So I bought an extended warranty today.

astepup · February 19, 2019

My '16 Silvy 1500's warranty started in April. It now has just under 30K miles so I checked out an extended warranty today. I've finally faced the fact the older I get plus the continuing advances in auto tech means the less I know how to work on them. I still love turning wrenches on my two old cruisers but these new rigs I know less and less every year.

The new warranty is bumper to bumper for the next seven years and up to 100K miles. I'm thinking 10K a year is about what I'll put on it so it should work out. I'll still do everything I can do though and will attempt to tackle something if I think its doable with a shop manual in hand, but as far as the newer electrical and computer systems I admit I'm out of my element. I figure $33 a month is cheap enough insurance for what any major repair could cost.

HeySkippyDog · February 19, 2019

I don't blame you, I did the same when I traded my 14 double cab for a new 17 crew cab. I'm 30 years old but learned auto repair from old timers and it's gotten me pretty far. But given all the electronics on these K2s, repairs can be tricky on some things. I'm an engineer by trade, so if I have basic instructions, I can work through it. But I still bought the warranty.

If it's something like a water pump failure, wheel bearing failure (they are sealed assembled hub units now), brakes, shocks, alternator, battery, I'm good. Sensor failures usually aren't bad either. But there is still a lot of unknown.

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stevev · February 19, 2019

It paid for a new radiator and thermostat on my 2014. I only have 28k miles, but beyond the original 3 year warranty obviously.

Edited February 19, 2019 by stevev

4weight · February 19, 2019

I too bought one for my 17. It takes me to 159K for 3K and I drive about 20 to 25K a year hunting and fishing. The math is 37 bucks a month and for all the electronics on these new vehicles, one major hiccup and its paid for itself. For peace of mind that’s a pretty cheap option IMO.

O_J_Simpson · February 19, 2019

I think you wasted $700 but that is just my opinion. Biggest waste of money other than magic was and scotch guard at dealer prices.

swoleymammoth · February 19, 2019

What's everyone paying for the extended warranty? I'm strongly considering purchasing the 7yr 100k extended warranty but I'm still pretty clueless as to how it all works out. Do you buy it online? or at your local dealership? Are there any deductibles?

SS502 · February 19, 2019

12 hours ago, O_J_Simpson said:

I think you wasted $700 but that is just my opinion. Biggest waste of money other than magic was and scotch guard at dealer prices.

Well as you said, your opinion and for most of the extended warranties you’re right.

Edited February 19, 2019 by SS502

jagabom (Esquire) · February 19, 2019

13 hours ago, astepup said:

My '16 Silvy 1500's warranty started in April. It now has just under 30K miles so I checked out an extended warranty today. I've finally faced the fact the older I get plus the continuing advances in auto tech means the less I know how to work on them. I still love turning wrenches on my two old cruisers but these new rigs I know less and less every year.

The new warranty is bumper to bumper for the next seven years and up to 100K miles. I'm thinking 10K a year is about what I'll put on it so it should work out. I'll still do everything I can do though and will attempt to tackle something if I think its doable with a shop manual in hand, but as far as the newer electrical and computer systems I admit I'm out of my element. I figure $33 a month is cheap enough insurance for what any major repair could cost.

Is that 33 bucks a month for 7 years? I think the extended warranty is a good deal.

Jim

Edited February 19, 2019 by jagabom

ClassicPredator · February 19, 2019

Where did you get your extended warranty through? I have about 1,500 miles until my dealership warranty runs out on my 2015 Chevy Silverado 1500, I got my truck last march and drove alot for my job and just started a new job where I won't have to put as many miles on it. Mine is a 24 month/24,000 warranty with a $50 deductible

Jacoby · February 19, 2019

If it’s a 3rd party warranty then you did waste your money. They’ll do everything in their power to deny a claim. No matter who you got it through, it’s no good. Consumer Reports ranks 3rd party warranties as some of the biggest scams ever.

But.... if it’s a warranty you got through the dealer or GM then chances are it will be ok.

KARNUT · February 19, 2019

They are a toss up. I've had a 80$ part declined on 1500$ dealer backed extended at my local Ford dealership. I had a new thunderbird ordered, never bought again there. My bests experience has been with Hyundai and GM.

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parthery · February 19, 2019

Hop on the internet and shop around. Two of the biggies that sell the GM Factory Warranty are Dennis Fichtner out of Idaho and James E Black out of PA. Both are substantially cheaper and will happily sell you the warranty on any GM vehicle as long as it meets the criteria (in service less than 3 yrs and/or 35K miles). Do note that some states - notably Florida, consider Extended Warranties to be financial tools and as such cannot be discounted or incentivized or sold by someone who is not licensed in the state.

It's a toss up as to whether it makes sense....I bought from Fichtner for my '17 Silverado and am glad I did. The truck spent a large portion of the first six months of it's life in the dealership service bay. Already, the warranty has paid for almost $700 worth of heater hoses (considered a wear item and ridiculous that they should have worn out on a 14 mo old truck) and $1100 worth of A/C Condenser (long discussed here about Condenser issues.) Given that I only paid $1800 for the warranty (an additional 3 years and/or 80000 miles on top of the 36/36) I'd say I'm pretty close to break even at this point.

Edited February 19, 2019 by parthery

aseibel · February 19, 2019

You're better off putting your $33 or $37 per month into an account and not touching it until you need a repair. These extended warranties which are supposedly "bumper to bumper" surely exclude a lot of items which will need to be repaired or replaced.

I also bought one and regretted it the next day. Only time will tell if it was worth it, my wife talked me into it because I plan to keep the truck for the full term and I also put lower miles on it (around 10k a year).

KARNUT · February 19, 2019

We had our radio-GPS-backup camera - Bluetooth unit fail at 6 years in our Geneses, 1500$. That paid for the extended warranty. I had transmission fail in my trailblazer ss, paid through extended warranty.

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Donstar · February 19, 2019

Extended warranties offer peace of mind to many. If you have a little risk tolerance, not purchasing an extended warranty is the better choice, imo. The cost of your insurance combined with your deductible adds up to an amount that provides good odds for your warranty provider to make a profit. The ideal way to protect yourself (as suggested by aseibel) is to donate the premium equivalent monthly to an auto repair savings account. Odds are in your favour that you will have money in the account when the coverage period has expired. I know there is a risk of a deficit and hence the term "risk tolerance".