Why Extended Warranties Are Terrible

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  • Опубліковано 29 вер 2024
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КОМЕНТАРІ • 411

  • @ChrisInvests
    @ChrisInvests 5 років тому +229

    Pay yourself the warranty payments instead. If the item breaks, you have the money. If not, it's yours to keep 😀👍

    • @Gumardee_coins_and_banknotes
      @Gumardee_coins_and_banknotes 5 років тому +1

      @Brian Waller Savings pays stuff all interest.

    • @lesliek7776
      @lesliek7776 5 років тому +10

      Brian Waller I never thought to actually put the $ aside each month. I often have opted for the warranty. Going to try this out. Thanks for the tip.

    • @blackworldtraveler3711
      @blackworldtraveler3711 5 років тому +2

      Chris Invests - Personal Finance Videos
      Yup.
      Part of my emergency fund.
      The thing is I rarely use it and it has been growing for over 30 years.

    • @dillonh321
      @dillonh321 5 років тому +7

      Emergency funds are always the way to go. I set 200 aside per month to it.

    • @aquaticasmr184
      @aquaticasmr184 5 років тому +23

      Not when a 2k warranty covers a 8k repair bill

  • @ayanaedwards5344
    @ayanaedwards5344 5 років тому +244

    Guy: Im going through a mid life crisis
    Dave: Cool
    😂😅

    • @nourel-deenayman3943
      @nourel-deenayman3943 5 років тому +6

      At least he bought the i8 used

    • @raulgolfs
      @raulgolfs 5 років тому +1

      Ayana Edwards 😂

    • @brianbest6097
      @brianbest6097 5 років тому +1

      😂😩😂😂😂😂😂😂😂😂😂

    • @andreyv1
      @andreyv1 5 років тому

      he said cool because the guy said he decided to buy a used supercar, not because the mid life crisis...

    • @drippingwax
      @drippingwax Рік тому

      @@andreyv1 Tell me you are having a midlife crisis without saying you have a midlife crisis.

  • @AutoMotoCha9L
    @AutoMotoCha9L 5 років тому +28

    I got extended warranty for $ 800 when I bought used 2010 Mitsubishi Outlander with 96k miles. Two years later transmission failed got it fixed got covered under warranty can't complain. Got loaner from dealership for two weeks until car got fixed.

    • @HermannTheGreat
      @HermannTheGreat 5 років тому +8

      that's a cheaper than typical warranty, usually they are at least $1200-1400.

    • @blackcaptainfalcon3441
      @blackcaptainfalcon3441 5 років тому +8

      The problem is you bought a Mitsubishi. It was going to brake anyway

    • @AutoMotoCha9L
      @AutoMotoCha9L 5 років тому +3

      @@blackcaptainfalcon3441 I am still driving it to this day. Not it has 156k miles so far so good can't complain.

    • @andreyv1
      @andreyv1 5 років тому +5

      you bought a car with 100k miles. that's a different story

    • @Matt-cr4vv
      @Matt-cr4vv 5 років тому +1

      Certainly depends. When I worked in lending extended warranties usually cost more than $800 and often came with a deductible when you used it, so a lot of the time the cost of your warranty and what you used it for pretty much just evened themselves out. But there are always exceptions to any rule. I used to have one on a Ford focus and never had to use it, so whatever it cost (can't recall it was 6+ years ago) was all profit for them.

  • @johnchen0213
    @johnchen0213 Місяць тому +2

    with Dave's logic, then we shouldn't get home insurance and health insurance?!?! because the insurance company will always come out ahead???? that makes no sense to me...

  • @MyMEGAamazinglife1
    @MyMEGAamazinglife1 5 років тому +9

    I've bought a 3 year extended warranty for a Bluetooth speaker (Not a car) and it came in handy. I got a new speaker on the same day and a brand new 3 year extended warranty on the new product FREE. It originally cost me $30 the speaker cost me $150.

  • @ghostphoto1789
    @ghostphoto1789 5 років тому +62

    A used BMW is pretty much guaranteed to break. If you're concerned about repair costs you shouldn't even buy it to begin with

    • @oldtwinsna8347
      @oldtwinsna8347 5 років тому +5

      New ones too. Just they have warranties and excellent concierge service that makes up for inconvenience. You'd be a total fool to drop a lot of money on a used BMW with no warranty at all.

    • @raiden031
      @raiden031 9 місяців тому

      Buy More Warranty

  • @ChrisMFlorida
    @ChrisMFlorida 5 років тому +7

    Dave's right on this one.. and some of the warranty companies you have to fight with them to cover the repair. Warranties and insurance companies make money when they don't pay out. If you feel like you need an extended warranty and you can't live without it maybe you should question the purchase to begin with.

