Not Logged In Log In   Sign Up   Points Leaders
Follow Us    10:24 AM

Message Forum - Read Message

Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Five Reasons Not To Buy An Extended Warranty Back to Topics
GasPasserAB
Champion Author
Edmonton

Posts:33,500
Points:1,294,200
Joined:Apr 2010
Message Posted: Nov 17, 2012 1:57:53 PM

When you're buying a car, a home or an appliance, more than likely you'll be pressured to buy a service contract, or "extended warranty," as part of the purchase. The warranty, you'll be told, covers repairs not covered by the manufacturer's warranty, or will extend coverage after the manufacturer's warranty expires.

But is this really true?

Are extended warranties a good buy? Companies selling them insist that they are, claiming they save consumers hundreds, even thousands, of dollars in costly repairs. But consumers filing complaints with ConsumerAffairs.com tell a different story.

Judging from the seemingly countless complaints we've received, there are five good reasons why consumers shouldn't buy the extended warranty.

1. They Usually Cost More Than They're Worth

"I went to Offi
Visit Consumer Affairs News for full article
REPLIES (newest first) Post a Reply
TheRedFez
Veteran Author Las Vegas

Posts:341
Points:116,255
Joined:Sep 2005
Message Posted: Nov 22, 2012 6:09:04 PM

Worthwhile advice.
LetemEatCake
Champion Author Oklahoma City

Posts:5,705
Points:1,360,915
Joined:Mar 2008
Message Posted: Nov 19, 2012 9:50:20 PM


Excellent article! Thanks for posting GasPasserAB!
DanMtz
Champion Author Oakland

Posts:6,583
Points:2,017,940
Joined:Oct 2009
Message Posted: Nov 19, 2012 8:08:34 PM

Everyone should know this.
Snowchoux
Champion Author Missouri

Posts:1,003
Points:145,635
Joined:Sep 2012
Message Posted: Nov 19, 2012 10:40:21 AM

They cover part of your regular warranty. I don't like to pay twice.
eschroth442
Champion Author Cleveland

Posts:3,083
Points:855,320
Joined:Nov 2011
Message Posted: Nov 19, 2012 10:27:32 AM

not worjth the paper they are printed on.
Sneakers55
Champion Author Houston

Posts:63,933
Points:2,797,940
Joined:Nov 2005
Message Posted: Nov 19, 2012 6:50:08 AM

I'm glad I got AppleCare+ on my iPhone 4S. I've used both incidents of accidental damage repair and could use a third. I'm going to get it on my next iPad as my BFF damaged one of my old ones.
Bonanza
Champion Author Boston

Posts:15,907
Points:3,325,355
Joined:Jun 2004
Message Posted: Nov 19, 2012 5:33:26 AM

Never bought one
heydano67
Champion Author California

Posts:2,682
Points:1,046,065
Joined:Feb 2012
Message Posted: Nov 19, 2012 4:56:49 AM

You need to judge for yourself if the price would be worth it, based on your past experience with whatever you're buying it for.
millerin
Champion Author Orlando

Posts:5,022
Points:1,191,050
Joined:Jan 2012
Message Posted: Nov 19, 2012 12:56:33 AM

hmm...
greatartiste
Champion Author New Jersey

Posts:1,145
Points:381,850
Joined:Apr 2011
Message Posted: Nov 19, 2012 12:34:24 AM

I will never buy one again on a car or electronics...
MAC48
Champion Author Dallas

Posts:3,904
Points:1,480,100
Joined:Dec 2006
Message Posted: Nov 18, 2012 10:05:52 PM

Extended warranties only make sense for very expensive acquisitions such as a new or manufacturer certified used automobile. The number one rule of thumb is do not buy an extended warranty from any entity that is not the original equipment manufacturer and only if that manufacturer is a large corporate entity that has been around for many years and expects to be around for many more years. For example, if you buy a Ford pickup, van or car only buy an extended warranty that is sold by the Ford Motor Company itself.

