extended warranties

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J

J Ziadie

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does anyone have any suggestions for extened warranties. I just bought my wife a new car (not a ST), and I'm looking to get an extended warranty for it. (wish I would have done it for my ST!) I've been looking on the internet, and so far Warranty Direct looks pretty good. Any suggestions?
 
What kind of car (make, model, year), how long do you expect to own it, how many miles do you expect to put on it a year, and what is the standard warranty in miles and months?



I only ask because I find that many people never actually get their monies worth out of an extended warranty. They might as well call them "repair insurance policies", and like any insurance, you are more likely to pay more in then the warranty company will pay out...and getting them to pay out is like pulling teeth.



TJR
 
Honda? Don't even bother with an extended warranty. I hear the same about Toyota, not needed.
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I disagree. we used my wifes on her 00' accord, (never used mine) it would have cost us 500 bucks for her alternator (Cost 1500) and my sister wishes she had one for her lexus that need a rebuilt engine due to extreme oil burning at 80000 miles. I personally think they are worthless cause a company is not in business to lose money. just like gambling in a casino you are more likely to walk out of the deal with less than youve taken.
 
you can buy the warranty anytime before the 3year, 36000 mile one expires, so i don't beleive in giving anyone money until i have too.. anyway, i always drive the vehicle untill a few months before the warranty expires, then if i plan on keeping it and it has given me trouble, i look for a extended warranty.. (i only buy warrantees from the car manufacter ie Ford, GMAC) they are the only ones that can garanturee they will be around when you need service, and with no hassles..



just my thought



troy
 
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does anyone have any suggestions for extended warranties
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Yeah, put the money in the bank and save it. You are almost ALWAYS going to come out ahead by not purchasing an extended warranty. It's just like the fact that you don't hear many "my truck is doing great, no problems" posts here, most people will not chime in with "I paid $2500 for an extended warranty and saved $300 in repairs"



I work in insurance claims. Typically, about 75 cents of every dollar paid in insurance premiums are later paid as claims. With extended warranties, the number is closer to 25-30 cents. INCREDIBLY profitable for the people that sell them and a bad use of money for the majority of people that buy them.



Combine these odds with the fact that the company could be out of business when you need them, it's a very risky proposition to say the least.



In my mind, insurance is to protect you from catastrophic losses that you could not recover from. A 2-3k (usually worst case scenario) vehicle repair isn't it.



It is gambling and just like in Vegas, the odds are against you by buying an extended warranty.
 
I believe in having the warranty extended while you are making payments on it. I have done it on the last two new cars I have purchased. Both of them had the AC die after the factory warranty but the extended covered it. It is a crap shoot but one that has worked in my favor so far.



Ape Out.

 
Very Well said Matt. I was looking into the Ford ESP at fordwarrantys.com and they were around $1000 for some which I didn't think was that bad. But I think I will just save the money, cross my fingers, and like you said worst case scenerio I can afford the fix and recover fairly quickly.
 
Salesmen (or women) usually don't like what I have to say about extended warranties:



"What!? Let me get this straight.



"A warranty is insurance you want me to pay for to protect me in case you lied to me and the product (or service) you're selling me isn't as good as you told me it is. Why don't you put your money where your mouth is and pay for this insurance yourself!"



That usually ends any conversation about extended warranties!:lol:
 
Check out Warranty Direct. I got one for my '07 ST from them.
 
I am finding the lowest quote so far for a Ford ESP at fordserviceplan.com. Fordwarrantys.com gave me a quote that was quite a bit higher, but then sent me an email with a coupon code to get some of it back. I have emailed several Ford dealerships to see if any will offer something interesting, but I don't expect any to beat fordserviceplan.com.
 

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