Post by mcbrueAh yes ... the old "you are so poor" argument that has nothing to do
with the question I asked. Perhaps I view the cost as sort of an
averaged out repair bill, or sort of like trading options vs stocks.
Who knows what us poor folks are thinking, or trying to think.
Note that my experience over the last couple of decades has been that
the extended warranties do pay off big time. Of course I am too poor
to trade very often, so I drive a car for as long as I can get the
extended warranty. And over the last olds, nissan, two mercedes and
three lexi, I have saved quite a bit of money on each one. Now of
course I did not go back and factor in the cost of the money - that is
the lost interest, but that is not much on these amounts of money. On
this current LS430 Ultra, I have had over $12,000 worth of warranty
work done on it in the first 4 years. So odds are that the extended
warranty will pay off the way that I look at it.
Which gets us back to the original questions - which out of the many
companies offer a reputable product that does what it claims to?
David Z obviously does not know any poor folks like me, so he is
excused from the requirements of making any useful comments. His comic
skills are certainly evident in the above, so if he wishes to offer
more low comedy, he may.
You are such a moron, I don't know why I waste my time on you.
It has nothing to do with being poor. Except in your case, where stupidity
and stubborn ignorance are a form of poverty.
Extended warrantees are simply a bad deal. Here's a Consumer Reports article
that cites an in-depth study. Note that CR says in this article "We have
long advised that extended warranties are a poor deal for almost every
product."
http://www.consumerreports.org/cro/cars/new-cars/buying-advice/extended-warranties-4-08/overview/extended-warranties-ov.htm
Extended warranties: A high-priced gamble
Our survey of 8,000 new-car buyers shows they are usually a poor deal
Most people don't buy a new car without hearing the dealership finance
manager warn about "how foolish it would be" not to protect your investment
from unexpected repairs as you put on the miles. What comes next is a
persistent sales pitch for a solution to your new fears: an extended
warranty. "You could save the amount of the plan cost with just one covered
repair!" says a brochure for Ford's Extended Service Plan.
But extended warranties sell costly "peace of mind" for repair nightmares
that probably won't occur, according to a survey of more than 8,000 readers
in December 2007 by the Consumer Reports National Research Center. We have
long advised that extended warranties are a poor deal for almost every
product. Now we have the first data showing that this advice applies to most
new cars as well.
The survey included buyers of extended warranties for cars in the 2001 and
2002 model years. That allowed sufficient time for the factory warranties to
expire, as well as several years of extended coverage. The chart on Costly
contracts lists results for makes for which we have sufficient data; note
that models within a make may vary. Some owners in the survey might have had
coverage remaining, but our analysis shows that the need for serious repairs
is uncommon.
The main reason is that automobiles today are more reliable than ever. "The
odds are that what's covered won't fail," says Terry Wynter, who owns Terry
Wynter Auto Service Center in Fort Myers, Fla., and is helping to write an
extended-warranty guide for the Automotive Service Association (ASA). The
sellers of extended warranties know what parts tend to break within the
coverage time and mileage, so buyers are betting against the house.
In fact, that's a lesson many people already know. About 75 percent of all
respondents in our initial screening did not buy extended warranties, with
more than two-thirds saying they didn't think it was a good value for their
money.
The best course of action for most consumers is to buy a car that gets top
reliability scores in our Vehicle Ratings (accessed by pulldown menus on
major pages within the Cars area or through our interactive New Car
Selector, available to subscribers), and you probably won't need an extended
warranty. But if your heart is set on a car with a below-average reliability
record, it's more of a toss-up. You can decide for yourself how much "peace
of mind" is worth. For example, the highest usage claims were for
Mercedes-Benz, for which we have no recommended models due to below-average
reliability. But only 38 percent of those owners said they saved money with
the extended warranty; the average loss was $100.
The experience of our readers who bought extended warranties and a closer
examination of how they work (available to subscribers) show why the odds
are stacked against you.