  • @dimetronome
    @dimetronome 8 днів тому

    I used to work in a call centre for extended warranties at a large company and for that reason I would never buy one. We had a million different exceptions, loopholes, and reasons not to honour them. I estimate that only 1-5% of the people who tried to use their extended warranties actually got to use them.

  • @rcairforceone
    @rcairforceone 5 років тому +40

    Think Dave has ever seen Doug DeMuro's Range Rover warranty videos?

    • @boningousa4390
      @boningousa4390 5 років тому +10

      I guess he has not. This is an unusual car he should be getting the extended warranty. This is not a toyota camry.

    • @EyeAmCoa
      @EyeAmCoa 5 років тому

      boningo premier EXACTLY!!!

    • @nealp885
      @nealp885 5 років тому +6

      He always goes off "data points" no real thinking for specific situations.

    • @Matt-cr4vv
      @Matt-cr4vv 5 років тому +3

      @@nealp885 the warranty company goes off the same thing. A car more prone to need repair comes with a higher warranty cost and generally requires a deductible. If they didn't and every person who bought a high priced warranty used it and got value from it the company would cease to exist. So the guy is certainly welcome to keep the warranty etc. but he was calling to get a "you made the right call" and they disagree on opinion. It is what it is.

    • @williebender1895
      @williebender1895 4 роки тому +1

      Salifou Zabre I agree and this is why it’s important to do your own research and not listen to others all the time

  • @crestinglight
    @crestinglight 5 років тому +6

    They almost got me on an extended warranty when I bought my car. Then I thought they have to be making tons of money on these or they wouldn't push them so hard, this can't be a good deal. Glad I was right, super happy I passed!

  • @Blue_Collar_Hunter
    @Blue_Collar_Hunter 5 років тому +2

    Good Information. I also enjoy reading the comments as Dave's listeners throw around logic & common sense that they have heard Dave address in previous episode & books. Very valuable.

  • @Vision3434
    @Vision3434 3 роки тому +7

    Always have the POWERTRAIN car warranty!! I got a brand new engine. Car only had 72k thousand miles on it. I thought they said insurance was your defense?! So are car warranties. The dealerships are already crooks and overpriced. Defend yourself !

    • @Nperez1986
      @Nperez1986 Рік тому

      I paid 2200 for mine...warranty covered the 2500 timing chain job...Dealer destroyed the engine so the extended warranty covered the now $4k job, so it worked out very well for me

  • @BrownBomber92181
    @BrownBomber92181 7 місяців тому +1

    It really depends on what kind of extended warranty you're buying as well as the dealer. I will say that aftermarket extended warranties are a complete ripoff. Good luck getting them to pay on any claim. Now extended warranties through the vehicle manufacturers are much better. But like I said, it depends on the dealer. Some can be very untrustworthy and have warranty inspectors on site that look for any reason not to approve a claim. Back in 2000, i bought a 97 F150 and purchased a 4 year 48k miles Ford ESP plan (extended service protection) for $2500. For the 6 years i had the truck i ended up getting an engine replaced ($5k) trans rebuild ($2k) alternator and fuel filler neck replacement ($1.1k). So as you can see, I came out well ahead. Just over a year ago, I bought a plan for my wife's 2015 Kia K900, it was a Kia ESP. They sold a 4 year 48k to me for only $1836!!! They gave me such a great deal cuz I've bought my 2010 Forte from them in July of 09 and always brought it in for service there. So far on the K900, we had the drivers seat replaced ($5k!) and truck relay and mechanism replaced ($2k). So we are well ahead and was worth it. Do your research and make sure the dealer is trustworthy and stay away from aftermarket warranties!

  • @rsxtypejai209
    @rsxtypejai209 Рік тому +1

    Idk. I had a 2005 acura rsx. The warranty was only 6yrs. Or 60k miles. I got the extended warranty. Which is 10 yrs 100k miles. At 95k miles. Less than 7 yrs. My motor went bad and my tranny went bad. Cost me $15k at the dealer. I paid nothing. Everything was cover by the warranty.

    • @EJleon96
      @EJleon96 7 місяців тому

      Was it the regular RSX or the type S? Those motors are usually bulletproof

  • @oldtwinsna8347
    @oldtwinsna8347 5 років тому +2

    The i8 will require several thousand for minor repairs. Anything major and you're looking at five digit numbers. This isn't a toyota corolla we're talking about. If there's an available extended warranty and as long as not a scam (read the fine print), I'd go for it without blinking twice.

  • @buckshot6481
    @buckshot6481 3 роки тому +1

    My wife paid $1700 for her Rogue warranty, you can't get the transmission serviced one time for that.

  • @NJ_Scat_Hemi_Orange
    @NJ_Scat_Hemi_Orange 2 роки тому +1

    Does Dave recommend against Health Insurance? Because unless you reach your deductible you see virtually no benefit and are losing thousands of dollars every year. Much less risk with an extended warranty for your car that you drive every day that will ultimately break down at some point.

