Should You Buy Extended Warranty on Cars?
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- Опубліковано 26 вер 2024
- Should you buy extended warranty on cars? We explain whether you should buy an extended warranty when you buy a new car or a used car. We also tell you the differences between OEM and aftermarket extended warranty with the pros and cons. Before you buy an extended warranty make sure to watch this video.
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I bought a warranty plan through my dealer on my used Volkswagen and it paid for a brand new turbo and numerous leaks and issues. Made my money back x2
What warranty company you had
You are one of the lucky ones
I just bought a 2015 Ford Focus SE with the Ecoboost engine. The dealership had about 4 different warranty options ranging from 160 a month to 138 a month. I declined. I went on line and looked at a few warranty companies and now these companies harass me. I've come to the conclusion these companies are a rip off and will always find a loop hole in the policy that they can use to refuse payment on any repairs. Save that 160.00 every month and when your car breaks you will have the money to fix it
Good thing you didn’t buy the “extra warranty “ I had Focus with DCT transmission and dealer wanted to sell me his BS perfectly knowing that transmission will fail..Good thing Ford had recall on those particular vehicles 🚗 and I got brand new transmission for $0.00 dollars 💵 (must be under 160K)..Always do your research and never trust the dealer as much as cute ☺️ they are don’t fall for it…
Why you buy a bad car get a Toyota or Honda Crv 😅
I was never a fan of extended warranties up until a decade or so ago, but last month I sprung for buying one when I purchased my 2023 Mazda CX-30 to avoid expensive repairs for the next seven years. Only paid $2,200 for it. It's one that the dealership endorsed and proudly works with, not the crappy Car Shield policies that ghost their customers when they need help. Four years ago, I also bought a GM issued extended warranty for my 2017 Cadillac for only $1,927. I used it on a rear axle differential repair and an infotainment system replacement, both repairs which cost $$$$, but only cost me $50 out of pocket, so the warranty paid for itself plus more.
Thank you for explaining the misnomer, "bumper to bumper" warranty.
Simply declined all extended warranties. The dealer wasn’t happy while I was
Did you buy new or used?
No. Just saved everyone 12 minutes including myself
If I buy a charger do you think I need one?
😂
Thank you
Your wrong !
Wrong. European cars u should. You have horrible listening skills
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Is this for the right video?
I’m in the middle of shopping for cars. I learned so much since I start watching your video very informative thank you.
Honest truth! NO almost NEVER and then only the Auto manufacters extended warraanty! The dealer takez most of the payment as commision!
I bought an extended warranty in 2018 for my 2011 Chevy Cruze, and it has been a God - sent. I paid 2,200 for 5 years and has surpassed paying for itself. It has covered everything, electric windows, air con, engine oil leaks, etc. It was the best thing I ever did!
That was a bad year for chevy cruze. Actually anybody reading this, don't buy a chevy cruze.
Hey there gilbert... which company did you choose?
@@kruckin Endurance
@@nonaking1 ok that's the one I just purchased an extension from...I keep hearing horror stories...especially car shield
@@kruckin I have endurance also and they paid on my claim
Depends on the car. Domestic and Japanese cars probably not, but anything German like my M4, hell yes
Your info is invaluable to people who don’t know. Do a video on how much they make on the financing. In CT we are capped at raising the interest by 2% we get a percentage on the loan in the back. If we know this info then you can even get a better price on the front end of the car.
I like to add you can go online and price shop an OEM warranty from different dealers this is a good idea as they are selling the same plans also i got my estended warranty through my insurance company (Geico) 1000 dollars for 7 years with a 200 deductible used one time on my 2016 chevy impala replacing power motors in moon roof dealer charged 1500 dollars paid for intself would recomend
Bro. your channel has full of substance. I watched few of your videos and i like your way of explanation, very direct to the point. I bet you can help a lot of people by that. New subscriber here.😀
Thanks a lot! That's my goal!
