10 year Extended warranty needed on 2018 Honda CRV EX-L AWD?

nichole654nichole654 Member Posts: 1
edited December 2017 in Honda
I just purchased this vehicle and signed up for the 10 year extended warranty through the dealership. He gave me a discount and I paid $1,700 roughly. 1. Do I really need It? Honda is known for reliability, but the 2018 has a lot of digital and technological components. 2. Does this mean I'm losing 3 years since I'm already covered under the regular warranty? 3. Can't I just pay the warranty upfront instead of rolling it over in loan? I don't know if it's too late now since I signed.

Answers

  • kyfdxkyfdx Moderator Posts: 197,932

    I just purchased this vehicle and signed up for the 10 year extended warranty through the dealership. He gave me a discount and I paid $1,700 roughly.
    1. Do I really need It? Honda is known for reliability, but the 2018 has a lot of digital and technological components.
    2. Does this mean I'm losing 3 years since I'm already covered under the regular warranty?
    3. Can't I just pay the warranty upfront instead of rolling it over in loan? I don't know if it's too late now since I signed.

    1) Probably not
    2) Yes, the extended warranty doesn't kick in, until the manufacturer's warranty expires. Doesn't Honda also have a 5yr/60K powertrain warranty?
    3) You could.. if you've rolled it into the loan amount, and you cancel, the refund will go to the bank to lower your principle amount. So, you won't get money back or lower your payment, but you'll have fewer payments (or, a lower balance, if you trade it in before it's paid off).

    You had it right... you buy a Honda for reliability. Why put $1700 into a warranty?
    Also, have you ever kept a car for ten years? I've owned 10 year old cars, but I've only bought one that was new, and kept it for that long (and, I've owned cars for over 40 years).

    I once paid $1000 for a 6 yr, 100K warranty on a new 2002 CR-V. When I traded it in after 6.5 years and 106K miles, I had received exactly $0 in claims/repairs from that warranty.

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  • GMickGMick ChicagoMember Posts: 1
    just a thought - the dealer warranty you signed for probably is NOT HondaCare. The dealer I bought my car from tried the same thing, but I called him out on it. He then said I was catching every trick. Buying from them wasn't worth the $200 I was saving over not buying from my preferred dealer. But, I am sure the warranty you bought was probably not Honda Care as Honda Care only goes up to 8 years/120K.
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