Should I buy an extended warranty on a used car from Carmax?

Question

They say that their extended warrantly is "different" from other companies' extended warranties. Is this true? Is it really worth the added expense? I've heard so many nightmares about people who shell out thousands of dollars for an extended warrantly, only to find out that every problem they have is "not covered" by their extended warranties... Total waste of money!

Answer 1

It depends on the car you're purchasing. If it still has a malefactor's warranty and you don't plan on keeping it for every long, there is no need.

If the car has 25k or more and you're going to hold on to it for awhile than yes, i'd say you should probably consider it.

I know a bit about the way their program works. Basically, it covers the car mechanically and electronically bumper to bumper. Basic maintenance and upkeep are of course you're responsibility and if something happens due to your negligence it's not covered of course.

God forbid, if something does go bad on the car, take it back to CarMax and you only pay a $50 dollar deductible fee for ALL the service they do. If you're battery were to go bad because the alternator broke, both would be covered under the service plan. Kinda like a cause and effect thing.

Uhm, what else.. anything that isn't covered is listed in the brochure (which is very minimal), and everything else is. And I believe that if you trade the car back into them and there is still max-care on it, what you would have paid rolls over onto your down payment of the next vehicle.

If you have any additional questions on the service, i'm sure you can talk to one of the consultants at CarMax. Again, it's up to you to evaluate if having the plan is beneficial on the vehicle you're purchasing

Answer 2

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Answer 3

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RE:
Should I buy an extended warranty on a used car from Carmax?
They say that their extended warrantly is "different" from other companies' extended warranties. Is this true? Is it really worth the added expense? I've heard so many nightmares about people who shell out thousands of dollars for an extended warrantly, only to find out that...

Answer 4

Yes, be careful here. There are reputable companies that sell extended warranties such as warrantydirect.com. Also if you have a balance of the manufacturers warranty, try and see if they will extend it and how much. This is the best way to go because the manufacturer is more than likely not going to go bankrupt.

Answer 5

I would definitely get a power train warranty. In fact, I did just that on the last used car I bought. After 11 months (just after the "lemon law" grace period expired), the engine went kaput ... totally fried. Because I had the warranty, they had to replace the engine, and I got another 100,000 miles (about seven years of driving) out of the car.
I would say that the extra $1500 I paid for the warranty (which equalled 100K miles) was more than worth it.
YMMV

Answer 6

Depending on what car you are getting, I would probably pass on it.

Honda/Toyota - skip it
Chrysler/GM/Ford/Nissan (Titan/Quest/Armada) - consider it
AWD/4x4/Turbo/Supercharger - consider it

I gather Carmax also does not negotiate on the price of warranties. Do some work on the internet and I am sure you can find one cheaper that is pretty good. Read the fine print, some don't cover all that much, and some are bumper to bumper.

Answer 7

check out other places to compare first here are some here http://painintheexhaust.blogspot.com the extended warranty is listed with loan companies

Answer 8

You can usually extend it at the dealer(in this case Carmax).

Answer 9

DON'T BUY IT! It a waste of money. You car stll has the remainder of the factory warrenty. I bought one and don't need it. I regret it.

Answer 10

I want to ask the same question as the user above.