Extended warranties

[bigred715]

How many of you have bought extended warranties after your original has expired. I own a 2007 Classic Chevy, and after having to shell out $400 for an front wheel 4x4 actuator which activates your 4x4 when you push the button, I bought one from my dealer. I got numerous warranty applications in the mail, but ignored them and wen with the dealer one for $2900 for 4 yrs and covers everything just about. They said definitely stay away from the ones you get in the mail. Don't use Ford parts and much more expensive.

[richfaa]

We have the Ford ESP on the truck and the G.S on the Montana. I would not be without a Extended warranty particularly on the 5th wheel. Check out the cost on the truck for a major failure. If you have that kind of money laying about you are fine.

[Big Dave]

I have the ford ESP on my truck and Cornerstone Extended warrantee on my Montana!

[Denfinger]

I have a Ford ESP on my 2012 F250 and a 7 year Cornerstone Warranty on the Montana. Make sure you shop on the internet especially for the Truck ESP as I saved over 1K over my local Dealer buying on line from another Ford Dealer.

[richfaa]

X2 on what Denfinger posted.

[Tom S.]

quote:Originally posted by bigred715

How many of you have bought extended warranties after your original has expired. I own a 2007 Classic Chevy, and after having to shell out $400 for an front wheel 4x4 actuator which activates your 4x4 when you push the button, I bought one from my dealer. I got numerous warranty applications in the mail, but ignored them and wen with the dealer one for $2900 for 4 yrs and covers everything just about. They said definitely stay away from the ones you get in the mail. Don't use Ford parts and much more expensive.

OK, I'll bite: why would you want Ford parts on a Chevy?

Other than that, I'd put the $2900 in a CD, let it earn interest and forget about the extended warranty. With all the vehicles I've owned, an extended warranty would have paid off one time. Sure, I've had out of warranty problems, but never anything I either couldn't fix myself, or nothing that would come close to paying for itself. Sure, some folks here will tell you how the extended warranty saved them money, but they are in the vast minority. If they weren't, extended warranties would be flying off the shelves, everyone would own one and the dealers would go broke selling them.

Think of it in this light: you are placing a bet with the dealer. He is betting he will never have to pay out more than the cost of the warranty and you are betting he will. Guess who has the odds in their favor.

[MDL]

I used to be a strong believer in never buying an extended warranty. Yes, it's a gamble I agree, but we just had a washer fail after only 3 years in our home. Thankfully it was completely replaced when they couldn't fix it. We would have been out $1200 due to a bad factory bearing, but the $99 5 year warranty saved us.

Fast forward to our new trailer, and in this case it comes with a lifetime warranty, but doesn't cover everything (especially the hydraulics ). My truck is too old now for an ESP, so I'll just have to suck it up if we have a failure, or maybe buy a new truck.

Now I'm on the fence since I've been saved at one point. I don't think they make anything like they used too, it's just a gamble of it failing before the warranty expires, or after it expires. Since the quality is generally going down it seems, the odds may be in our favor. Thoughts?

[TAKPAK]

For the RV, yes, we got the extended warranty. Yes, it's a gamble, but there is a lot of really expensive stuff in an RV that shakes, rattles, and rolls around. That said, I have never bought an extended warranty on any other vehicle. Never have needed one. Especially since a friend of mine who works at an auto dealership said that more pressure is put on the salesment to sell "add ons" and extended warranties, than on selling a car...almost. There is HUGE money in extended warranties. And definitely check out the fine print. A lot of people have gotten burned that way.

[mlh]

And don't forget some things are not covered by any warrenty new vehicle or ESP. Like your high pressure fuel system if you get water in you'd fuel it will ruin your high pressure fuel pump. This is a $8000 dollar repair on a Ford done know what it cost on other trucks but it isn't cheap.
Lynwood

[richfaa]

You know we have had homeowners insurance on our homes for over 40 years and I will bet that is a lot of money in premiums. We have never used the policy once. I guess we should have put that money in the bank and drawn interest all those years. I do know that if the house burned to the ground now with all its contents destroyed we would be out about 400,000. I doubt very much if the premiums and interest would cover that.

[scott-pati]

I have the 7 year Cornerstone Warranty on the Montana, nothing on my truck and we had the American home shield that came with the home purchase. What a joke that was, I didn't renew it. There big thing was we'll replace it if we can't fix it. I'm not going there, to painful to talk about...