  • @aviedw1
    @aviedw1 21 день тому +1

    A used German car is such a waste of money.

  • @snbi7518
    @snbi7518 5 років тому +20

    Car companies purposely sell you these warranties to make money. Even though the majority of the time they know you won’t use it.
    Save yourself the money and buy another car if it does break down or simply invest that money elsewhere.

    • @Seedavis397
      @Seedavis397 Рік тому

      I don’t know about the “majority of time”. Many vehicles need major repairs under 100k miles that cost anywhere from 500-10k. Depends on the problems you have I guess

  • @miked2983
    @miked2983 5 років тому +4

    I get what Dave is saying but you buy it for piece of mind. I have a used car that the head gasket and radiator went within a year and would of costed us thousands without having the warranty

    • @HermannTheGreat
      @HermannTheGreat 5 років тому +2

      That's about a $1000 repair

    • @coldbrewfinance
      @coldbrewfinance 5 років тому +1

      @@HermannTheGreat exactly, they make even more money the place you go to for the repair, that's why right to repair is so important. Most repairs actually don't cost much, but if u can only take it to the place thats trying to sell you an extended warranty they are gonna make repairing it out of warranty ridiculously expensive.

  • @johncornicello4924
    @johncornicello4924 9 місяців тому

    What about a set of turbo chargers? If they go out that’s $4,500 on advantage. Tell us how someone self insured themselves when they go before the nest egg is reached.

  • @barbmelle3136
    @barbmelle3136 5 років тому +2

    From Leo: To fix a headlight on that BMW is expensive.

    • @CocoPink44
      @CocoPink44 3 роки тому

      isn't it expensive to fix on any vehicle ?

  • @southernmarsh4234
    @southernmarsh4234 4 місяці тому

    I came out ahead on every warranty I ever purchased. In one case wayyy ahead.

  • @hipH0p5tr3ss
    @hipH0p5tr3ss 5 років тому +3

    “Third party” extended warranty’s I would stay away from... my extended manufacturer warranty ($900 for 3yrs) has covered over 5k in repairs 🤷🏽‍♀️

  • @aquaticasmr184
    @aquaticasmr184 5 років тому +4

    I bought a 2012 Ford focus for 14k and bought a warranty for 2k the engine failed and the warranty replaced the engine and the turbo
    That was a 8k repair so dave dosent always know best

    • @SAAN27
      @SAAN27 5 років тому +1

      And focus of those years all have these defective dual-clutch Transmissions that Ford it's probably about to get sued for,

  • @donperrignon
    @donperrignon 5 років тому +1

    An i8 is not a supercar. It looks like one, but it's just a sports car. No reason, other than looks, to buy one over a M3/M4, M5/M6.

  • @robertspencer5219
    @robertspencer5219 5 років тому

    Dave stated it very well this time.

  • @woodybop129
    @woodybop129 3 роки тому

    This dude really wanted Dave to compliment his BMW i8 lol.

  • @rayhaglerpiano
    @rayhaglerpiano Рік тому

    That makes no sense

  • @yakovpincus5509
    @yakovpincus5509 5 років тому

    Dave didn't even mention the fact that it would make it more complicated to fix you can only go to dealer...

  • @BkJ4son
    @BkJ4son 6 місяців тому

    Stupid advice. You’re driving and boom, you run over a pothole and ruin the suspension, guess who has to pay out of pocket for the suspension? But if you had the warranty!

  • @MsHellosue
    @MsHellosue 8 місяців тому

    What is platinum warranty before I purchase for my Porsche macan I am buying my car after the lease end. This month please help me

  • @woodsoncircle
    @woodsoncircle 2 роки тому

    I8 "Super Car" lol. Some BMW consumers are so uninformed.

  • @CharlesCurran-m9p
    @CharlesCurran-m9p 7 місяців тому

    Super car priced anyway.

  • @deputy2213
    @deputy2213 5 років тому

    We just re uploading old videos now?

  • @nealp885
    @nealp885 5 років тому +1

    Doug Demuro has entered the chat... lol

  • @Colyers
    @Colyers 5 років тому +1

    B-M-DUBYA

  • @robertlulek1634
    @robertlulek1634 5 років тому +1

    And I ate is not a supercar you can get one for under $100,000.

  • @hamiltonrealestategroup696
    @hamiltonrealestategroup696 Рік тому

    He’s so out of touch

  • @trent_mcneely7554
    @trent_mcneely7554 5 років тому

    Dave gives the absolute worst advice when it comes to cars. He takes such a black and white approach to things like leasing and extended warranties. Anyone who tells you something is ALWAYS a ripoff or ALWAYS a good idea has no idea what they're talking about. A warranty is just insurance against an unexpected cost, like any insurance. Arguing it's a bad idea because the warranty company makes a profit is idiotic. You think your car, health, or life insurance company isn't making a profit? Warranties are just a risk pool like anything else. You need to research the car you're buying, the warranty company, the warranty itself and what it covers, etc. Some are a good buy and some are not.