I feel the same way. Thank you so much for the info
Your best extended warranty is from an oem. If your car is still under the original new car warranty, many (not all) oems allow you to buy their oem extended warranty as long as the new car warranty hasn't expired. You can prob go to any same brand dealership to buy, or buy from oem dealership online (and yes, pricing can be negotiated). So if you have an original 3yr/36k new car warranty... you can still buy an oem extended warranty at 2.5yrs and 30k miles. You don't have to buy an oem extended warranty at time of new car purchase.
That's exactly what I was thinking. And they'll definitely remind you of this fact through mail, email, etc... This way, if you can see something that might be a future issue, and are maybe thinking of buying an extended warranty, you've got plenty of time to find out as you drive the car over time.
Thanks for the info 2 years later
You said @2:40 that cars wear out only based on mileage and that is false. Suspension components made of rubber will dry out and tear just by aging. City mileage is known to be more abrasive to a car from all the engine heat cycle as compared to highway mileage.
Suggestion - how about a list of reputable 3-rd party warranty companies? Or if that's not feasible, a link to a website that you know does a good job ranking different warranty companies. Also - what about the difference between inclusionary and exclusionary warranties? I'm guessing the ones I see pitched on late-night TV are probably inclusionary 🙂
Aon Warranty Group Administered out of Chicago was a good deal and paid for a new transmission for my used Honda after $50 deductible, and it paid 3 days Rental Car which was convenient. this past Winter.🙂
Simple. I work on the premise that: If the manufacturer doesn't give you a decent warranty in the first place, why are you buying an extension and why are you buying the vehicle at all? I either buy the vehicle from new and keep it for a long time or buy at 3yrs and sell at 6yrs ad infinitum. Never sent a car to a garage for anything other than a couple of minor warranty repairs in 25 yrs.
Honda and Toyota are both great brands whose cars last usually a long time. They only offer 3 year/36k mile limited warranty. Are you saying you won't buy a Honda or Toyota then? I just traded in my 2013 Toyota Prius at 175000 miles with absolutely nothing wrong with it to get a Subaru Outback 2020 with 11k miles on it. I had an extended warranty on my Prius to 100k miles but never used it. Did not have to
Thank you for your help, as always. Thanks to your channel, I've finally closed the deal on a used vehicle and feel confident about my purchase. Keep on fighting the good fight!
Is there any chance you could do a video detailing which are the better aftermarket insurers and which ones to avoid? I recently purchased a used vehicle and after some research, I concluded that I was better off just taking the vehicle beforehand to a trusted mechanic and then just taking my chances. There are too many weasel clauses, limitations and deductibles to make it worthwhile. Also, used car dealers will not give you a copy of the details of the warranty before you purchase and the insurers websites do not give all the details.
Also, I was quoted everything from $800 to $2500 for the same "Superior" 2 year warranty for the same plan from different dealers. Talk about markup.
I'd say that if they wouldn't show the policy (not a brochure) before signing on the dotted line, I'd walk away. That, or as you found out, the reason may have been that it was a lousy product.
Why do we have to get the extended warranty at the time of vehicle purchase? Why not buy a 3rd party warranty 2 or 3 years later?
That is also what I am thinking. We would be paying for a coverage that wouldn't even start till 3 years later. Maybe the cost would be higher getting it later, but at least we could pick a reliable car insurance company.
In the mean time, we can see how reliable the new purchased car is in the first 2-3 years under the factory OEM warranty.
Shari. Always very informative. I really appreciate your knowledge. Thanks.
Lifetime warranty for a 2015 Jeep Cherokee= $2300
Amount of warranty work done in 6 years= $6000
Guess who doesn't offer this warranty anymore 😁
If they get 50 ppl to buy it but 10 use it for hey are probably fine w it
@@Btree33 but its a jeep so those 50 probably use it very well 😉
Jeep in general might as well not sell their shit boxes. :(
Most extended warranties on most vehicles are not worth it.
