Extended Vehicle Warranties

[SARGE]

Warranty expired on my F-150 and have a chance to get another 5 years or 50k miles for $3000. I'm a gambler but I also know price of transmissions, engines and electrical systems on vehicles nowadays. Are these plans ripoffs with "fine print" exclusions?

[doubledragon5]

Who is offering it? I would get it, if you plan on keeping vehicle it is worth the money. I always buy the extended warranties..

[mbossman2]

The consumer advocate Clark Howard:

Extended third-party car warranty being pushed by mail | www.clarkhoward.com

From the NC Attorney General:

Attorney General Warns of Car Warranty Scams :: WRAL.com

[EzyStvy]

I get the junk mail all the time in part that I'm on my 4th new car in a row.

If you purchase it from the dealer at the time you bought the car - it's a lot less expensive then $3000.

Like most insurance policies - it's a gamble. You'll either get to use it and it'll basically pay for itself or it won't.

I got lucky with the SUV I had before my current truck. Dealer quoted me $1200 bucks to fix two items. Come to find out, the dealer I made the purchase from had snuck in the extended warranty. I got the work done for $50 deductible and got a free loaner car.

BUT, I was pretty darn upset that I didn't read the fine print to see that the dealer had snuck it in.

[Preston]

Originally Posted by SARGE Warranty expired on my F-150 and have a chance to get another 5 years or 50k miles for $3000. I'm a gambler but I also know price of transmissions, engines and electrical systems on vehicles nowadays. Are these plans ripoffs with "fine print" exclusions?

My 2 cents.... 5yr, 50k for $3000 is way to expensive.

Take the $3000 and put it in the bank (or under the mattress with today's interest rates) and earmark it as your vehicle maintenance fund. If you don't use it over the next five years or 50k miles you still have your money.

[David M]

From what I remember what Clark said, the extended warranties from the manufacturers can be good but the third party warranties are mostly rip-offs and are causing a lot of problems for those who buy them.

From Bossman's link....
Third-party auto warranties are almost always poison for your wallet. If you want peace of mind, here's Clark's threefold plan:

First, buy vehicles on Consumer Reports' annual recommended list.
Second, have a used car inspected by a diagnostic mechanic before purchase.
Third, if you want to buy a warranty, do so only from the auto manufacturer itself.
http://www.clarkhoward.com/news/clar...shed-mai/nFgz/

[glc]

Not only should you only buy a "factory" extended warranty, you can shop price among different dealers online.

Sarge, your F-150 doesn't have any historic weak areas, $3000 would be a waste in my opinion.

[doubledragon5]

Originally Posted by glc Not only should you only buy a "factory" extended warranty, you can shop price among different dealers online. Sarge, your F-150 doesn't have any historic weak areas, $3000 would be a waste in my opinion.

Should have mentioned that I only buy the factory extended warranties..