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Are automotive warranties worth the extra cost?


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carminejg3
User

Apr 19, 2005, 9:09 AM

Post #1 of 6 (6606 views)
post icon Are automotive warranties worth the extra cost? Sign In

I wanted to see what peoples experence is with auto warranties? Do you feel the are worth the extra cost if you actually need service? Can you get the cost of car repair paid for or is it a fight with the warranty company to have them cover the warranty.

Any advice would be great thanks.


Tom Greenleaf
Ultimate Carjunky / Moderator
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Apr 19, 2005, 9:46 AM

Post #2 of 6 (6602 views)
Re: Are automotive warranties worth the extra cost? Sign In

That's one of those things that sales people get a monster commision on.

I really think you need to read what it covers for how long and have an idea about what the repair would cost outright. I was offered an extended warranty for clost to two thousand on a seven year old 34K veh and laughed. That with a $50 dollar deductible per problem, I said I think I can fix almost anything that could go wrong for that money.
A family member out of state bought a warranty to find out that service had to be done at the dealer! Got stuck with a $600 check up to keep it valid, at about 60K. They just changed the oil!

So - read carefully, and you can negotiate the price of that too. It's a gamble that can pay off but know what you are getting, Tom



carjunky
Enthusiast

Apr 22, 2005, 11:57 AM

Post #3 of 6 (6588 views)
Re: Are automotive warranties worth the extra cost? Sign In

Automotive Warranties are a hard area to discuss. sometimes they are almost impossible to collect on the warranty if a repair is needed.

Sometimes your better off putting the few extra hundred dollars in the bank and save it for your repairs..

One thing that you should consider is Gap insurance, so that if your car gets wrecked in an accidient the gap insurance will pay the difference in your loan to value balance on the car....

Then again if you could afford to pay cash, there is no need for the gap insurance.


carjunky
Enthusiast

Jun 23, 2005, 11:16 AM

Post #4 of 6 (5781 views)
Re: Are automotive warranties worth the extra cost? Sign In

After some more emails on this topic, I've decided to add some more of our feedback.

Yes it does feel comforting to know you "Are Covered" (well at least you think you are) the truth is like any business the automotive warranty companys make their money, on selling warranties for cars that most likely need a replacement.

AAA is great for this, but at least AAA only charges about $80 - $130 a year. So it's worth it because One tow, and you spent about $180 bucks. It happened to me. I Was driving and my clutch went, thankfully i was only 30 miles from home. But when I called AAA my plan expired 2 weeks prior (I was able to rejoin and get the tow covered) but, if it wasn't for AAA I would have been stuck with the 85/4 rule. Yeah thats right $85 hookup, and $4 a mile.

So back to auto warranties. My point is they are pricey $300 - $2400 (thats a lot if you ask me) and not to mention the pain you feel when trying to claim against one (espically when the part you need isn't listed in their book or your car maker calls it something different) Rember this is how they make their money by issuing warranty coverage that is never used.

What I would do is take that money, and put it in a savings account, and DON'T TOUCH IT. Keep it as an emergency car repair fund. If something does happen you will have the cash to cover the problem. This could also help if you don't have gap insurance. If nothing happens, Then you have a good down payment on your next "moneyPit".

Then again make sure the dealer you are buying the car from will give some type of car warranty, because if they don't I'd think something was up. Even as little as 30,60 or 90 days, so you could listen to the car and see how it sounds.

Also here's a plug for your local mechanic, it might be worth taking the car for a test drive to his station, so he could do a quick check-up, and let you know his opinion on it.

Just some advice.

DISCLAIMER:
This is just advice and please use your best judgment when looking into warranty coverage. Please don't get mad if we suggested you skip the warranty, and you blow your engine, since you didn't shift and where trying to pick up your cell phone or something.

Again if you prefer to be covered, then by all means get the warranty. BUT read the fine print., and think if you blow a $4500 dollar engine would you want a new engine in THIS car, or would that money be better spent on a newer one?


(This post was edited by carjunky on Jun 23, 2005, 11:18 AM)


Tom Greenleaf
Ultimate Carjunky / Moderator
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Jun 23, 2005, 3:53 PM

Post #5 of 6 (5777 views)
Re: Are automotive warranties worth the extra cost? Sign In

It's really important on WHO is the holder of the warranty. There are some shisters out there. Read carefully and know that this stuff is chiefly insurance. Check that it's a reliable source. As mentioned, the money in the bank can handle a lot of repairs. Use your best judgement with these things, best,



Tom Greenleaf
Ultimate Carjunky / Moderator
Tom Greenleaf profile image

Sep 22, 2005, 12:09 AM

Post #6 of 6 (3875 views)
Warranties - to add Sign In

Just wanted to add: Most problems will happen under the warranty that comes with the car. Expect to replace filters, tires, wiper blades and brakes as they aren't covered anyway. That would be like a warranty that your gas tank would stay full!! A couple years ago I bought a real nice 97 Chev Truck and they wanted almost $2,000 to extend it's 60 day warranty. I declined saying that I could fix almost anything that could go wrong for that or less!
Think about that. You're ahead by the $ and if nothing happens you won!

Best thing you can do for any car is drive easy, change oil, and do maintenance on time. #1 is drive easy. This racing around to get nowhere any faster is costing you. Stay safe,







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