.

This cannot be ignored !!! It's why I did not purchase an EW on my current car because the franchise dealers were complaining about the loss of revenue so the automaker instituted geographical restrictions. MF'rs