    • @geeterdun5966
      @geeterdun5966 5 років тому

      The main issue is most finance the extended warranty.

  • @josephperry7499
    @josephperry7499 5 років тому

    Can't this be said about all insurance included health CAR LIFE

  • @IWishUDidntNoMyName
    @IWishUDidntNoMyName 5 років тому +1

    Can someone please explain to me what Dave said but in layman's terms. I don't understand what he's talking about!

    • @Lodeenie
      @Lodeenie 4 роки тому

      Personally I don't get it either. The only downside for me would be that you usually end up financing the extended warranty along with the car and that can be wasteful, paying interest on a warranty. It might be better to set aside money on your own but that comes with it's own risks as well. I benefited from my extended warranty when my engine had to be replaced.

  • @williamhammond3998
    @williamhammond3998 5 років тому +304

    The biggest problem here is he thinks an i8 is a supercar.

    • @justintoth5440
      @justintoth5440 5 років тому +16

      William Hammond lol 100% accurate

    • @Light-vu6ws
      @Light-vu6ws 5 років тому +11

      It looks like one

    • @MarkOfA
      @MarkOfA 5 років тому +1

      Lol

    • @petecheng1
      @petecheng1 5 років тому +12

      I drove one, retail $150k, so yes, it's a supercar, not a good one, but it's still a supercar.

    • @rcairforceone
      @rcairforceone 5 років тому +29

      @@petecheng1 price does not make one a supercar.

  • @gladegoodrich2297
    @gladegoodrich2297 2 роки тому +63

    30 years selling thousands of cars in a small town. Never sold extended warranties and know I missed out on a lot of dealer profit. The good news is that I can walk into the coffee shop and all my old customers are still friends!

    • @Nperez1986
      @Nperez1986 Рік тому +3

      I literally had a General MANAGER show his true colors when I said to drop the extended warranty off my sale price 😅 Didn't end well let's say

    • @RamadonPiano
      @RamadonPiano Рік тому +1

      @@Nperez1986 They hate when they can't manipulate you. Good shit

    • @merriem24
      @merriem24 9 місяців тому +1

      Yeah I watched this video last week and went into the dealership to cancel mine before 14 days passed. The guy who previously talked to me like a big brother became a complete monster. Worst experience of my life with a human being!!

    • @jjukjkjiok7782
      @jjukjkjiok7782 3 місяці тому

      @@merriem24 did you atleast get your money back?

    • @jaydrains2247
      @jaydrains2247 2 місяці тому

      If I put a deposit down on a vehicle, signed the paperwork, but was promised they would fix the vehicle problems before I put the rest of the money down and drove out of the lot , but they are having a hard time fixing the issue, can I get a refund of the money or purchase another vehicle ?

  • @jasonthomas7860
    @jasonthomas7860 5 років тому +55

    He lost me when he said “ he bought a super car”..... it’s a i8....

    • @beardy7124
      @beardy7124 5 місяців тому +1

      Everything is relative.

    • @EricToro-x9d
      @EricToro-x9d Місяць тому +1

      It's super to him. Hater lol.

  • @donaldbrocksmith9508
    @donaldbrocksmith9508 2 місяці тому +2

    With ALL of the technology and electronics in today's vehicles I believe an extended manufacturer's warranty is a good bet so long as you do your research and get the best price. I know some have bad experiences, but I also know those who have had great experiences as well. I recently paid for a Mopar Maximum 75k/7yr extended for $1600.00, to me that's a good bet. If I lose $1600.00 by not having any claims, I'm happy. I buy insurance for my cars, my home, my life, why not on the second largest investment that I'm going to make?

  • @ThegamingZerii
    @ThegamingZerii 5 років тому +28

    I mean, its kind of the same with any kind of insurance. On average, you lose money. But when something goes really wrong, you don't lose tons of money.
    Sure, mathematically the warranty might not be worth it, but if the average loss is smallish and the potential damage is high, it could still be worth it.

    • @TommyTurkovic
      @TommyTurkovic 5 років тому +3

      100%

    • @oldtwinsna8347
      @oldtwinsna8347 5 років тому +1

      It's a BMW. A faulty sensor can cost $500 to replace. That's just a faulty sensor, not the actual part that went bad that the sensor is monitoring.

    • @Lodeenie
      @Lodeenie 4 роки тому

      Thank you! I was going to say the same thing. Health, car, homeowner's...all insurance is worthless if you never use it.

  • @nealp885
    @nealp885 5 років тому +45

    My dad had a 7 series and got an extended warranty don't remember how much he paid but it needed a $6,500 repair. The warranty costed a lot less than that.

    • @geeterdun5966
      @geeterdun5966 5 років тому +9

      If you don't know how much he paid for the warranty, how do you know the warranty costed a lot less than 6,500.

