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Extended warranties are a joke I've heard from many sources. They will try and more often than not succeed in denying your claims for a variety of reasons. A good reason why very few people purchase them.
OTOH, if the warranties were legit, it would even out the used car game....
What is your basis for this claim? And how is it any different from a warranty on a new car?
If you want a risk-free purchase, then pay the premium and buy an extended warranty -- or if you don't trust them, buy a new car with a warranty from the same people who are selling you an extended warranty whom you don't trust.
Extended warranties are a joke. I've heard from many sources. They will try and more often than not succeed in denying your claims for a variety of reasons. A good reason why very few people purchase them.
OTOH, if the warranties were legit, it would even out the used car game.
Actually, they're not a joke. What they ARE is very expensive for what you get. They are also a money-making product for those issuing them.
Before anybody seriously considers adding an Extended Warranty, I would SERIOUSLY suggest said person read it in its entirety, and maybe even have an attorney look at it. Those warranties are just like any other insurance, in that they intend to make money off of you - not the other way around.
I turned down two trucks...well, both of them that I tested.
The six cylinder F150 had a bunch of codes telling me that an intake manifold gasket was needed and the 4x4 Lariat (OMG, that Leather...) had a misfire code (lousy COPs) and I couldn't even get the 4wd shifter to budge.
Granted, I cheated. I had my code scanner and parked next to my truck to pull codes on both test drives and I am on a few F150 forums, so I knew what to expect.
In the Information Age, what's your excuse?
Part of me wonders if you are griping about this, how can you afford a new car or even qualify for a lease?
As for the supply and demand myth still floating out there like the fumes from someone smoking something rather strong in here, well, I Edmunds TMV'd a 2003 F150 just like mine, but in black. Dealer (cough*AC Collins Ford*cough...avoid 'em) has this dealer retail book value $5100 truck priced for just short of $9000. The salesdouche emailed me telling me it was still available, but I never saw it on the lot doing a couple of drive-bys. OH NOEZ! I didn't bite on his hook to get me on the lot. Oh well.
So, that supply and demand and inflated used vehicle prices can be put to rest. Plenty of used vehicles out there. It's just "Money see, Monkey do!" with prices. Everyone on CL thinks their 24" wheels, 10k HIDS and emasculating drops on their trucks (how useless is that?) 3x's the selling price. Well, that's a way to keep that truck, IMHO.
The 2004 Ford Excursion with 181,900-something miles on it for $18,991 on my credit union's website? Don't tell me Excursions are in demand!
I think one of the pleasures of buying a new car is you don't have to do a lot of work to insure that you are getting a good deal. It takes a lot of work to get a good deal on a used car. Most of the work is finding a used car dealer with a good reputation and how the car in question came to be used in the first place.
One of the pit falls of used car shoppers is they get their heart set on a particular type of car before looking at the used car market for that car. Cars that are; theft recovery, reposessed, and trades are the most risky cars to buy used. Fleet sales are safer but they are usually generic cars. I probally would not buy a used high performance car unless I was related to a mechanic.
The best place to start looking is in consumer reports or one of the many websites that rates cars. Some even give you an estimate of the cost of the possible repairs. You can negotiate this cost out of the purchase price.
It's just such a brutal game for the buyer and I for one refuse to play anymore. I don't feel like gambling on how many miles my thousands of hard earned dollars are going to buy me or duping some poor little college kid or single mom into using their food budget to pay me for the priveledge of taking my problems off my hands.
Leased and new cars from now on...
do what i do. go onto craigslist and find a private party selling their car. pay with cash -- if you don't have cash, go to your credit union and get a car loan.
i paid $16,450 for my current truck, for example, from a private party. That was literally the cost of loan the seller owed.
When attempting to buy a comparable model from the dealers: Most were asking in the $19,500-$22,500 range. One dealer negotiated downward to $18,500, before having a change of heart. I'm sure some of them were "certified", etc., but that means exactly nothing to me.
Granted, I cheated. I had my code scanner and parked next to my truck to pull codes on both test drives and I am on a few F150 forums, so I knew what to expect.
In the Information Age, what's your excuse?
Part of me wonders if you are griping about this, how can you afford a new car or even qualify for a lease?
There's no way to tell hidden problems with a truck/car just by giving it a once over. Sometimes you have to drive it for days or weeks before the hidden problems pop up. Four different mechanics missed a blown head gasket on my car.
I could always afford a new car, I just chose to gamble used to save $. No longer...
Quote:
Originally Posted by le roi
do what i do. go onto craigslist and find a private party selling their car. pay with cash -- if you don't have cash, go to your credit union and get a car loan.
i paid $16,450 for my current truck, for example, from a private party. That was literally the cost of loan the seller owed.
When attempting to buy a comparable model from the dealers: Most were asking in the $19,500-$22,500 range. One dealer negotiated downward to $18,500, before having a change of heart. I'm sure some of them were "certified", etc., but that means exactly nothing to me.
I think that is the largest gamble you could ever take. Spending 10K+ on a used car from a private party.
If that truck were a lemon or were to croak, you would have absolutely NO recourse. That private party owes you nothing. He doesn't even have to pick up the phone when you call him! At least a dealer has to listen to your laments.
And usually there is a reason people are selling an expensive car.
This is exactly what I'm talking about though. You just plopped down 16.5K on a truck. That is a lot of $ bro. And you have absolutely NO RECOURSE if the truck has major problems which were not disclosed. And believe me it could. I don't care how good of a mechanic you think you are.
I think that is the largest gamble you could ever take. Spending 10K+ on a used car from a private party.
If that truck were a lemon or were to croak, you would have absolutely NO recourse. That private party owes you nothing. He doesn't even have to pick up the phone when you call him! At least a dealer has to listen to your laments.
uh...so you think i oughta pay an extra $4,000, so if it breaks, a dealer can listen to me complain, right before he tells me to go screw myself?
Quote:
This is exactly what I'm talking about though. You just plopped down 16.5K on a truck. That is a lot of $ bro. And you have absolutely NO RECOURSE if the truck has major problems which were not disclosed.
and what recourse do i have buying a used car from a dealer? it's no different, it just costs more.
The "protection" comes in the form of a risk discount from new. That's why used cars cost less than new. If you want a risk-free purchase, pay for it and buy new.
Those 'extended warranties' are loaded with loopholes and exemptions, and are nothing more than a profit center for the dealer; 'pack' is the industry term.
If they're offering you such a warranty for $750.00, they probably paid no more than $150.00 for it.
The used car 'game' is risky, and there's no doubt about it.
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