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When we had our Odyssey, we paid for the extended warranty to extend it to 100K. It was so very much worth it. In just 2 visits it paid for itself. First time it was for the main TPMS sensor that was in the headliner and for a 2nd power steering pump. My new vehicle if we decide we want to keep it, we will add it.
Not all aftermarket "warranties" (Service Contracts) are bad. Stay away from the fly by night companies that are generally the ones who bring about all the complaints and scam reports. They have been known to tell you one thing, give you another and then when things start getting hot they take your money and run only to appear again in a couple months under a new name. Look for a service contract administrated or backed by a major insurance company.
If you are comfortable going the aftermarket route, don't go through the dealer as they can mark up the contract considerably. Typically double or more than what they paid. Go through a Credit Union or Insurance agent as their commission is set and minimal compared to what the dealer rakes in.
READ READ READ your contract. Don't go by what any salesman or loan officer tells you. READ it. Avoid any contract that states wear items are excluded as that is a vague term open to interpretation. If you qualify for the all inclusive coverage go with it as it covers everything except what is listed as excluded.
Make sure the contract allows you to take the vehicle to any repair facility of your choice and that they pay the repair facility with a credit card.
The contract should allow at least the first 60 days as a "free look" period that if you decide you don't want it you can cancel and get a full refund (unless you have filed a claim within that time period). After the first 60 days you should still be able to cancel and get a prorated refund. See if the contract deducts claims from your refund... hopefully they should not.
Over the years I have declined close to $20,000 worth of vehicle extended warranties. My total unanticipated expenses during that time...about $300. Waste of money? I think so.
At an average of $1000, that would be 20 new cars. Assuming you're 80.. That would be 20 new cars over 60 years, averaging keeping them for three years.
At an average of $1000, that would be 20 new cars. Assuming you're 80.. That would be 20 new cars over 60 years, averaging keeping them for three years.
No **** you didn't have many repairs.
Extended warranties sold at the dealership these days are way more than that. For my 2015 Hyundai it was about $2500. For my 2015 Jeep it was even more than that. A $1000 warranty might have been had in the 80's, but not today. I've had 12 new vehicles since 1980 and my wife has had three in the ten years we've been married. Count hers and it's over $20,000. Several were high mileage, another one was 11 years old and one was 14 years old. The latter two were GM pickups and account for pretty much all the money I've put out for repairs.
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