I just got an extended warranty on my car but can cancel in thirty days. Is an extended warranty on an automobile worth the expense?
by 
Azlotto
ANSWERS: 9
-
It depends on how expensive the warranty is. I had a 100,000 mile warranty on my jeep. At 105,000 miles it started falling apart. It was in the shop almost every month after the warranty expired. I often wondered if it was designed to start falling apart at 100,000 miles.
-
It depends on the miles you put on. The warranty usually good for so many mile or years, whatever comes first. I usually just go with the original, The newer expensive models usually already have a good warranty on it. Plus, after awhile, I get tired with the same car and want to get another one instead of fixing my older car.
-
It depends on who makes the vehicle. Some makes are better and last longer than others.
-
If your car is built to last it usually isn't worth it. When we bought my wife's Honda, I think they offered us a 5-year extended warranty for $1,800. We declined. Her car is now over 4 years old and it's needed about $120 in repairs, $60 of which I think were because of damage from hitting something on an unlit portion of a freeway.
-
You know whenever I buy a new car I always tell them I don't want a 4yr. warranty so I can get lower notes, I take the 2yrs. instead. It's never backfired for me.
-
No. If you bought the vehicle from a reputable dealer, anything major should be covered for at least 30 days. Extended auto mechanical warranties are just money in the dealers pocket. Save your money for gasoline. the price just went up yesterday.
-
An extended warranty is essentially a bet. By purchasing the extended warranty, you are betting that you will have AT LEAST TWO very expensive repairs during the warranty period (if you have only one, you would do just as well to stick the money for the warranty in the bank). Of course, the warranty company is betting that you won't. Given that extended warranty companies make money on these policies, the statistics are on their side. I personally don't think such warranties are worth the expense. However, I am quite mechanically minded and can do most of my own repairs.
-
Don't waste your money.
-
I had only had my brand new car for a couple of weeks when I already started to get notices that my warranty was expiring and that I needed to buy extended coverage. The notices were not from my dealer or the manufacturer so I had to assume that it's just a repair insurance scam. I'd definitely cancel that ASAP if I were you. I'd take the money you would have been spending on the plan and put it in a repair fund so that if/when something does happen you'll have cash on hand.
Sarah M RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC