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Extended Warranties

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bar+leby88

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Apr 11, 2003
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You guys ever get those extended warranties from Future Shop, Best Buy, etc.???

I've always heard not to cause you're unlikely to use it.

However, I'm looking at getting an expensive plasma TV and was wondering maybe it might be worth it this time, especially cause it's a relatively new technology/product.
 
On high ticket electronics it is worth it. On smaller stuff not worth it, if a reciever for 500 dollars dies in years you can go get a newer updated one for less money then. I am in the automotive business and don't reccomend getting them the aftermaket warranty campanies will do just about anything to get out of claims.
 
The logic I've employed regarding extended warranties in general (feel free to correct me if my logic is flawed), is that the companies that offer this are in the business of making money. As such, they intend to profit from extended warranties, i.e. customers will spend more on warranties than they would have on repairs. If they'd make more on repairs then they wouldn't offer the warranty in the first place. This is their business, so I'll assume they know what they're doing (for this matter, at least) and not take the warranty, because on average, it will cost me more than the potential repairs.

I may, however, be more tempted to buy the warranty, as someone else alluded to, for a bigger ticket item.
 
My experience with products breaking is that if they do it will be early on and therefor would be covered under the original warranty. I would never by it on a smaller priced item like a dvd player. I would never buy it on a car. It's tough to say wether I would or not on a plasma tv. I probably would depending on the price or the warranty.
 
ElfGoneBad said:
Honda has extended their warranty for emissions related components for 1998-2002 v6 models up to 130,000.
warranties…. THIEVES.
Click to expand...

thats actually federal law
all emissions related items (you could even push spark plugs) are covered by a 5 year 130,000 km warranty
 
i 'have a friend' who worked in a big box office supply store - he said it was obvious that these extended warranties were nothing but money makers for them - they almost pushed the selling of warranties over selling the products!!!!! lol - the owner of the warranty company even made a special appearance thanking the staff for selling so many of them

as was said above, most problems will show up early on and would be covered by the manufacturers warranty - i suppose $150 for a big ticket item (plasma tv) gives you piece of mind, just dont read the fine print on the warranty
 
I know the salespeople are obligated to ask, but really...

About a year ago I was at a Radio Shack buying a $10 phone. "You want the extended warranty on it? We'll replace it if anything goes wrong with it. The warranty costs $10."
 
I went to Future Shop today......

I think I'm looking at $650 warranty for 3 years (supposedly "fully covered" parts and labor) for a $6000 plasma TV.

The thing is, the 3 years starts from the day I buy it, and not after the initial 1 year manufacturers warranty. So it's not really an "extended" warranty..........



JimboJ said:
i 'have a friend' who worked in a big box office supply store - he said it was obvious that these extended warranties were nothing but money makers for them - they almost pushed the selling of warranties over selling the products!!!!! lol - the owner of the warranty company even made a special appearance thanking the staff for selling so many of them

as was said above, most problems will show up early on and would be covered by the manufacturers warranty - i suppose $150 for a big ticket item (plasma tv) gives you piece of mind, just dont read the fine print on the warranty
Click to expand...
 
It always depends on the type of item... You may consider it for the high price you are paying for the TV... plus it is still relatively new technology, so not anybody can fix it, like computers can be today.

I would also try the manufacturer and see if they supply a warranty that you can buy directly from them. I did with my Toshiba laptop, came in real handy after the computer died. Since it was purchased through them directly, I had no hassles, they even replaced the motherboard. No middlemen to deal with. You may also get a better deal, better warranty, longer coverage.
 
Sears is famous for the same stunt. A couple of years ago bought a high end washer & dryer opted not to buy the extended warranty. A little past the regular warranty I did have a problem, called the store manager asked him if the lifespan on his top end dryer was only a year? they fixed it .....
 
bar+leby88 said:

The thing is, the 3 years starts from the day I buy it, and not after the initial 1 year manufacturers warranty. So it's not really an "extended" warranty..........
Click to expand...
Yes it is. It's extended for 2 years past the manufacturer's warranty.
 
