Car Warranty

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Old 05-22-09, 07:10 AM
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Car Warranty

Is it worth buying any additional warranties or extended warranties with new cars?
 
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Old 05-22-09, 07:57 AM
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Short answer - no. Same thing as buying extended warranties on refrigerators, stereos, etc. It's insurance and the sellers are gambling that any repairs will cost them less than the policy. They usually do and they make money; if it wasn't a money making operation they wouldn't be in business. Take the money you would have spent on one and stick it in a savings account or better yet in a CD with a maturity date coinciding with the end of the factory warranty. Keep your hands off of it and use it for any repairs that are needed AFTER the factory warranty expires. Odds are you will be ahead in the long run, plus you don't have to worry about things that are in the fine print and not covered or where you have to go for service, etc. Pay attention to routine maintenance, i.e. oil changes.

Consumer Reports (Find Product Reviews and Ratings from Consumer Reports) has some good articles on the subject:

Extended warranties car extended warranty
 
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