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Extended Warranty Advice

superfly1
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superfly1 New Member

superfly1

Posted
Posted

Hello Members,

 

This is my first posting.  I got my 2023 Sierra 1500 SLT back in Jan 2023.  I'm planning to keep it for at least 5-10 yrs, I would like to reconsider on getting the extended warranty for my truck.  Any advice is greatly appreciated.

 

Thanks,
Vic.

KARNUT Senior Enthusiast

KARNUT

Posted
Posted
8 minutes ago, superfly1 said:

Hello Members,

 

This is my first posting.  I got my 2023 Sierra 1500 SLT back in Jan 2023.  I'm planning to keep it for at least 5-10 yrs, I would like to reconsider on getting the extended warranty for my truck.  Any advice is greatly appreciated.

 

Thanks,
Vic.

If I was going to buy a new truck I’d definitely buy the most extended dealer warranty I could buy. I understand you can buy dealer warranty during the length of the regular warranty period. 

BigMick2023 Enthusiast

BigMick2023

Posted
Posted

I just purchased a 2023 Silverado High Country 1500......

Deal was great and trade-in was even better, got $38K for my 2020 RST. 

 

I got rust proofing and PPF installed as part of the deal. 

But, I passed on the EW as it was just to much money......basic package started at $2500 and went on up from there. 

 

I can get it later, but will probably take my chances with the factory warranty and go from there.

Can't see paying that much money for warranty....

 

35997845-0B8C-4E41-9805-3ED675B2C095_1_105_c.thumb.jpeg.5e3ef337adc0bb17d0b53c8ddc5e6b1e.jpeg 

redwngr Senior Enthusiast

redwngr

Posted
Posted (edited)

For every vehicle, appliance. tool, electronics, etc etc that you buy and that someone tries to sell you an extended warranty ---

take the insurance (warranty) cost and put it into a 'self insured' bank account.

 

If there is a failure -- AND --- the failure would have been covered by the package you didn't buy --- take money from the account to pay for it.

If the package wouldn't have paid for it, then don't use the account.

 

There is a chance that early in this 'self insured' program that the account may have a negative balance.

When you retire and have a significant balance in the account, you'll be able to celebrate that it's you that has the money and not the people/companies selling the packages. 

 

 

Those that sell these packages don't do it because the program loses money.

Even after printing literature, paying sales commissions, perhaps a few failures they have to cover, etc etc

 

 

OTOH, it's your money, and if you sleep better spending some of it, then go for it.

Edited by redwngr
  • Like 2
KARNUT Senior Enthusiast

KARNUT

Posted
Posted
23 minutes ago, redwngr said:

For every vehicle, appliance. tool, electronics, etc etc that you buy and that someone tries to sell you an extended warranty ---

take the insurance (warranty) cost and put it into a 'self insured' bank account.

 

If there is a failure -- AND --- the failure would have been covered by the package you didn't buy --- take money from the account to pay for it.

If the package wouldn't have paid for it, then don't use the account.

 

There is a chance that early in this 'self insured' program that the account may have a negative balance.

When you retire and have a significant balance in the account, you'll be able to celebrate that it's you that has the money and not the people/companies selling the packages. 

 

 

Those that sell these packages don't do it because the program loses money.

Even after printing literature, paying sales commissions, perhaps a few failures they have to cover, etc etc

 

 

OTOH, it's your money, and if you sleep better spending some of it, then go for it.

I only buy extended warranty on automobiles. The ones I buy are year end models or CPOs. Usually they throw it in or deeply discounted. Add that to the discounted vehicle, that’s how you save money. Practices like those allowed me to retire at 58, almost 10 years ago. With a healthy retirement account.

cltsig Enthusiast

cltsig

Posted
Posted (edited)

If it were me, I would only buy the GM backed warranty that every dealer accepts.  When I bought my 2020 AT4, Dennis Fichtner was the best price and came highly recommended.  Search "warranty" on here and you'll see this name quite a bit.  I sold that AT4 before the 3 year bumper to bumper expired, so I also was able to get a refund on the warranty (not full but close enough).  

