Your take: Is extended warranty worth it?

[wurgs]

For the price I paid for mine (1300 with 0 deductable) I think its a good deal. With the price of repairs and the amount of things the powertrain warranty doesn't cover I just wanted the added peace of mind. We bought it on a used car for the wife and had a timing belt break and bend a bunch of valves and it was 3800 to repair, our cost was nothing.

[nards444]

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.

Sad thing is, most people roll the warranty into their loan, for 3,5,7 years or whatever, so really it cost them more and more everyday. Most people dont understand the economics behind it, and at time of purchase heart strings are tugged on, so they figure dropping 1500 makes them feel better. The idea is dealers/manufactures make money, they only make money if you dont use it. So they are only offering it because more people dont use it then do use it.

[nards444]

http://www.consumerreports.org/cro/news/2013/07/is-it-worth-buying-an-extended-car-warranty/index.htm

[Silverado-Hareek]

http://www.consumerreports.org/cro/news/2013/07/is-it-worth-buying-an-extended-car-warranty/index.htm

 

Good article. Yeah in hindsight I probably should have skipped the warranty. I don't think my "free" bed liner was really free either. I learned some lessons with this truck purchase for sure that I won't be repeating in the future. Live and learn I guess.......

[Scott P]

When I bought my 98 Grand Prix many moons ago, I bought a warranty from a company called Warranty Gold. When the front hubs went bad, they paid the Pontiac dealer for brand new Delco units at $400 each. They also paid for a brand new Delco alternator when that went out. I had a $0 deductible, so the repairs themselves did not cost me a dime. Even the loaner/rental car was covered.

 

The company did go bankrupt while my warranty was still in effect. I got more than the cost of repairs out of it before it went under though. If I had done the work myself, I would have gone aftermarket with parts and it would have been about a wash in terms of cost of the warranty.

 

I have a bit more faith in a GMPP warranty.

[nards444]

 

Good article. Yeah in hindsight I probably should have skipped the warranty. I don't think my "free" bed liner was really free either. I learned some lessons with this truck purchase for sure that I won't be repeating in the future. Live and learn I guess.......

Vehicle buying is one of the misunderstood ill conceived endeavors out there. We all make mistakes when buying

[Silverado-Hareek]

Vehicle buying is one of the misunderstood ill conceived endeavors out there. We all make mistakes when buying

 

Yeah this was the first vehicle I ever bought brand new from the dealer on my own without parental involvement. Looking back I can see where I got screwed on some things. But like I keep telling myself this certainly won't be the last truck I ever buy in life haha

[stevev]

Typically you can buy the factory extended warranty online from a GM dealer which is usually cheaper than buying it at your local dealership. Anyone here done that, and if so which dealer website was the cheapest?

 

A few years ago was my first extended warranty purchase for my wife's 2011 Honda Odyssey Touring van, loaded with a lot of electrical goodies (power sliding doors, navi, rear dvd player, etc.). Since we plan to keep for many years, I bought a 7 year factory Honda extended warranty. I bought it from an online Honda dealer around $750 for a 7yr/80k plan $0 deductible, much cheaper than my local dealer. While under the original warranty, I had the navigation screen replaced since it went blank a few times (there was a TSB for it). While under the first year of the extended warranty, I had the power steering pump replaced and also the rear shocks (leaking) replaced at no charge. I also took it in since the power tailgate quit working but it turned out the wiring plug got disconnected somehow inside the tailgate panel, again no charge out of my pocket. I don't know the cost of the those specific repairs, but I figure if there's one more repair needed in the next 3 years, then I at least broke even. Prior to the van, my wife drove a 2006 Honda Accord and not one single issue in 5 years of ownership.

[Isriam]

i paid 1100 at my dealer for a 75k bumper to bumper 0 deductible warranty that covered natural disasters and 5k theft. i think it was money well spent, but i probably wouldn't do it for more than 1500.