    • @Lodeenie
      @Lodeenie 4 роки тому +26

      @@geeterdun5966 have you ever heard of a $6500 extended warranty???

    • @dbhgc13013
      @dbhgc13013 Рік тому +4

      So payment would be $120 a month (full coverage) for a 5 year contract and 2.5 years are payment free. Your car breaks down it’s 6500 to fix it but now you have a brand new car the entire time. lol because you have the extended warranty -Dude said $12 repair? Where? If your engine or trans breaks down it will be $3500 to fix. Tell me I’m wrong

    • @truth.speaker
      @truth.speaker Рік тому +1

      If it costs $120 each month for the extended warranty and he's bought it his whole driving life he paid about $36,000 over a 25 year period
      One repair is not worth it
      The companies know this. They know the numbers
      Also, if it's your own bill, you can shop around and get a better price. Insurers may not bother

    • @gwendolynwilliams7115
      @gwendolynwilliams7115 Рік тому

      And speaking of repairs that’s only if it’s a repair this covert you can still spend over thousands of dollars for your car that the warranty does not cover

  • @libertarian4323
    @libertarian4323 5 років тому +12

    All these broke dudes quibbling over what makes a "supercar" is funny and sad at the same time.

  • @JK20239
    @JK20239 5 років тому +39

    B M W: B R E A K M Y W A L L E T

    • @motoryzen
      @motoryzen 5 років тому

      Their cars? Yes. no the adventure motorcycles are great. Fast Eddie with Motojitsu can account for how reliably and well performing his F800Gs is.

    • @Blue_Collar_Hunter
      @Blue_Collar_Hunter 5 років тому +5

      Haha that's Great I havent heard that BMW acronym before.

    • @motoryzen
      @motoryzen 5 років тому +1

      @@Blue_Collar_Hunter I thought Big Mexican Woman was the standard abbreviation xD

    • @Blue_Collar_Hunter
      @Blue_Collar_Hunter 5 років тому

      @@motoryzen Yeah that one gets thrown around. I've also heard people say Big Mexican Wenie.

  • @jimgravesus
    @jimgravesus Місяць тому +2

    Ramsey is from the past. When cars had naturally aspirated engines, manual transmissions and very little tech I never paid for extended warranties. I just bought a 2024 RAV4 hybrid. This is not a car with a computer. This is a computer with wheels. The hybrid system is impressive but I know repairs are very expensive. I keep my cars for ten years on average so I know how much you have to spend on maintenance even on old school cars. I'm only paying $50 a month for the extended warranty. That's $600 a year for bumper to bumper coverage. If something goes wrong with those electric engines, battery packs, computer components the repair bill is going to be HUGE!

    • @zacharykoedyker3978
      @zacharykoedyker3978 18 днів тому +1

      My man, I know it's personal choice, but buying a Hybrid or electrical vehicle and then talking about cost of repairs....in the most polite way possible...DUH.

  •  5 років тому +31

    Mine has saved me twice. I have a 2015 silverado, the AC went out at 50k miles and 2 lifters collapsed at 60k miles. I would have been way over in expenses out of pocket if I wouldn't have had it. I know it's the exception and not the rule

    • @JK20239
      @JK20239 5 років тому +4

      Same with me. I have a 2010 Camry, rear main seal leak. 1300 dollars. I pay nothing Because of the warranty.

    • @JohnDeere50d
      @JohnDeere50d 5 років тому +3

      @@JK20239 how much did you pay for the warranty?

    • @BoogerDeluxe22
      @BoogerDeluxe22 5 років тому

      @2:30

    • @HermannTheGreat
      @HermannTheGreat 5 років тому +4

      You bought a junk car.

    • @timhubbard6792
      @timhubbard6792 5 років тому +5

      You bought a Chevy. Probably one of the worse cars you can buy. I have meet more people who's Chevy and Ford breaks down at 100,000 or sooner. Terrible cars. I only buy Honda and Toyota. Look at longevity online and you will not find a single Chevy or Ford.

  • @jessietorres1387
    @jessietorres1387 4 роки тому +6

    Caller: I’m going through a midlife crisis...
    Dave: What is your total annual income?

  • @harrisonwintergreen1147
    @harrisonwintergreen1147 5 років тому +8

    jeez, how many times can this guy say "supercar" in a 4 minute call?

    • @benb7727
      @benb7727 5 років тому +3

      He is a bragging 50 year old. Obnoxious.

  • @swipper74
    @swipper74 5 років тому +4

    Problem also is there are soooo many stipulations on whether or not the warranty will even be honored...trust me, got bit BAD on a Nissan that was supposed to cover everything with a $50 deductable...stupid suspension components started breaking down and the dealership always had a reason NOT to honor the "warranty". NEVER AGAIN ON EXTENDED WARRANTIES OR NISSANS

  • @bbrad628
    @bbrad628 3 роки тому +3

    Buy a Toyota, ensure the recommend maintenance is done, and you should get 300,000+ miles out of it. Bank the monthly Car Shield premiums for your next vehicle.

