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Slightly OT: Extended warrantees

Awl--

I need a clue as to the pros/cons/sense of extended warrantees. Bottom line: Worth it? The only thing I know is that the price of some EWs have tremendous variations from dealer to dealer.

Dealer (Honda Fit) is asking $1100 for a 7 or 8 year/120,000 warranty, more or less. Says it will jump by $400 if I decide later than a few days from now, cuz then the car is considered "used".

Just drove home the 07 base Fit 5-door, an apparently great knock-around utility vehicle, intelligently laid out, nothing fancy, A/C, auto, CD, power locks/windows/mirrors, roomy very versatile seats. Seems to have decent pickup/handling, altho according to CR its 0-60 is a bit slower than say a Matrix, or Versa. But its mpg's are a bit better.

Interested in all opinions on EWs. tia.

Reply to
Proctologically Violated©®
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Statistically, no. They aren't worth it. EW's are basically playing the odds that you *will* need major EW work that will be at least the cost of the coverage premium. You won't know if you made the right choice for 7 years.

If "piece-of-mind" is important to you, then the cost of an EW (knowing it *may be* money thrown away) may make getting an EW worth it to you.

Reply to
jcr

That seems to be Conventional Wisdom but I've gotten my money's worth and then some on the extended warranties I've had. The one time I didn't get one, I would have made it back (A/C compressor). Now, it might be that I just buy crappy cars...

Just make sure you understand the terms & requirements of the particular warranty...deductibles, where it's valid, what you need to do to keep it valid (oil changes, etc), and exactly what it covers. Then it basically boils down to...How lucky do you feel? For something as (supposedly) reliable as a Honda or Toyota I don't know if it'd be worth it. You might might be better off to put the $1100 in a high interest on-line savings account. For an el-cheapo Ford or GM car with questionable reliability, it might pay off to get the warranty.

Reply to
M.M.

Traditionally, no, they aren't worth it.. BUT I just bought the Toyota care package which costs about the same. They threw in a free (?) insurance that will cover even dings to the car in parking lot.

So, if the Toyota system is honest, I should not have to worry about anything for 7 years. Bumper to bumper.

Now with HID lamps costing in the range of $300-500 each, it doesnt take much to justify an $1100 insurance policy.

Reply to
<HLS

Except that the insurance will invariably not cover anything you might need it for.

Reply to
AZ Nomad

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