Extended warranties

[Schmoe]

What’s everyone’s thoughts on extended warranty? Has anyone bought one and cxd it, and been successful in getting a refund?

[RetChief]

Bought one for my wifes car in 2014, so far I've used the extended warranty twice. 1500.00 ( new radiator and passenger side airbag) 1200.00 (new radio/nav). Paid 1200 for warranty in 2014. Your gambling against the house when you buy one. Manufacturer is making alot more than their losing. Still have 20k miles and 15 months left. I would recommend only the manufactuer, not after market. Good luck.

 

[aseibel]

Take the amount they are offering to sell it for and put it in the bank. 80% chance you will have money sitting in the bank when it would have expired. If you need a repair, you already have money set aside for it.

 

There are too many things not covered by ext. warranties that they fail to explain to you, basically every item that you would expect to repair/replace under 100k miles is not covered.

 

I thought about cashing mine in, but decided that for the amount I'd get back, just wait and see if it pays off. I haven't used it once yet.

[DEV1ST8R]

They push it in the finance office for a reason - they need it more than you do.

[GN2018]

My thoughts on extended warranties has changed in my aging years.  I don’t want to keep a vehicle until the wheels fall off.  Been there done that but don’t want to do that anymore.  Also, don’t want headache of dealing with fixing problems.  So, it’s not a great financial move, but for my current life, I bought a warranty with my truck for 6 years 100K miles.  Just before the warranty runs out, either miles or time, I will sell or trade in the truck and get a new vehicle.

 

When I drove cars into the ground, I expected that I would have to deal with repairs and I took my chances with no warranty.  Of course most of my cars were used, so warranties were not an option.  The basic truth about warranties is, as RetChief said, the house has the advantage.  However, the house doesn’t always win either so it is a gamble.  I wanted mine so as to lock in the overall cost of owning my truck.

[econometrics]

I'm with GN2018 on this. My thoughts on owning vehicles has changed a lot, too. I owned my 2007 Silverado LT CC for 12 years. Drove it 125K miles, never ONCE had a major issue with it. Or a minor issue, actually. 

 

Those days are over for me. When I bought my 2019, I did so knowing I would only try to own it 3-5 years MAX, then trade it in. Therefore, I have the full bumper to bumper for the first 3 years, so I will take my chances years 4-5. I only put 10-12K miles on my truck per year, so I'm not a very risky owner. 

 

With how techy these new drivetrains and vehicles are, I just don't see how it makes sense to drive them as long as I used to. One visit to the dealer now can be $700 in a blink of an eye. 

[redwngr]

If every time you buy a vehicle, tv, appliance etc etc you decline the extended insurance, and then take the premium amount and save it somewhere you will be'self insured'.

 

You will have a nice nest egg available when you retire. 

 

 

Extended warranties are not sold so that the backer can find a way to give you money....

 

[redwngr]

I should have included 'if you have a repair that would have been covered by the warranty, pay if from the fund'

[Dmart]

2 hours ago, Schmoe said:

What’s everyone’s thoughts on extended warranty? Has anyone bought one and cxd it, and been successful in getting a refund?

I cancelled mine about a week after I bought my truck. That was on April 6, have yet to see that amount refunded into my account

[jlong1984]

If you are going to get one, get one through GM. Don't bother with some third party warranty that will look for every reason under the sun not to pay out. 

[Rocz3cqg]

If you wish to purchase a Extended Warranty, realize it is usually cheaper to get when you buy the vehicle. So waiting awhile will cost you more. With the new vehicles carrying a boatload of computers and with sensors all over the place, when something goes wrong, it will cost you. Lost 4 Cross Traffic Sensors in a 2014 Impala and 2014 Acadia. Total cost 2600.00. Extended warranty paid everything except the Deductible. I have requested a refund on previous vehicles and GM has refunded my remaining balance. I would only purchase a Extended Warranty from GM or a Dealership.

[Zcobra1]

Corvette Forum has a lot of leads on discounted GM warranties...Ken Fichtner is one of them.

They sell the GM ones, not bad prices if you want one. While I agree that warranties are money makers in the end for the seller, the complex electronics and other systems of today’s vehicles and the costs to repair, can pay off if, and again, if you buy from a discount warranty seller.

 

I remember seeing pricing along the lines of $1050 for 5 years and 50K miles, this is additional

and added on the date you buy, $100 deduct, from Ken Fitchner. You roll the dice.....

[RickG95]

9 hours ago, Zcobra1 said:

Corvette Forum has a lot of leads on discounted GM warranties...Ken Fichtner is one of them.

They sell the GM ones, not bad prices if you want one. While I agree that warranties are money makers in the end for the seller, the complex electronics and other systems of today’s vehicles and the costs to repair, can pay off if, and again, if you buy from a discount warranty seller.

 

I remember seeing pricing along the lines of $1050 for 5 years and 50K miles, this is additional

and added on the date you buy, $100 deduct, from Ken Fitchner. You roll the dice.....

I second the Ken Fitchner....i have bought warranties through him for my corvettes in the past....excellent pricing!!

[Chris walker]

I gamble and lose with warranties and insurance every day (Life/medical/home/car/dental/vision) - Im fine with it. These cars are loaded with tech and any failure is going to cost me big dollars. My wifes warranty on her Accadia (worst vehicle I've ever owned) saved me almost 10k dollars. I paid for every vehicle warranty loss I will ever incur on that one vehicle warranty....If I can extend my warranty and cover myself for $5 or $6 on my monthly bill, Im in..

 

...and Im not the guy they want to screw over on not covering. I will be glad to stand out front of the dealership on busy weekends with a sign and a bull horn and destroys their warranty sales. If I get tired of standing out in front of their dealership I will pay someone to stand out in front of their dealership....and that is just the start of what I would do. I would build web pages, write blogs, etc, etc. I will ensure the first thing that pops up when searching their dealership on the internet is my ugly mug. They will WANT to cover it when Im through with them. If you take it, they will give it. If you give it right back and hit their pocket they will course adjust.

[BIGDOGx]

I probably paid too much for mine near 2 grand but it does go 7 years and like 70-80 thousand miles gmpp platinum with 0 deductible. Just recently i had a Ball joint go bad covered along with alignment i would say around 500 for the dealer to fix and a ac line that would of been nearly a grand. So i'm nearly paid up on it and still have over 3 years left on it.

 

My advice with how cheaply stuff is made today, unless you have a stripped model or are  in a lease situation or know you are ditching after a couple years i would not go without extended warranty today with all the crap on these trucks.