However, it may be worth it on a European luxury car. I purchased a full warranty with RoadVantage from the dealer I just bought my 2018 Porsche Panamera from. I only paid 4k for a 6 year 80k mile warranty. The vehicle has 13k. The warranty covers almost everything, including the airbag suspension, front end components, bushings etc. Pretty much only the exhaust, rust, and brake rotors/pads arw not covered. I have the car 2 months and already used it for a faulty AC o-ring. RoadVantage covered the ORings as well as the cost to refill the AC system with freon. The bill was $600. They authorized the repair in 2 hrs! With Porsche, not much needs to break to make this warranty worth it. Each airbag strut is over $2800 to replace! This of course is the exception. Toyotas go 150k+ miles with no issues at all. Even American cars will go at least 80-100k miles before they may need a major repair, and most of the time l, it's not that expensive to fix.
A WARRANTY CAN ONLY BE ISSUED BY THE VEHICLE'S MANUFACTURER.
I recently purchased a 2022 Toyota Highlander, and I did get an extended warranty 7-year 100k miles. Our SUV came with 25k miles on it and even though it's a Toyota I don't know if the fist owner drove it hard or not. I rather have a bumper-to-bumper warranty for some peace of mind.
I think you should I just did and the reason is is because of for your protection and peace of mind. I just bought a 2023 well a year ago I bought a 2023 tundra platinum and I bought the extended warranty so it’s guaranteed for 10 years or 100,000 miles and boy my glad I did. These motors are failing.😊 and also I’ll have one more thing they don’t make cars like they used to these cars nowadays they have so much electrical components on them for everything that they have that things break and you’ll be out-of-pocket if you don’t get it nothing last forever now they make things cheap
Stay away or buy a good ext warranty only just before your car warranty goes out.
Never buy a warranty when you buy your car! You can get it later. Stay away from Carshield! You've been warned! 🤟
I’ve seen quite a bit of your stuff now. High respect for you. Thank you.
We just bought a Honda HRV 2023 EX-L for our son. Dealer offered us a $2300 Triton for 10 years or 100k miles. They said it is better than Honda because they have better roadside assistance and rental car coverage up to 60 days instead of 6 days. I did not take it but looking into Honda Care which can be gotten later (up to original warranty expires). It covers 100k miles up to 8 years instead of 10 years
Great info, fairly and concisely presented.
If you buy domestic court, yes get an extended warranty only from the dealer not from a third-party warranty company in Toyota Honda Lexus you don’t need a #Warranty they’re just amazing vehicles with extreme reliability
lol my Volkswagen is 11 years old with 135k on the meter and is the best car I have ever owned. Has never broken down
2023 BMW X3 M40i. Want an extension for 84 months/75,000 miles. Also want a rim & tire coverage.
I really can't find this information anywhere but I have a question. Lets say I buy a VW which has a 4yr/50,000 of factory protection & then decided to purchase an extended warranty of 10yr/150,000 miles right before the factory expires. Does this mean it will be covered for an extra 10 yrs on top of the 4yrs or is it only covered until the car marks its 10th year?
Thank you for this video. It really helped out with a recent purchase.
I luv this channel, so much interesting info about cars 🚗
No. NEVER. Profit padding for dealer. The fine print means the dealer won’t cover you if you have any expensive or major repair claims.
False information
@@supersonicz06 Fact.
I keep hearing how bad CVT transmissions are and also hear that Hyundai & Kia engines keep going on fire. Question is which should I avoid buying since I will be buying my son a used car. I thank you for your feedback.
I’ve had my 2016 mission maxima until now
Recently purchased a new 2021 Venza Limited, along with a snow tire and wheel package. I also purchased a Toyota Platinum extended warranty for 4 years, which covers service cost for 3 years and a brake flush at 48k along with the tire and rim warranty from Toyota which covers both the winter tires and rims along with the factory ones for 48 months. They did after discount both packages by about 15%. I keep my vehicle for about 4 years so I never purchased rust proofing, paint or interior protection. We are both retired and travel between Newfoundland, Ontario and Alberta annually so the extra warranties provide extra perks if we had vehicle issues while traveling.
