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Has anybody bought from Carmax and include their MaxCare extended warranty service? What has been your experience on getting things covered under the extended warranty?
I have purchased two cars from Car Max. Both were very low miles. I declined the extended plan.
It's a bet they're making with the money you front. They are betting that those major systems won't go bad. You are betting that they will.
They don't make money off bad bets. They've figured out the rates to cover their ass, based on data they've collected. For you to buy it is about 80% peace of mind and 20% covering the repair of a covered component.
I bought one with the Max Care a few years ago. I almost never needed it. We did manage to get them to fix some things, right at the end of the warranty, so that the total they paid was almost what we paid for the warranty. I would not get it unless you really need it.
Much of it depends upon the car. If it's a reliable car like a Honda, then the warranty might not make much sense, but if it's a car like a Jaguar, where some models have annoying problems, then it could be well worth it to purchase the warranty. I'd look to it by vehicle as opposed to transaction.
I know someone with CarMax warranties and they have used them, and then someone who bought a vehicle from CarMax without one and the vehicle was out of warranty and needed a huge number of repairs within a year. It's all about peace of mind, though, with the warranties, and many vehicles do not need them sicne the likely repairs do not justify the purchase price of the warranty.
I agree, Most extended warranties if not all have a max cap of $6.500, so if it is a 5 year warranty and have a breakdown that exceeds that amount up front or in the first claim, you are just out of luck. so if the warranty cost $3,000 you have already paid half of your own service work. On top of that they make sure that you do the maintenence, no aftermarket intakes and the list goes on. Normally there is a 3 month and 1000 mile grace period before the coverage begins. Just understand that those warranty companies are not in business to loose money.They would not insure vehicles that have a pre-exsisting condition or if they feel that particular vehicle has a bad track record.
We have purchased extended warranties for the last several vehicles. WAY more than made up for the expense with a Volvo convertible, a Lincoln Navigator and a Chevy Blazer, but not so much with a Ford Explorer. It's a roll of the dice, but I'd recommend one for a more complicated, luxury vehicle--just too much stuff that breaks and the proprietary hardware can cost a fortune. The CarMax warranty isn't bad except that you have to go through them to minimize your deductible. We've had no problems with any of the companies.
i agree with the above poster. if getting a luxury car or one with a bunch of gizmos and you plan on keeping the car for high(er) miles, an extended warranty could be worth it in the LONG run. or if getting a somewhat problematic vehicle you plan on keeping awhile. why would anyone get an unreliable vehicle? well, because they want the car, i guess? enough to not mind fixing it
but if getting a reliable mainstream compact, midsize, etc....i would say forget about pricey extended warranties and as someone else said, put the money away every month you would have been paying on the warranty. by the time the factory warranty is up, you should have a bit saved if you're an average driver. and as time goes on and nothing goes wrong with the car, you'll have a nice little savings you can spend anyway you like
also remember extended warranties are offered by many at anytime. if you decide you want one because the car has given you some trouble within the regular warranty period, pick a company and get one before the factory warranty expires. with some money saved, its just a matter of buying later then at the point of purchase. at least you'll have an idea if you need one or not after some time of ownership
The only worthwhile extended warranties are those direct from the manufacturer.
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Depends on Vehicle