  • @srterry1
    @srterry1 3 місяці тому +2

    I have always paid less for repairs than the cost of the warranty.

  • @rebeccadeandalicona3283
    @rebeccadeandalicona3283 3 місяці тому +1

    I have an 8k car that needs an engine for 7k and recently had a new starter and wish I had paid the 2k for the warranty. What do you do then? Fix it and pay 15k for a 8k car? Sell it for less than half maybe 4k and be out the other 4k and pay tax title and license plus another car purchase? Idk the warranty sounds good to me.

  • @St4ked
    @St4ked 5 років тому +20

    Why i8? Why not M4, Audi R8, ZR1, Viper somthing..

    • @Amazinggaming2
      @Amazinggaming2 5 років тому +8

      Andrew TheDrew Yeah, the i8 is probably the worst car you can get for that price Imo

    • @JOMFSE
      @JOMFSE 5 років тому +3

      Most expensive looking

    • @markg999
      @markg999 5 років тому

      @@JOMFSE R8 I think looks more exotic.

    • @JOMFSE
      @JOMFSE 5 років тому

      @@markg999 not at all. i8 looks like it came out of tron and resembles ferraris. R8 design is over 10 years old and resembles Nissan Zs

    • @markg999
      @markg999 5 років тому +1

      @@JOMFSE Ill give you the Tron look but Ferrari not seeing it. The new Corvette now that looks like a Ferrari and new is around 60s..wait 3-4 years could maybe get one for 40's. I am so doing that ha

  • @lovehemp4953
    @lovehemp4953 2 місяці тому +1

    I had an extended warranty that was great up until they stopped working on weekends ands that’s my only day off. They gave 3 free oil changes and they paid out their claims. My deductible went from 200 to 100 per occurrence. This really saved my pockets. Idk about anyone else but I think it’s worth it unless you’re a mechanic.

  • @raulgolfs
    @raulgolfs 5 років тому +17

    I agree with this! 🙌🏽. I’ve had the sales man a few years ago try hard to get me to not drop my warranty when I bought my used car. I see why now.

  • @bruceellenburg429
    @bruceellenburg429 Місяць тому +1

    I recommend extended warranties on all American made cars, plus life insurance

  • @hbarudi
    @hbarudi 5 років тому +4

    When it comes to warranties, it is the uncertainty that we don't know if we benefit from the cost or not. For example our Chevrolet Cruze car would have benefited from a warranty when it broke down on us several times but my dad only got some oil change coverage that we could not benefit from much of it before it expired. The repair costs were over $2000 but the warranty was $1200. $800 the we would have kept if we did go for the warranty when buying the car itself.

  • @Vision3434
    @Vision3434 3 роки тому +8

    This is how all insurance works

  • @joecuban8722
    @joecuban8722 3 роки тому +1

    Don't waste your money on any of them if you do not maintain your car and you do and don't have proof no money they got your money free and love it ,,! Car shield ! The others to ! 💩💩💩🙉🙈🙈

  • @markg999
    @markg999 5 років тому +5

    I get what Dave is saying. If your buying a 60k+ used BMW you should have easily the money to cover any breakdowns. Unless the warranty was cheap like $1000 for 2 or 3 years which I doubt skip the extended warranty. Warranty companies not in business to lose money.

    • @TeKnoVKNG23
      @TeKnoVKNG23 5 років тому +2

      At the same time, if you're buying a 60k+ used BMW you probably really don't care about how much an extended warranty costs either. I remember when I used to wonder how much the insurance would be on a Ferarri anytime we'd see one on the road and my dad basically said, if you can afford a Ferrari you really don't care about how much you pay for the insurance.

    • @markg999
      @markg999 5 років тому

      ​@@TeKnoVKNG23 True but why spend more just because you can.

  • @stlcaring
    @stlcaring 2 роки тому +1

    Nah. Get the warranty especially if the car has 80k miles on it. These new cars and SUVs will cost you thousands of dollars to fix. I have Endurance and they paid about $3500 of electrical, suspension work, and replaced the water pump. It's insurance 🤦🏻‍♂️

  • @iTechTrooper
    @iTechTrooper 5 років тому +4

    I’d find a CPO car usually charge $800+ to get an extended manufacturer warranty. Goes through more requirements than a regular used car. Usually with low deductibles as well.

  • @frankloar5756
    @frankloar5756 22 дні тому +1

    What happens if it breaks twice

  • @Q454chevy
    @Q454chevy Рік тому +2

    I disagree w this one. As a gm tech , I've seen many customers who had cars that needed pricey repairs and they had no money to repair them. Then they had forgotten about the best ext warr they had purchased and.brought it to their attention they have one. Repairs on few cars were covered at 100%. Yeah it's a gamble but when you need it, it pays off.

