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  #1  
Old 11-04-2002, 04:12 PM
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Location: North Grafton, MA USA
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Question Extended warranty, worth it?

The price for an extended warranty seems kind of out of this world for a private party purchased vehicle, tell me what you guys think, and is it worth it...

The max they would cover is an 11 year old car with max mileage of 80k. For a 1992 500SL with 80k miles they quoted $5215.00 for 24 months/24k miles. This seems insane, but given the cost of repairing this auto, is this worth it? What do you guys think?
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  #2  
Old 11-04-2002, 05:08 PM
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NO! however if the car needed an A/C evaporator & auto transmission you would need to plunk down about $5000.
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  #3  
Old 11-04-2002, 05:18 PM
John_Schwarz
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If you're seriously considering spending $5k on a warranty, may I suggest two alternatives:

1) Purchase a Starmark SL instead (they come with a basic warranty already).

2) Taking the $5k you would spend on the warranty and shifting the money to a newer, lower mileage vehicle.

Being in the same position 2 years ago, my E420 ate a transmission at $4,500 (replaced motor mounts at the same time). General maintenance and repair has run around $4k over the last 18 months. A good chunk of that $4k has been on the maintenance side. I don't know how much of the other $2k would have been covered under a warranty, but the transmission would have been covered.

My lesson in this story - alway go for lowest mileage and newest model year you can afford. At the end of day, the money probably balances out, but if you spared the hassle of going back & forth to your tech, etc., you'll enjoy the vehicle a lot more!
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Old 11-09-2002, 07:59 PM
vanakin
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Hello John, I was wondering did you get any warning signs before your transmission went.

Thanks
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  #5  
Old 11-09-2002, 08:41 PM
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Location: St. Albert, Alberta, Canada
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Extended warranties are insurance policies. Whether you buy one depends on your tolerance for risk and the "expected return" for the monies paid.

Some people wouldn't think of driving a car out of warranty, others are much more willing to take a chance. Self insuring (as MB DOC suggested) is one way to buy insurance with a little more risk, as the repair costs might exceed the premium paid.

In my case, I would not buy a $5K warranty. I also wouldn't buy an older R129, as the potential costs of major repairs is beyond my risk tolerance. On our 1998 C230, I bought the Signature Class MB extended warranty simply because it was cheap ($1400) and when comparing the price to my individual risk profile, the premium made sense.
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  #6  
Old 11-09-2002, 08:49 PM
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is that a warranty from m.b.?if not i'd go over every word and look for loopholes.just a feeling i get but if it's not a m.b. warranty i'd keep your money in your pocket.if you haven't purchased the car already i think the advice of putting the 5k into a newer car is a good one
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