Never purchase a warranty. Think of it as a bet, with the insurance company having a huge edge. Insurance/warranties should be purchased ONLY to cover unacceptable risks.

Examples of unacceptable risks for many of us are the fallout from some autombile accidents or early death.
 
The Japanese automakers are able to charge more for their products because they don't break. An extended waranty is a
complete waste of time with these guys. Their ability to get top dollar for products is based on the way they treat their customers. No way they are going to jeopardize their position
by trying to screw the customer.

The domestic manufacturers believe the way to success is volume. They are unable to get more for their products because they always break. They are selling their stuff so cheap that they make more on financing the cars than selling them. The extended warranty is another way to make up for lost margin. This is the reason most purchasers of new domestics are leasers. The original warranty covers the 3-year lease period. When the lessor dumps the car, the manufacturer resells it through the dealer with an extended warranty, because everyone knows it's dodgy to buy a domestic used without a warranty.

That being said, I buy used domestics because the depreciation is so rapid that you can buy a domestic luxury car for half the original price after 3 years. I take my chances, buy something with 60k on it, then dump it at 140k or so, hopefully before some major part explodes. By then the $40k+ domestic is worth maybe 5-6k. Of course if the tranny goes its worth maybe $1000.

I used to buy 8 year old Japanese cars for $300 to $500, certify them, drive them til they rotted out and then do it again. Now those were the days. My 1973 Toyota Corona wagon cost me $400 to buy and far less to own and was more reliable than any domestic I've owned since. But no way am I going to pay $6000
for the same thing today!
 
FLT said:
Never purchase a warranty. Think of it as a bet, with the insurance company having a huge edge. Insurance/warranties should be purchased ONLY to cover unacceptable risks.…edit
Click to expand...

BANG ON! Look at the manufacturer's warranty, the cost of which is an unavoidable part of the purchase price. That's their best take on how long before the stuff that's going to go wrong will be too expensive and the intangible damage to their rep will be small enough that they're better off to cut you adrift.
The extended warranty doesn't even have the intangible factor: it's straight dollars a third party bets they'll take in vs. dollars they expect to pay out. And they're way better informed about the odds than you—they get repair records and engineer's reports, you don't. The house always wins.
Your best bet is to say, "Hmm, pay them, or keep the money, but be prepared for repair bills in the order they so kindly calculated for me".
The Real Question: Can the #@&*€ thing be repaired at all? So many things, like phones, are cheaper to just replace. If that's the sorta thing you're thinking of a warranty for, better check the fine print. What's their warranty obligation when the thing's 3 yrs old and not being made any more? Wanna bet you get only a depreciated amount creditted against a new purchase?
Like FLT says, if the risk is acceptable, be your own insurance company.
BTW the Gold VISA card you're paying for anyway, may be giving you extended coverage already.
 
I'll skip page 2, but in your case, buying a plasma, it's a good idea getting the ext warranty. Those tv's suck. They're great if you got money to burn, but in 3 yrs, you'll need to get it fixed. So, you've covered your ass for now.
 
BSR said:
I'll skip page 2, but in your case, buying a plasma, it's a good idea getting the ext warranty. Those tv's suck. They're great if you got money to burn, but in 3 yrs, you'll need to get it fixed. So, you've covered your ass for now.
Click to expand...
You wouldn't be implying that high-minded, noble principled corporations might release less-than-ready product to the market would you?
If you're an early-adopter, out there in the lead, making the running for the rest of us in the herd, then increasing your insurance is not a bad thought,
Course there's the other approach. Stick with the herd and pick off the wounded cast-offs from the early adopters. By that time the repairs and fixes will be common knowledge instead of having to be invented (you pay for head scratching time with the extended warranty) and your cost will be way less. Trailing edge technology's the best!
 
I bought a Playstation unit from Future Shop when they first came onto the market. I went for the extended 3-year warranty. Two and a half years later, the dvd side of the unit died so I took it in for repairs. They just took the the old one and replaced it with a spanking new unit. On high wear, pieces, I'd go for it.

On a plasma I"d DEFINITELY go for it.

hardlicks
 
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