What about gap insurance.? Is it good investment.?
I did pick up some great points from this video. Thanks!
Buying a brand new 2021 Mazda CX-5. 10 year 150k mile warranty offered for $52 extra a month for 75 months. I plan to drive Uber and Lyft on the side. Should I take the Warranty??
This was very helpful. Thanx! 👍
It’s never worked out economically for me. If it did they would not offer it.
Why to buy a bad car at first 😅 I’m doing my homework right now., still have some time before I close a deal ., I know I’m buying a good truck but still wanted to have a peace of mind if anything happens., the only thing I has to pay until my Loand ends .,is like I’m just throwing money to the garbage
I have saved over $23K in 24 years (After a few replacements and repairs) NOT buying any Extended Service Contracts on anything......More than enough to pay for repairs and replacements.
Struggling with this currently. I have a Ford Maverick and was offered a 100k 10 year for 2,900. It is not OEM, it is the dealer’s private warranty plan with a “vanishing deductible” if you repair with them. Outside them it is $100 no claim limit. They have been around 73 years and are one of the largest parts suppliers in the state (even owning a Napa). It is a first year model and unknown, 100k/10 yr at $2900 is far better than the 72k/6r at $3600. But both of those include the factor 36k 3 year. The plan is to keep the vehicle 8-10 years. It is a comprehensive warranty.
It's been a year. What did you do? And why would they charge more for less? I'm guessing you were saying the $3,600 warranty was the OEM vs. the $2900 which was not?
@@imaramblins 3,600 was third party, 2,900 was dealer’s personal warranty plan (neither were factory extended)
I went with MBI through my insurance which is essentially the same but broken into premium increase of a small amount ($21 per month)
@@iampartsched Thanks. Sounds like you made a good choice. $21 per month for some extra peace of mind vs. some charging $1-200 extra on your monthly payments is like night and day.
Need advice on endurance warranty not covering alternator based on me driving accessive miles. Crazy.
I bought a 2019 Honda passport new (3 year/ 60k km original warranty) and bought the extended warranty. Now in year four i estimate i have received $5k in repairs since the end of the basic warranty. Who'd a thought with a Honda - I've had many electrical issues and they are still not fixed.
thank you so much for this info love it
How do you know the dealership is giving me an OEM extended warranty??? What if the dealership says it is an OEM warranty, but realistically it is not??? They also at the dealership have what is called gap insurance, which not to sure what that covers at this time.
For only 2 more years at the cost the extended warranties provide, might as well save that 1500-2000 dollars and just make the repair on the high end repair item. I have had a Monte Carlo for 21 years with 109,000 miles on it now and just paid for the high end repairs over the years which were very few and far between type repairs.
I see these car protect plans on TV ads and know most of these are scam insurance companies that don't live up to their policy claims. Like one person said in the comments here, How can you trust any of them when I do have or get a problem.
We don't have to get an extended warranty at the dealership and can sign up for one later on if it might be needed. Something for me to think about before my purchase.
thanks for the video and take care.
Great video!
Very informative. I'm thinking of buying a Toyota Corolla Cross Hybrid and I have never purchased an extended warranty in the past. Should I reconsider that if buying a hybrid? Seems like they have a great warranty already.
Good advice my question is if I don’t want it can I refuse at the dealer even if I financing the vehicle
I didn’t watch the vide, but I used to do finance and sell this. If you like paying 3 times the cost of the dealership then sure. To put it simply, Dealership cost is $950 and sell it to you for $3,000. So you tell me.