 

GMC Protection Products | GMC Protection

 

Dennis Fichtner

Warranty Specialist

Laurel Chevrolet

406-698-6355 Personal Cell

[email protected]

Edited by cltsig
BB68 Enthusiast

BB68

Posted
Posted

This is what I have learned. Get a GM CC, use responsibly,  run every darn thing you can thru it - We do over 30k per year(I have paid $0 in interest fees), save up the rewards. This card currently has a 4% incentive for new GM vehicles. Then wait 2-3 years until GM runs a special. BUY NEW pickup, take them up on the discount and then after the deal is made tell them about the GM card you have with $****** of rewards on it.... This is way cheaper than any darn warrantees or the hassles you have to jump thru to get them to pay up for repairs. 

 

Finally send me a birthday card with gift certificate for supper somewhere thanking me. 

 

You dont want to keep any of these tech laden monsters past the 3 year warranty point. And thats about the point of best trade in value too.  

repairman54 Enthusiast

repairman54

Posted
Posted

Extended Warranty is insurance. When you need it then it's great. Never need it then it's a loss. 

Made my D in L get one on a used Equinox as I'm the family wrench and I'm getting old and tired of major repairs working for free. Only 40k on it when she bought it. Trans. went at 80k miles. She is ahead on the money for the warranty. 

I'm a retired tech in another field, I've lived both sides of extended warranties and all the issues. Can't afford constant payments for trade ups all the time then the extended can pay for itself on a longer term ''keeper''. 

KARNUT Senior Enthusiast

KARNUT

Posted
Posted
16 hours ago, BB68 said:

This is what I have learned. Get a GM CC, use responsibly,  run every darn thing you can thru it - We do over 30k per year(I have paid $0 in interest fees), save up the rewards. This card currently has a 4% incentive for new GM vehicles. Then wait 2-3 years until GM runs a special. BUY NEW pickup, take them up on the discount and then after the deal is made tell them about the GM card you have with $****** of rewards on it.... This is way cheaper than any darn warrantees or the hassles you have to jump thru to get them to pay up for repairs. 

 

Finally send me a birthday card with gift certificate for supper somewhere thanking me. 

 

You dont want to keep any of these tech laden monsters past the 3 year warranty point. And thats about the point of best trade in value too.  

We run all of our purchases through a reward card. We also get a percentage discount on gas through the same card. At Christmas my wife uses the rewards to get gift cards she hands out as presents. Usually there’s leftovers we use at restaurants. Being retired and most of my trips are under 100 miles new car purchases are a thing of the past. Unless after the market gets flooded with big discounts and O percent interest. Adding to that I refuse to pay over 30K for anything vehicle related. 

  • Like 1
Bomb0314 Enthusiast

Bomb0314

Posted
Posted
On 6/30/2023 at 12:25 PM, cltsig said:

If it were me, I would only buy the GM backed warranty that every dealer accepts.  When I bought my 2020 AT4, Dennis Fichtner was the best price and came highly recommended.  Search "warranty" on here and you'll see this name quite a bit.  I sold that AT4 before the 3 year bumper to bumper expired, so I also was able to get a refund on the warranty (not full but close enough).  

 

GMC Protection Products | GMC Protection

 

Dennis Fichtner

Warranty Specialist

Laurel Chevrolet

406-698-6355 Personal Cell

[email protected]

 

Thanks, I emailed him. His initial email price quote was higher than the other quotes I received but he does say he will meet others prices. From my understanding it's the same pricing for the extended warranty between 0 to 12k miles, so best to buy when the vehicle is closer to 12k miles then you'll get a few more miles out of it. 

2016 Sierra Owner Senior Enthusiast

2016 Sierra Owner

Posted
Posted

I wouldn't purchase one till near the end of your 3/36 that comes with the truck. Reason being is that you would be paying for double coverage. If you were to buy a 5 year one and have 2 years left on the factory one. Then you would only have 3 years coverage left but you paid for 5.

Bomb0314 Enthusiast

Bomb0314

Posted
Posted
2 hours ago, 2016 Sierra Owner said:

I wouldn't purchase one till near the end of your 3/36 that comes with the truck. Reason being is that you would be paying for double coverage. If you were to buy a 5 year one and have 2 years left on the factory one. Then you would only have 3 years coverage left but you paid for 5.

Exactly what I was thinking but I’d like to see how much the price goes up from year 0 to year 3…

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