Extended car warranties are B.S.

[Motorboatin]

I extended my bumper to bumper warranty to 120,000 miles for the last three trucks I have owned and it paid for itself on the first two trucks. The 3rd only has 2,400 miles on it

I used to think they were BS but when I started putting 30,000 miles on every year I thought it might be worth the cost. I only keep them for 4 years

 

[dnw64]

I recently had the reverse (to my mind).

My tranny was leaking fluid, so I had a local shop fix it. Apparently the gasket is integral to the pan, so they had to replace the whole thing. Cost me almost $500.

A few weeks later I was talking to someone about it and realized it would have (should have?) been covered under the factory drivetrain warranty (it was well within the miles/time).

I'm a little torqued the local shop didn't suggest that to me. Especially since I'm related...

 

[5030]

Factory backed is very different from third party... however the third party is often more money for the seller...

EXACTLY. I always get an extended FACTORY AUTHORIZED warranty written and serviced by the manufacturer, not some third party fly by night rip off.

 

[PILOON]

I had an early AUDI 3000 that back then had a 100% factory warranty. (oil, tires, wipers etc, ---a real 100%)
When it ran out I was strongly urged to purchase the extended for $600. which I did.
During the following year they replaced the Turbo, front wheel bearing, alternator and battery, and radiator core (that due to damage they caused) and the transmission.

I'll add that I never beat the car either and while I had purchased used I knew the previous owner mostly drove highway.
He was the dealer's son and would always trade at 1/2 factory warranty life.

I always say it was the best $600 I've spent.
Now other than that one warranty I have never purchased another.

I now drive a Kia (bought used off lease) that came with a mere 30k on it and that over 3 years but with remaining 5 yr factory warranty.
Never needed to make a claim and still drive it with normal maintenance, like brakes tires shocks and battery, but that's normal.

 

[ovrszd]

Extended warranty is exactly like placing a bet on the Crap Table. You think it's an educated bet. It's not. It's pure gamble.

The lights aren't on at the Casino because most patrons win. The Warranty (insurance) companies lights aren't on because most buyers win.

 

[ultrarunner]

Insurance let's one manage unforeseen events...

 

[ovrszd]

Insurance let's one manage unforeseen events...

As does Extended Warranties.

 

[Oaktree]

Extended warranty is exactly like placing a bet on the Crap Table. You think it's an educated bet. It's not. It's pure gamble.

The lights aren't on at the Casino because most patrons win. The Warranty (insurance) companies lights aren't on because most buyers win.

Of course, the same thing can be said about any type of insurance. How much do you spend annually on home and/or auto insurance? Most peoples' houses don't burn down, nor do most people total their cars but it's generally considered wise to have insurance on both.

 

[ultrarunner]

My Grandfather explained people buy insurance to make the unbearable bearable...

 

[ovrszd]

Of course, the same thing can be said about any type of insurance. Most peoples' houses don't burn down, nor do most people total their cars but it's generally considered wise to have insurance on both.

Yep. My shop burned nine years ago. $193,000 claim. I gladly pay my insurance premiums.

Had an Insurance Agent tell me this several years ago. "If you can afford the loss, don't insure it. If you cannot afford the loss, insure it."