Do not ever buy an extended warranty form any company that is only in the business of selling and servicing the extended warranties that they sell or from any retailer to include non-OEM extended warranties sold by car dealerships.
lesndave
Champion Author Texas

Posts:6,131
Points:1,467,775
Joined:May 2011
Message Posted: Nov 18, 2012 9:59:56 PM

Just don't do it
exyouen
Veteran Author Philadelphia

Posts:351
Points:750,480
Joined:Jul 2011
Message Posted: Nov 18, 2012 9:16:57 PM

they wouldnt offer it to you if they didnt make money off of it
springer03
Champion Author Raleigh

Posts:4,504
Points:1,362,600
Joined:May 2011
Message Posted: Nov 18, 2012 5:32:18 PM

Most are
TruthMatters
Champion Author New Jersey

Posts:3,674
Points:1,200,120
Joined:Oct 2011
Message Posted: Nov 18, 2012 5:29:39 PM

I don't need five reasons to not buy. I just know it is something that is not needed at all!
leraar2
Champion Author Massachusetts

Posts:6,944
Points:1,552,935
Joined:Mar 2011
Message Posted: Nov 18, 2012 2:36:29 PM

the usual ripoff.
Skunk63
Champion Author Phoenix

Posts:5,796
Points:1,332,850
Joined:Oct 2011
Message Posted: Nov 18, 2012 12:33:41 PM

Ripoff.
WalkingWV
Champion Author West Virginia

Posts:3,883
Points:809,450
Joined:May 2008
Message Posted: Nov 18, 2012 12:17:23 PM

I never buy those things either.
The_DR
Champion Author New Jersey

Posts:5,471
Points:1,335,690
Joined:Aug 2011
Message Posted: Nov 18, 2012 12:06:48 PM

I never buy those things.
eomc17
Champion Author Tucson

Posts:2,218
Points:158,010
Joined:Mar 2007
Message Posted: Nov 18, 2012 9:58:16 AM

The scammers are out for your dollars. I never liked "extended warrantees" anyway.
bwatchingu
Champion Author Arkansas

Posts:4,929
Points:1,374,275
Joined:Jan 2009
Message Posted: Nov 18, 2012 9:32:57 AM

interesting
oilfreak
All-Star Author Houston

Posts:723
Points:39,210
Joined:Oct 2012
Message Posted: Nov 18, 2012 9:11:16 AM

Extended warranties only work on certain items.
derKraut
Champion Author Ontario

Posts:2,311
Points:1,851,395
Joined:Dec 2008
Message Posted: Nov 18, 2012 8:44:48 AM

I buy the extended warranty ONLY from the dealer.
EvergreenON
Champion Author Ontario

Posts:2,916
Points:1,054,055
Joined:Apr 2011
Message Posted: Nov 18, 2012 8:39:18 AM

Still the same
benjy
Champion Author Chicago

Posts:11,112
Points:2,534,555
Joined:Nov 2003
Message Posted: Nov 18, 2012 8:28:37 AM

so true...
blupupher
Champion Author Houston

Posts:6,749
Points:1,501,230
Joined:Feb 2011
Message Posted: Nov 18, 2012 8:26:12 AM

old story but still a good reminder about auto warranties.
greatartiste
Champion Author New Jersey

Posts:1,145
Points:381,850
Joined:Apr 2011
Message Posted: Nov 18, 2012 8:11:19 AM

This story is from 2005! WTF?
Straitliner
Champion Author Illinois

Posts:4,815
Points:1,005,905
Joined:Sep 2012
Message Posted: Nov 18, 2012 7:44:12 AM

It depends on what you are buying.
altonb1
Champion Author Pennsylvania

Posts:12,103
Points:2,253,565
Joined:Jul 2005
Message Posted: Nov 18, 2012 7:36:19 AM

I have purchases extended warranties on my laptops--and they have paid off. I have 2 laptops in my household that had accidental damage--and they were paid out at full value. I highly recommend anyone interested in a warranty check out squaretrade.com. My warranty cost about $60 and paid out $300 (the total cost of my laptop--on sale) so it was well worth it. Especially since the damage was caused by my daughter spilling a drink on it about 2 months after purchase.
medic6133
Champion Author New York

Posts:4,721
Points:976,760
Joined:May 2012
Message Posted: Nov 18, 2012 7:27:42 AM

Essentially: read the fine print & research both the product and the warranty before plunking down the extra cash.
BBopp
Champion Author Dayton

Posts:9,710
Points:2,628,475
Joined:Dec 2006
Message Posted: Nov 18, 2012 7:23:38 AM

I have always felt that if a product is decent, an extended warranty/service contract is unnecessary. This was a very good article and I hope those that read it, think long and hard before purchasing an extended warranty.
FPLREP
Champion Author Virginia

Posts:12,189
Points:3,219,810
Joined:Oct 2005
Message Posted: Nov 18, 2012 6:50:08 AM

If I do not have enough faith in the product that I feel the need to buy an extended warranty, then I do not need the product.
werich44
Champion Author California

Posts:5,082
Points:1,235,710
Joined:Jun 2011
Message Posted: Nov 18, 2012 6:29:03 AM

