warrenties/is it worth extending&the money

[johnr319]

Ideas on extending warrenies. Is it worth the money? My auto is 2003 ml. Other than a whinning sound, I've had no problems.

[sokoloff]

Some people can't live without them. A few like me wouldn't ever buy one but certainly wouldn't turn down a car that had one. I have never owned a car where it would have paid me to have bought an extended warranty. My philosophy is that these extended warranty companies are not in business to be helpful to car owners. They are in business to make money. Considering how much profit there is to the dealer/salesperson selling such warranties and that maybe half of your premium actually goes to the warranty company and in the scheme of things they are not going to lose money on the deal, then it's got to be a bad buy for me. I've also heard of a whole lot of cases where the warranty company either went out of business or made it difficult to get claims paid. Others feel that they want the peace of mind and that's okay too.

Len

[bowin]

Originally Posted by sokoloff

A few like me wouldn't ever buy one but certainly wouldn't turn down a car that had one. I have never owned a car where it would have paid me to have bought an extended warranty. My philosophy is that these extended warranty companies are not in business to be helpful to car owners. They are in business to make money. Considering how much profit there is to the dealer/salesperson selling such warranties and that maybe half of your premium actually goes to the warranty company and in the scheme of things they are not going to lose money on the deal, then it's got to be a bad buy for me. I've also heard of a whole lot of cases where the warranty company either went out of business or made it difficult to get claims paid. Others feel that they want the peace of mind and that's okay too.

Len

It is true. I support your philosopy. It is all depends on how you take care of your car. If you maintain your car properly, it won't disappoint you.

[G-Benz]

I think buying an extended warranty for a vehicle with low miles makes no sense. As previously posted, if it has been taken care of, it shouldn't cause the kinds of problems that a warranty is designed to cover.

I have had extended warranties on several cars (in my younger days) and never had the opportunity to use them. The only one that turned out to be advantageous was for my W124, which had 72K on it when I purchased. Not long thereafter, I had the A/C evap go out, the main wiring harness, and the belt tensioner and front valve cover seal. All replaced for just the deductible cost. Figured it paid for itself.

I have never had an "extended warranty" on any vehicle. That said I think that for someone who does no automotive work themselves, it MIGHT be worthwhile IF you get one from the manufacturer. DO NOT get one from a third party company. These companies are notorious for going out of business leaving their policy holders high and dry. The manufacturer will in all liklihood be around to honor its extended warranty.

Also I believe that they should call these what they are, an INSURANCE POLICY. They are not a warranty. When you buy one, you are betting that the car will break down and they are betting that it won't. That is an insurance policy.

Have a great day,

[skiier3_9]

I agree Larry, from an economist's view it the same as buying homeowners insurance or car insurance...with the exception that cars always break