Your take: Is extended warranty worth it?

[Langer19]

This is from the FAQ section in the GMC warranty site:

 

Administration Process

 

Do I have to buy a vehicle service contract at the time of vehicle purchase?

 

It depends. Vehicle service contracts may be purchased at any time while the manufacturer's base warranty is still in effect. There are clear benefits to purchasing the vehicle service contract at the time of purchase - $0 deductible availability on Total 'Plus' level of coverage, less expensive than waiting, and better financing options. After the base warranty has expired, a vehicle service contract may be purchased only with the purchase of a new or used vehicle from a GM Dealer.

[~Wicked~]

Up'd the 3Yr/36K to 6Yr/72K (bumper 2 bumper) when I bought mine and I plan on keeping my truck 6-8years anyways so for me it was piece of mind.

IIRC it cost ~$1800.00

[Jeff48]

If you no longer own the vehicle and there is time/miles remaining on the warranty, you should also get a prorated refund.

[soltys]

Two words that got me to cancel my extended warranty after I had already overpaid $2200 CDN for it "Dealer Discretion" When you get it, make sure you read the fine print on the contract closely. And you do have 90 days to cancel it for a full refund if you change your mind.

[Spurshot]

Since we're pud knockin here, I'll show mine.

 

I had a 99 1/2 GMC 2500 that made it 220,000 miles with me without a major problem. It did have one single sorta expensive problem with the anti-skid brake module going bad very shortly after the warranty ended. It cost me about $800 for a 4 x 5 x 1 epoxy potted module. That was about it. At around 140,000 miles the A/C compressor went south. I replaced it. I also rebuilt the front end around that time. That's just wear.

 

I had a 2008 1500 Silverado that I just sold which had 140,000 miles on it. No major issues, but it did go thru about 4 door lock solinoids, 2 of which were covered, the other 2 I replaced myself.

 

So, I declined the extended warranty for this one.

[The Zip]

2+2 - agree with a couple of earlier posts about the cost, 3K is way to much added to the fact that the amount of years don't fly either. Now if the dealer said 3K for 7 yrs, then that's a deal. Most extended waranties in the States goes for around 1500. See if you can get a better deal from other dealers in the area, I read somewhere on this forum that you can call a dealer anywhere in the country and get a warranty, check it out. My finance officer told me she could do anything she wanted with the warranty cost because she didn't work for the dealership. An extended warranty may not be a bad deal, with all the technology in vehicles these days it will cost an arm and a leg to pay for labor.

 

Caviot to your OP, 3K 2yrs may be the standard in Canada. Don't know if you can call a dealer in the States and get a warranty, it would make sense though. Give it a shot.

[chuckl1218]

On the other hand, I usually decline, but bought one this time because of the first rear aspects of the 2014 and there are so many new or "improved / different" systems. My plan is a reimbursement plan designed to reimburse for major issues, it covers premium electronics and cashes out if not used and was cheap. A little piece of mind but different than a "bumper to bumper" extension.

[Dirtbiker]

Every time I buy a new truck I look into extended warranty. In Canada it is about $3000 for a decent package, on my 2006 I used about $1500 of that warranty. Never bought it since on three trucks. I am still ahead as a lot of what went on the last one wouldn't have been covered anyway.

[Northside]

If you're a gambler you know the odds are against you getting your money's worth on the warranty. If they didn't make a profit on them they wouldn't be pushing them. I have a friend who is a service writer at a Harley dealership. Harley pushes extended warranties. My friend says he only knows of two guys who got more out of their warranties than they cost.

 

I know it's apples and oranges, or trucks and bikes but it's still the same game.

[Daryl LBZ]

I've never purchased one myself. If something goes wrong I'll figure out what caused it, and replace it myself. If I can't I'll have my local garage do it for me.

[tbarn]

I've never done a cost comparison with extended warranties so I don't know what they cost. But as a GM tech,GMPP is far and away the best for a customer. Personally I hate GMPP but that's because they pay me much less as a tech. Also it may be splitting hairs but there is NO bumper to bumper coverage except the 3/36. Belts, brakes, interior trim and wiper blades to name a few are almost never covered, even by GMPP which has the most thorough coverage. Now, before you quote what your salesman or finance person said, they know "dick" about auto repair. Ask a service manager, service writer or warranty clerk.

[nards444]

Just add up all the money you spend on extended warranties and didn't need, that should answer your question. Im older and had to learn the hard way for awhile. But I learned.

Agreed. Ive said it before buying extended warranties at the time of purchase is a very very dumb move if you think about it. That's not to put anyone down, but its truth.

[newdude]

If they give you a good deal it doesn't hurt. GM Powertrain 5yr 100k as of 2010 and newer cars does not cover:

 

• Throttle Body
• PCM
• Starter
• In Tank Fuel Pump (Gas)
• Fuel Injectors (Gas)
• Fuel Rail (Gas)
• Clutch & Pressure Plate
• TCM
• Wheel Bearings – All

Again, not covered by the 5 year 100k factory powertrain. Just the 3yr 36k. Don't forget, alot of your MyLink hardware is just under the 3yr 36k as well. If you are keeping your truck beyond 3-5 years, it might be a worthy investment.

[machine builder]

My 2cents is NEVER to buy an extended warranty. Take the money you would have spent on the warranty and invest it. It will grow beyond what you would spend on most any repairs by the time you need it and if you don't use it the money is yours.

[m3k1c]

machine builder, on 10 Jan 2015 - 10:41 AM, said:

My 2cents is NEVER to buy an extended warranty. Take the money you would have spent on the warranty and invest it. It will grow beyond what you would spend on most any repairs by the time you need it and if you don't use it the money is yours.

 

+1

 

I never got my money's worth out of an extended warranty. I've had some repairs I thought should be covered were not approved by warranty company, hard to win those battles. Keep your money and save it for the repair if and when they occur.