I had an extended warranty that actually saved me money. But I don't believe that is the norm.
flyank
Veteran Author Miami

Posts:364
Points:268,645
Joined:Jun 2009
Message Posted: Nov 18, 2012 6:26:07 AM

Never did get one.
skippypa
Champion Author Hawaii

Posts:11,723
Points:2,515,730
Joined:Jun 2008
Message Posted: Nov 18, 2012 6:11:18 AM

Ok
angel4me
Champion Author San Jose

Posts:2,814
Points:841,745
Joined:Dec 2010
Message Posted: Nov 18, 2012 4:04:55 AM

maybe on foreign cars........
GasHunter0007
Veteran Author California

Posts:303
Points:316,455
Joined:Oct 2012
Message Posted: Nov 18, 2012 2:39:22 AM

If it's a car - get a reliable, dependable car that comes with a good warranty in the first place. Then, you don't need the extended warranty.
gumbyrex
Champion Author Fresno

Posts:6,502
Points:1,530,680
Joined:Mar 2011
Message Posted: Nov 18, 2012 1:45:00 AM

Extended warranties are a money maker for the company selling the product. I have never purchased one and with 20-20 hindsight I don't regret it.
bston
Champion Author Oklahoma City

Posts:4,991
Points:1,414,675
Joined:Mar 2011
Message Posted: Nov 18, 2012 1:16:56 AM

Extended warranties are a money making scheme!
Melinda205
Champion Author Alabama

Posts:2,739
Points:537,915
Joined:May 2012
Message Posted: Nov 18, 2012 1:10:42 AM

Okay
kkimes
Champion Author Illinois

Posts:2,573
Points:2,177,295
Joined:Sep 2005
Message Posted: Nov 18, 2012 1:02:18 AM

Of course, people could say the same thing about health insurance. You could pay into it all you life and not need it until the very end. So it boils down to the question "how much is peace of mind worth"?

I bought it for our 2012 Toyota Camry Hybrid. But then I'm planning to keep it as long as I'm around so I think it will be worth it to me.
Amplion
Champion Author Oregon

Posts:10,119
Points:2,610,095
Joined:Sep 2005
Message Posted: Nov 18, 2012 12:51:36 AM

IF YOU THINK THAT YOU NEED AN EXTENDED WARRANTY, THEN YOU KNOW THAT YOU JUST BOUGHT THE WRONG BRAND AUTOMOBILE !!!!!
millerin
Champion Author Orlando

Posts:5,022
Points:1,191,050
Joined:Jan 2012
Message Posted: Nov 18, 2012 12:35:51 AM

great
danindenver
Champion Author Denver

Posts:8,076
Points:1,983,680
Joined:May 2005
Message Posted: Nov 18, 2012 12:19:26 AM

When I got to the part about Circuit City, I checked the date and found that this article is from 2005.

Aren't there any more recent articles I could waste my time reading?

Blue_Cruzer
Champion Author Lexington

Posts:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Nov 18, 2012 12:19:14 AM

Interesting.
MrLefty0706
Champion Author Chicago

Posts:4,626
Points:1,122,135
Joined:Apr 2012
Message Posted: Nov 18, 2012 12:14:34 AM

Good advice. Thanks for sharing.
7SPEEDY7
Champion Author Flint

Posts:4,124
Points:1,359,690
Joined:May 2011
Message Posted: Nov 18, 2012 12:12:39 AM

So TRUE!!!
lesndave
Champion Author Texas

Posts:6,131
Points:1,467,775
Joined:May 2011
Message Posted: Nov 18, 2012 12:11:11 AM

Good article. Sometimes they're worth it, but you have to be really careful.
N5EXY
Champion Author Austin

Posts:8,750
Points:2,282,430
Joined:Jul 2004
Message Posted: Nov 18, 2012 12:09:34 AM

About the only time I even consider an extended warranty is if I buy a "refurbished" unit and the refurb must be at a substantial savings, or, something that I don't expect to use very much or very long. I suppose it would affect gas prices but I never heard of extended warranty on a gallon of gasoline.

[Edited by: N5EXY at 11/18/2012 12:12:00 AM EST]
rahcat
Champion Author Grand Rapids

Posts:5,945
Points:1,437,750
Joined:Jan 2010
Message Posted: Nov 18, 2012 12:03:55 AM

Interesting
Discovery02
Champion Author Colorado Springs

Posts:8,585
Points:1,052,145
Joined:May 2012
Message Posted: Nov 18, 2012 12:03:30 AM

Useful information to read.
Post a reply Back to Topics