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Comments
Which is more likely to happen... GM going bankrupt or Motors Insurance? And if Motors Insurance would be to fail, GM would be legally responsible in picking up and continuing your extended warranty for the full duration stated in your contract with them.
A friend of mine bought his new GM car at their dealership, along with a 3rd party warranty they sold him. The 3rd party warranty company went bankrupt, but his dealership still honored the warranty.
Unless you're willing to go with another manufacturer (buying a different car) that holds their own extended warranty contracts, you're stuck with the above scenario.
I've purchased over 12 cars in my life and with the exception of one ('04 F150 transmission failure), I would of never been able to take advantage of the warranty. Waste of money imo
You'll do fine with the Altima. But if you want something extra in the way of "peace of mind", just toss $50 or $100 each month into a separate savings account. That way, you'll have a few thousand on hand when the car gets older & the factory warranty runs out.
My question is, as cars have become more sophisticated electronically (especially hybrids, but not only those) and have more and more actuators, have the risks of costly repairs risen enough to make an extended warranty worthwhile -- even if the engines and the power trains are increasingly bombproof?
The electronics in cars today may make it more difficult for the average guy to do their own repairs, but I think in the end the cars today require less maintenance.
For the Nissan Altima, Consumer Reports gives it high marks for reliability and a host of other qualities.
There's alot of fine print with the extended warranty - if you opt for one, make sure you know what you're getting, if it's transferable, refundable, what it covers - and never buy one through a third party not backed by the OEM. If you can't take your time to shop around for something and your being pressured to buy it there at the time of purchase - it's probably marked up beyond it's value.
I think of it as catastrophic mechanical-breakdown insurance -- insurance against having to pay $1000s to have my car fixed if it breaks down. Of course there's no guarantee that the investment will pay off: like any form of insurance, the odds favor the provider, who is working off of actuarial tables. But I'm willing to pay an affordable bill today to avoid facing an unaffordable one tomorrow.
I'm far ahead financially by NOT buying an EW on my cars and I keep them for at least 10 years. I totally understand the desire to have the peace of mind though.
~$ 500. This is the only EW I have ever bought.
Regards:
Oldbearcat
If you buy an EW for each of your next 6 or 8 cars, you might recover the purchase price once, but you'll lose money the rest of the time.
IMO, the best EW is money in the bank.
Regards:
Oldbearcat
Regards:
Oldbearcat
I agree. It might work once but in the long run, most people would be way ahead if they took the money they would spend on an EW and put it in the bank for repairs. It would be a tidy sum after several cars.
Of course, if you buy Jags, all bets are off.
Regards:
Oldbearcat
For the policy, that seems cheap compared to what MIGHT go wrong, but pre year, then I agree, money in the bank, and if you don't use it, it's a great down payment on your next car.
I'm looking at a 2008 LS 460 L with 44,000 miles on it. I MIGHT keep this car longer then the last 2 (A 2007 Camry (38,000 miles on it and current 2008 Avalon with 65,000 miles on it), because it's a Lexus, but I'm a bit concerned as I put on about 35,000 miles per year, and well, if I keep it longer, I will have 150,000+ miles on it before I trade it.
Piece of mind says for $2200.00 it might be worth it. Now that's not to say, saving $1,000.00 per year in the bank would give me $4,000.00 at the end of 4 years, and should cover damn near any repair that should come along, and if I didn't need it, it would be there as a down payment towards a new car, just not sure if I had an extra 2,3 or $4,000.00 in the bank, I might not use it whenever I saw the need.
Skip
I always love it when a dealer tries to sell me an extended warranty. My response is always the same "you just spent hours explaining the virtues of the vehicle I am about to buy, now you are telling me I will need an extended warranty (or service plan) to cover the vehicle. Now, please tell me why I should buy a vehicle which is so bad I will need to pay you thousands to cover all the repairs you are now telling me I can expect if I purchase this vehicle from you!" Rarely do they have a response.
What's real here? Can you get a Subaru extended warranty for a Subaru that's beyond warranty date and miles and that you didn't purchase from a dealer?
Many thanks.
"Mechanical Breakdown means (2) The failure of a Covered Part due to a gradual reduction in operation performance as a result of normal wear and tear, prior to 50,000 miles. (Don't most of the parts fail this way?)
"Covered part is replaced only when it's failure is not caused by failure of a non-covered part". (e.g. oil pump fails - see exclusion for correction of oil consumption below - ; engine dies; not covered because due to oil consumption.)
EXCLUSIONS:
"Use in Canada" (I might travel there someday).
"Haz waste disposal, env fees, freight changes (like for a part), adjustments (after replacing a part), water leaks, rattles / noises. (These elements in a repair bill continue to grow)
"Air bags, hinges, lenses, body parts and panels, door handles, upholstery, paint, freeze plugs, hoses, exhaust system, shocks, constant velocity joint boots, seatbelts, Appliances?, back up protection.
"Valves, piston rings, correction of oil consumption, correction for loss of engine efficiency"
Have you checked with a Toyota dealer about a warranty?
My problem is, everyone i know with a GTO is basically saying that any extended "warranty" on a sports car is basically useless. They will deny any major claim i ever have due to "abuse". Is this true? Am i better off getting that money for the warranty sent back to the bank and lowering my payments a bit, or should i keep it and hope for the best?
Shawn
Truthfully, for what a good warranty would cost, you're better off with $1100 in the bank on a Camry, what tends to break on them is rarely covered by a warranty and they're quite reliable cars.