Have a 70 000 mile Hyundai Elantra of 2000 in good condition, I'm the 2nd owner, well maintained. Is extending warranty for next 60 000 miles worth while as it costs 400$ + 112 $ a month to be 2415 $ altogether -or does it depend on what the warranty covers? asks a very inexperienced US insurance etc. owner Marya
2006-10-02 14:30:56 · 7 answers · asked by marya 3 in Cars & Transportation ➔ Insurance & Registration
Cars today built robotically are considered to be ultra-reliable. Consider your purchase of the extended warranty program as expensive insurance.
Think of it this way.
You just paid $2415 UPFRONT betting that SOMETHING will go wrong with your car. For $2415, you can buy a brand new engine for your car, (did you know that?)
If you are the kind of person to take care of your car, (oil it every 3k miles, flush radiator once a year, etc...) then you will probably never have to use your extended warranty. If it is transferable, then you can hope to recoup the expense by "selling" it to the next owner... Who will most likely have a better chance to take advantage of it... Good luck to you...
2006-10-02 15:07:10 · answer #1 · answered by Number1son 3 · 1⤊ 0⤋
Extended warranties are one of the most usless products you can buy. And brother do you have to buy them. You will be FAR ahead to drop $1000.00 into a savings account and cover yourself for possible repairs and maintenance costs. Since your vehicle is in very well maintained condition large breakdowns will be rare and most large ones (like transmission failure) seldom cost over $1,500.00 on today's modern cars. It's always a roll of the dice but be realistic...what are the odds of your engine blowing up next year? If all goes well, you sell the car a few years from now and have over a grand to boot!
2006-10-02 23:28:53 · answer #2 · answered by Anonymous · 0⤊ 2⤋
Check the reliablity through Consumer reports, ect. Check out the fine print, what is the deductable, how many years? How much do you drive it annually? Can you afford to pay a repair bill? What are your cash reserves?
Take the money and put it in a car account as a reserve. I have always been a head without the insurance.
I wouldn't buy it.
2006-10-02 22:17:55 · answer #3 · answered by V B 1 · 1⤊ 1⤋
It's an odds game. If the one selling the warranty thought that everyone needed it they would lose money. On the other hand some people need it and then it becomes a bargain for the buyer. Are you lucky?
2006-10-02 21:36:32 · answer #4 · answered by M D 3 · 0⤊ 2⤋
I would get the extended warranty, because after the car is paid for it normally has major problems. At least you would still be covered.
2006-10-03 03:52:48 · answer #5 · answered by ? 2 · 0⤊ 2⤋
It really depends on the coverage Is the engine covered , transmission , belts ?? If it covers major repairs then yes ..But read the coverage completely .
2006-10-02 21:37:10 · answer #6 · answered by southernn_sky_2020 4 · 0⤊ 2⤋
no. take the $2415 and put it in your pocket, you will be better off.
2006-10-03 00:58:57 · answer #7 · answered by namkciub 3 · 0⤊ 1⤋