  • @coolguyalex127
    @coolguyalex127 3 роки тому +8

    I’m sure he doesn’t believe in medical, life, and dental insurance as well because those businesses make money. I know I’ve used my warranties on my vehicles. Sometimes peace of mind and convenience is everything.

  • @rtnguyen278
    @rtnguyen278 4 роки тому +1

    Well I made a mistake of listening to people and NOT buy an extended warranty on my Audi R8 V10 for $3,500, well... ac compressor went out $4,000, ecu went out $5,000 (shipped from Germany), ac compressor went out again after 4 years another $4,000, not to mention hundred of dollars for other minor checkups, so roll the dice people. I get it Extended warranty is not about saving money, it's for a peace of mind, the best advice would be, if you can afford it, do it.

  • @Izzy-zh8ck
    @Izzy-zh8ck 2 місяці тому +1

    bad advice. not everything is black and white. When it comes to Toyota or honda dont get warranty. If its a bmw, mercedes get the warranty. If its an American car its a gamble.

    • @jordanking6939
      @jordanking6939 5 днів тому

      Anyone that buys a high mileage car should consider a extended warranty.

    • @Izzy-zh8ck
      @Izzy-zh8ck 5 днів тому

      @jordanking6939 that's what I'm saying. Sometimes this dude gives bad advice. He wants you to buy a old used car cash. Which is fine. But those cars will have problems. And its better to have the right warranty.

  • @HoneyDooDoo
    @HoneyDooDoo 5 років тому +12

    ONLY BUY WARRANTY ON HIGH MILEAGE expensive AMERICAN/EUROPEAN CARS. Japanese cars rarely breakdown.

  • @jessieharbinjr.6589
    @jessieharbinjr.6589 3 місяці тому +1

    The only time I’ve seen an extended warranty work out, was with the friends pick up truck. They had to have the camshaft and lifters replaced. Subsequently while the vehicle was in the shop, the transmission decided it was going to go south. Warranty ended up replacing the transmission with a new one, on top of repairing the engine, so the warranty company lost money on the policy in that situation. It’s very rare, but happens.

  • @LordTrayus
    @LordTrayus 3 роки тому +1

    He paid $100k+ for that i8 and he's asking about a $5k extended warranty? Dude - perspective man. Get some.

  • @mikeekim007007
    @mikeekim007007 5 років тому +3

    A used BMW is going to be expensive to maintain.

  • @sidharthchand8072
    @sidharthchand8072 5 років тому +21

    I disagree with dave on this one bmw's are money pits. Better to get a ppi.

    • @motoryzen
      @motoryzen 5 років тому +3

      It's all the more reason why NOT to buy the extended warranties. But regardless, this common sense goes with ANY vehicle.

    • @mikenelson8377
      @mikenelson8377 5 років тому +11

      Yeah but all vehicles are money pits. Actually, come to think of it, even buying a home is a money pit. There’s always something that needs to be fixed.

    • @markg999
      @markg999 5 років тому +6

      @@mikenelson8377 Not all cars created the same...BMW are bigger money pits than say a Toyota.

    • @nourel-deenayman3943
      @nourel-deenayman3943 5 років тому

      He got it used so it's already gone through a lot of depreciation, a 120,000 dollar car that's depreciated 60,000 isn't gonna depreciate that much in the third hand

    • @teev7
      @teev7 5 років тому

      Will definitely disagree with that statement in my case, that is. I own a 2003 bmw and previously owned an Elantra. Guess which car was the most costliest to repair and constantly had something to replace/repair every time I turn my head? There are certainly exceptions to every rule, I suppose.

  • @cincinnatislider
    @cincinnatislider 5 років тому +14

    The i8 is NOT a supercar. Supercars don’t have skinny tires.

    • @markm0000
      @markm0000 5 років тому +3

      It’s a status symbol. Just like the douchy i3.

  • @InvestingEducation
    @InvestingEducation 5 років тому +3

    Its kinda of like insurance. It makes sense in some situations

  • @sigor2011
    @sigor2011 5 років тому +2

    I8? No cash to fix it... Buy the warrant... Corolla, don't.

    • @hbarudi
      @hbarudi 5 років тому +1

      Corolla? My Toyota service center wants more than $900 to fix an air conditioning compressor... I would take it to a generic repair shop instead.

  • @Soljarag5
    @Soljarag5 5 років тому +2

    So far 2 years since I have bought my used M4 without a warranty.., and have had no mechanical problems.... I think the warranty they offered me was only good for 4 years, so I'm pretty sure that warranty would have been a waste of money

  • @someonewithacomputer8057
    @someonewithacomputer8057 5 років тому +8

    The one thing I dont agree on, I bought a $1500 extended warranty on my mustang with a $0 deductible. I'm so far $4000 in repairs all covered and still have 2 years left on it, I've saved that much because of a little bit more in the beginning. I'm grateful for this!