[richfaa]

We have a service contract with a local contractor for our S&B. He checks everything in the S&B twice a year A/C, furnace, water leaks, Filters, etc and replaces as needed. That is @165.00 per year. With Columbia gas of Ohio we have a warranty on inside and outside gas water, electric lines, furnace and all appliances. The same contractor above is our repair person. If there is a problem we call a Columbia gas number and they call the contractor to do the repair. We do not have to be home to do that.
It is not cheap and it cost us 710.00 per year for all of those services but is a one phone call takes care of everything service and we have used it over the years many times.

[bigred715]

For one thing, CD's don't pay squat nowadays and could never get enough interest on them thanks to Bernacke for that. Using the truck mainly for towing, there is a lot of strain on the truck and I could not pay $15,000 or more for a new engine or maybe $8,000 for new transmission if they cost that much. It would be the end of traveling for us.

[Tom S.]

quote:Originally posted by bigred715

For one thing, CD's don't pay squat nowadays and could never get enough interest on them thanks to Bernacke for that. Using the truck mainly for towing, there is a lot of strain on the truck and I could not pay $15,000 or more for a new engine or maybe $8,000 for new transmission if they cost that much. It would be the end of traveling for us.

If you don't think the engine or trans are that good, then by all means, get the warranty. I actually had to have a transmission rebuilt once... it was in 1970 and was on my 409 Chevy SS. Post back here in four years and tell us how much it ended up paying out. I'm betting the interest on a CD, low as it may be will out shine the interest you get on the extended warranty.

[richfaa]

Warranties and insurance policies are not a investment and one does not purchase them expecting to make money on them. They are protection plans. Our home owners, auto, truck, Rv policies pay no interest. Our 401K does as does our CD's meager as it is but they are a investment purchase.

I do not understand the argument that you may not get your money back on a Extended warranty. Why do some think a extended warranty is a investment that will earn money???

We all purchase many things we do not get our money back on. Why we buy our Montana's and we will never get our money back on them.

[MDL]

quote:Originally posted by scott-pati

I have the 7 year Cornerstone Warranty on the Montana, nothing on my truck and we had the American home shield that came with the home purchase. What a joke that was, I didn't renew it. There big thing was we'll replace it if we can't fix it. I'm not going there, to painful to talk about...

HAHA, been there, got the tee shirt! If they can fix it may cost you a lot of time and heartache!

Agree with Rich too, that's why you get insurance. 40 years at say $700 a year is only $28K...hard to beat for a catastrophic loss.

[Artemus Gordon]

Ford Extended on F450 and GS on Montana. My GS has already paid for itself with two major repairs on the Montana.

[JandC]

quote:Originally posted by richfaa

You know we have had homeowners insurance on our homes for over 40 years and I will bet that is a lot of money in premiums. We have never used the policy once. I guess we should have put that money in the bank and drawn interest all those years. I do know that if the house burned to the ground now with all its contents destroyed we would be out about 400,000. I doubt very much if the premiums and interest would cover that.

A friend of mine in Florida is trying to disprove the whole homeowners insurance argument. They wanted over $3,000 a year to insure his home so he started from the first year investing that money. I guess if it doesn't completely burn down in the first 20 years he may save some money.

[steelpony5555]

Just bought an extended warranty on my truck yesterday. Never buy them when you buy the vehicle cause they are just trying to make another buck on you. I found Chrysler Warranty on line for $1600 for 4 years up to 120K miles which covers pretty much everything including the radio and seat and window motors etc. I fix a lot of my own stuff but when it comes to these new trucks they are out of my ball park. This truck has more gizmos on it then I ever had. On top of anything mechanical breaks it will be expensive. If a turbo goes out that's $2600 just for the turbo. I would really hate to have to pay for one of these touch screen radios. And do we really have to discuss injectors???????? Stop at a truck stop sometime get a little water in the fuel that gets past your filter... I also just bought a 2010 Cadillac where the dealer I got it from wanted $4000 for and extended warranty from some independent company. I went on line and bought a bumper to bumper warranty from Cadillac for $1400. Gives me peace of mind when we travel cause both have trip protection, towing and even rental car.... The warranty on the trailer already saved me $1200 but more importantly I did not have to do all the work to replace the gray tank that split.... There is something to be said for paying ahead of time for someone else to deal with the headaches and busted knuckles....

[mlh]

If you get a little water in your fuel that gets past your filter and ruins your high pressure fuel pump it is not covered under any warranty.
Lynwood