[nards444]

i paid 1100 at my dealer for a 75k bumper to bumper 0 deductible warranty that covered natural disasters and 5k theft. i think it was money well spent, but i probably wouldn't do it for more than 1500.

To each his own. But remember auto insurance with comprehensive coverage will cover most natual disasters and against theft assuming you have full coverage. So be careful to not pay for two things. And dont think your truck gets wiped out by a tornado or a theif rips you off both your auto insurance and your warranty will pay for it. They are going to point the fingers until ultimately only one pays out. Typically when it comes to a vehicle, auto insurance is first on the blame line

[Isriam]

To each his own. But remember auto insurance with comprehensive coverage will cover most natual disasters and against theft assuming you have full coverage. So be careful to not pay for two things. And dont think your truck gets wiped out by a tornado or a theif rips you off both your auto insurance and your warranty will pay for it. They are going to point the fingers until ultimately only one pays out. Typically when it comes to a vehicle, auto insurance is first on the blame line

 

in texas my concern was hail and wind/storm damage. if i use insurance i have to file a 500 dollar deductible claim and then its considered a claim on my insurance. the warranty is 0 deductible for hail and many other things. i figured at 1100 i really shouldn't be too worried since i paid for it in cash, and have lots of years to use it. again though, if it were much more i wouldnt have done it, because like you said insurance is way easier to deal with, and i have state farm which is no questions asked when you file a claim.

[20Sierra20]

 

Yeah this was the first vehicle I ever bought brand new from the dealer on my own without parental involvement. Looking back I can see where I got screwed on some things. But like I keep telling myself this certainly won't be the last truck I ever buy in life haha

I'm in the same boat as you! Hopefully it works out for both of us! I know work has helped me negotiating but I'm sure I could have still done better haha

[DirtyMarcus]

 

in texas my concern was hail and wind/storm damage. if i use insurance i have to file a 500 dollar deductible claim and then its considered a claim on my insurance. the warranty is 0 deductible for hail and many other things. i figured at 1100 i really shouldn't be too worried since i paid for it in cash, and have lots of years to use it. again though, if it were much more i wouldnt have done it, because like you said insurance is way easier to deal with, and i have state farm which is no questions asked when you file a claim.

my warranty comes with free paintless dent repair, if thats what you are referring to. However there is a stipulation against hail damage. Also you may have a deductible for insurance but since its an "act of nature" your premium wont go up.

 

I forget the cost of my warranty but its for 100k and covers everything. I get a free rental car, road side assistance, free PDR for dents up ot 4" in diameter, free towing up to $100, reimbursements up to $150 per day if the truck breaks down out of town and we need a motel, road hazard tire coverage, and lock out service. All non deductible. You better believe if I get a flat, I'll be calling to have someone change it for me lol.

[nards444]

 

in texas my concern was hail and wind/storm damage. if i use insurance i have to file a 500 dollar deductible claim and then its considered a claim on my insurance. the warranty is 0 deductible for hail and many other things. i figured at 1100 i really shouldn't be too worried since i paid for it in cash, and have lots of years to use it. again though, if it were much more i wouldnt have done it, because like you said insurance is way easier to deal with, and i have state farm which is no questions asked when you file a claim.

Like I said to each his own. And I think your smart paying cash vs financing. But like I said come an act of nature, I wouldnt be so sure that warranty would not force you to use auto first and they turn around and maybe cover your deductible if anything.

[Silverado-Hareek]

I'm in the same boat as you! Hopefully it works out for both of us! I know work has helped me negotiating but I'm sure I could have still done better haha

 

Yeah I mean as long as the thing lasts and I get my 8-10 years out of it without major issues I'll be happy. If I have to do any major transmission or engine work, that's 2 Silverado's in a row and there's a good chance I won't be coming back to GM. Which sucks because these have always been my favorite trucks growing up as a kid. It's like finding out your hero athlete or musician rapes children after you idolized them for so many years.