Do people generally buy extended warranties on electrical equipment?

Question

Because i sell it and wondered what % of people were interested..

Answer 1

Whilst i agree that some people have bad experiences with extended warranties there are a few places that do worthwhile and good policies.. i don't think its fair to write them all off.

Answer 2

I would never buy an extended warranty, they are a complete rip-off. If you read the small print they do not cover anything that might go wrong in a year or two anyway.

Same goes for the 'warranties' you can buy from second hand car sales places. Last car I bought, the salesman got quite aggressive when I refused the warranty and told him it was a load of rubbish. The only things it covered were like 'total failure of the drive chain and major componants'. If that failed on a 4 year old car I'd be expecting the manufacturer to cover it anyway! If it hadn't been written off...

Answer 3

I wouldn't shell out for them personally. I have insurance instead for my electrical equiptment that is work insuring.

I have worked for a loans department before (also selling products with extended warranties) and found that very few people tend to take them out.

If they are advertised and marketed well, giving many features and benefits and the price is right, some people can be persuaded to buy, but in general few are interested.

As a percentage I'd say about 3% of people go for it without the features and benefits, maybe about 15% go for it with them if the price is reasonable.

Answer 4

I don't as I am covered with my home insurance, and also because we live in a kind of throwaway society these days, where once something breaks its often cheaper to replace it than to repair it, so I'm afraid I don't really see the point in extended warranty. Anytime I have taken it out in the past, the appliance has always broken after the warran5ty is over, so I have not found it cost effective.

Sorry its a bit negative, but if u are a good salesman, i'm sure you could take these points on board and develop arguments against them!!!!

lol xx

Answer 5

Biggest waste of money going. Only time I ever did was on the first computer I brought and even that was a waste. I paid £300 for a washing machine 9 years ago and nothing has ever gone wrong. When it does a replacement machine will only cost about the same. Someone even tried recently to sell me an extented warrentee costing about £15 for a £30 stereo. It's a con sorry mate you won't sell any to me.

Answer 6

I never have. I've found that the manufacture's warranty is sufficient. Any monies I would have spent on the extended warranty after the manufacturer's warranty ran out, I can put toward the repair or more likely a new item.

Answer 7

After a bad experience with a washing machine extended warranty I now will never by another extended warranty.

Answer 8

I never buy it that's for sure, for a start off your new item is insured for the first 12 months under the manufactures guarantee, those who don't chop and change everything they buy within the first twelve months of owning it take out extra cover on their home insurance instead, its one heck of a lot cheaper than any extended warranty, sorry but they are a rip off and we consumers are starting to fight back over rip offs and stick up for ourselves these days.

Answer 9

I used to have them years ago but not now. They are a waste of money. The amount charged yearly is disproportionate to the actual cost of the repair, In many cases if you only had one fault in say three or four years it would be cheaper to scrap the article and buy another one.The way round this is for all the manufacturers to give say a five years Guarantee for all parts and labour they should have the confidence in their own products so that it shouldn't cost them too much. The exception would have to be for misuse.

Answer 10

I wouldn' be interessted in buying extended warranties as
I never buy them as most electrical items nowadays are so cheap to buy that it's not worth it.
The extended warranties are often nearly as high a price as what you paid for the item in the first place.