Is buying an extended warranty on a new major appliance a good deal?

Question

Since the manfacturer's warranty covers the appliance for the first year or so, why spend a huge amount for an extended warranty because if something is going to malfunction, won't it usually happen within the first few month of use?

Answer 1

That depends on which appliance it is. For most of them the extended warranty is a waste. However it it has a lot of moving parts like a dishwasher it may be worth your while.

Answer 2

I am an appliance salesman, I sell appliances and extended warranties. I have worked for different retailers, so speaking from personal experience I can say I have seen many many instances where a warranty has come in handy, no matter what brand or make you are buying (of course some manufacturers have a higher repair rate) I have seen some appliances go 15 years with no repair, and some need many repairs in the first few years. Many times the first service call you need will cost more that you paid for the warranty. So I wouldn't listen to those who say it is a waste of money. what they are selling you is insurance, and more over , peace of mind, if you do need service you are covered. Ultimately the decision is up to you but it comes down to, pay some now and be covered, or possibly pay allot more later. But if you are interested in I suggest shopping around, prices do vary allot from retailer to retailer. Good luck.

Answer 3

depends on the item but usually not worth it. On a large applaince the only thing I can think of is a in the door ice and water. the button for them is just cheal plactic and wear quickly. it is expansive and the original warrentry doesn't cover it as they deem it wear adn tear

Answer 4

As I recall, Consumer Reports had an article on this several years ago. They said basically it's just a money-making scheme and is really not worth it, mostly for the reasons you stated.

Answer 5

it is a ripe off,do not do it,just another way to take your money.