    • @peartfaldo
      @peartfaldo 2 роки тому +1

      Youre grateful for buying a horrible car? Its amazing to me how much money people waste on stupid cars.

  • @zjones9876
    @zjones9876 3 місяці тому

    By this logic isn't health insurance a scam then? Isn't peace of mind worth something? It's very unlikely anybody in my family will get cancer and need 100,000+ in treatment but knowing we can pay our part of the bill means something. Or any other insurance for that matter?

  • @rm8409
    @rm8409 28 днів тому

    Every insurance type product is math oriented. That's how they are a profit oriented business. If they all paid out all the time it would be California or Florida where insurance cost has quadrupled. By this way of thinking car insurance is a waste because auto insurance companies earn more than they pay.

  • @tb-gz3ex
    @tb-gz3ex 6 днів тому

    Gwc is the worst warranty company. Look at their youtube channels comments are turned off for a reason.

  • @NickPeitsch
    @NickPeitsch 5 років тому +4

    If you want an extended warranty, buy it with your rewards credit card - and you won't have to pay anything!
    Pro tips.

    • @BboyMobster
      @BboyMobster 5 років тому +1

      wait how?

    • @NickPeitsch
      @NickPeitsch 5 років тому +2

      @@BboyMobster certain credit cards will double the manufacturer's warranty just by buying the item with that credit card!

    • @NickPeitsch
      @NickPeitsch 5 років тому +1

      @howzit3000 Scotiabank Visa Infinite Momentum! It doubles the manufacturer warranty for me. Many other paid credit cards offer it too

    • @Epro95
      @Epro95 5 років тому +1

      True story! Even here in Canada, we have that.

  • @Captain1Sexy
    @Captain1Sexy 5 років тому +22

    Research the car and find out common problems and what they cost and go from there.

    • @suave_d
      @suave_d 6 місяців тому +2

      Thank you -- that's exactly what I did. Also, if you're interested in a certain brand and model, it's best to know which years are better and which years to avoid.
      None of this is a guarantee, but it will help with your decision-making.

  • @mywiseheart
    @mywiseheart Місяць тому

    I’m thinking of buying extended warranty for my Maserati ghibli $4k 2 years

  • @LaRoseDetails
    @LaRoseDetails 23 дні тому

    No shit they don’t loose money, I’m asking if it’s worth it for me lol like is it better for me to have 6 year protection that covers all expensive stuff? Clearly they make money lol

  • @Seekee
    @Seekee 2 місяці тому

    I got my Connect fixt 3 times i email with ford back an forward unless 20 emails and they left me hanging they want me to go 4th time on service . i lost 2 months and i was fired from work (cant work with no van) cannot sue them no money for that but i want Everybody to know Ford looks like made in China when you need them or there warranty they do not honor warranty who you pay for! that was me .....maybe you are lucky.

  • @vladone428
    @vladone428 5 років тому +1

    European cars are poorly engineered money pits. The only way they make sense is if you can afford to buy them new and then trade them in when the factory warranty expires. Since this guy bought a used one, it's probably a good thing he got the warranty. When, not if, that car needs to go into the shop, it'll be big bucks.

  • @hayabusa1414
    @hayabusa1414 2 роки тому

    Next time buy a LEXUS. You won’t regret it. BMW cars are way over priced and not very reliable. I8 is a ticking time bomb on repairs.

  • @UpperRobin29
    @UpperRobin29 5 місяців тому

    Gross he obviously knows nothing about cars if A: he bought a BMW i8 and B: calls it a supercar

  • @wolfensteinman7978
    @wolfensteinman7978 11 місяців тому

    I would buy a extended warranty on a BMW and Mercedes. I would get rid of it as soon as the extended warranty is out. The I8 is a finicky car and not everyone can worry on them so dealership only.

  • @sixfigureg
    @sixfigureg 3 роки тому

    Bro the dude calling is a $mart@$$.He calling for insurance claim on a used i8.Acting like he big cash too like bro you looking for advice to a podhost

  • @logwind
    @logwind 12 днів тому

    The i8 is a three cylinder hybrid. That is not a supercar. Just has supercar doors.

  • @bigrunts9768
    @bigrunts9768 Місяць тому

    People have really good car warranty in the comments but never say which company they have.

  • @Dan-zs8pk
    @Dan-zs8pk 2 місяці тому

    Well the cost to repair to the warrenty company is less than what we would get it repaired for. Especially when they own their own garages. So you aren’t totally correct.

  • @davidbrewer7937
    @davidbrewer7937 5 років тому +1

    Save the monthly payments into a jam jar instead of a breakdown....the longer you have the car, the more likely it is to break, the more the repairs are likely to cost but the more money is in the jam jar...