I just bought a 2022 ram 1500 and bought the 8 years 125,000 warranty because this is my first dodge
What was the price for that warranty? I keep getting letters from dodge for my 22 to buy the same thing
@@garysgarage.2841 $2800
Where does one research to find out if an extended warranty company is reputable? Many warranty blogs or websites are simply trying to promote their own product. My next step is to go through your channel to find this answer.
So for donation you respond, but any question asked you are silent. I understand can't answer all off them, but at least one be good.
He’s wrong the Toyota Sienna comprehensive warranty$2200-$3900 is what I was quoted
I am confused .. I am buying at toyota Rave… are you saying to purchase on this reliable vehicle?
They find any little reason why they shouldn't pay for your repairs.
Instead of paying them every month put your money in the bank every month ....
I am looking at 2015 Honda I drive 2days a week I work at home and just drive Friday and Sunday at 64yrd old I do not go much I SHOULD BE OKAY!!
Awesome thanks
Thanks!
Thank you!
At least give a recommendation so we have a benchmark when researching
Very good report!
Would you recommend the extended warranty for a 2023 hyundai palasade calligraphy? I'm more worried about the electronic and touch screen
Going to buy 3-year old Volvo T8 SUV at end of my lease term. extended warranty will cost 6k to cover 5 years. Should I buy the extended warranty?
Anytime someone says bumper to bumper RUN
I just bought a new Hyundai Elantra I got warranty is worth it?
Thank you❤
Should a Hyundai extended warranty cost $2800?
no questions right now, but did subscribe in case i do..
Can you still buy warranty after a lapse of no warranty?
Are dealerships allowed to take your refund check towards the car payment without speaking to you?
I am in the process of buying Hyundai Tucson 2012 ($12500) and my dealer is pushing me to buy $2800 warranty as I am doing financing and putting $7000 down payments
I'm buying a 2022 Toyota Highlander hybrid is it worth the money to purchase the extended warranty if I'm planning on keeping the vehicle long term?
No the extension always fucks up the wheels
And the axles get all bent out of shape
There's nothing worse than a broken axel
Hi! I need help. So I bought 2023 Honda civic sport, and just got an extended car warranty, should I just cancel it?
I’m about to buy a 2022 Mercedes GLA. Extended warranty is 4K. 😳 is that worth it???
I don’t go up in mileage much at all.
Nah it’s not worth it! You should lease instead of buying an American, European, Korean, & Chinese vehicle! Buy any Japanese vehicle but not Nissan, Infiniti, and Mitsubishi.
So if you’re buying Japanese it’s not really necessary.
Luxury European absolutely get one if it’s a first party warranty. Strongly consider getting a 3rd party warranty.
I’m looking at a Subaru Forester 2024 and should be receiving it in mid January 2024. My last forester I had the extended warranty and on the fence about getting a extended warranty on this one. Any thoughts on what I should do? Love your channel and enjoy the content ❤
Subaru comes with a 3year/36k limited warranty. If you plan on owning the car for 5+ years definitely consider the warranty. Most consumers trade cars between 3-5 years as that's most manufacturers base warranty coverage. 3year/36k limited and 5year/60k powertrain. Your not generally going to see any issues within the first 3-4 years of ownership but around year 5-6 is when you have to start worrying about electronic failures. The amount of semiconductors on new vehicles is insane and I've personally used a warranty that covered $2600 of repairs for a fuel injector replacement on a Honda Fit I purchased for my girlfriend. I paid $2850 for a 10 year, 150k full comprehensive warranty. We have had the car since 2019 and I had the fuel injectors replaced them right at 65k miles (My luck). My warranty has only a $100 deductible and I still have another 5 years and 80k miles at this point where pretty much any repair is going to succeed the cost of the warranty. I just got myself a new Honda HRV and I bought the 10 year 150k for that as well for around $3000. I wouldn't buy a new car that I plan on keeping without a warranty especially with the risk of part and labor inflation in the next few years.
Hi everyone, I just bought a new Dodge Durango and was given third party extended warranty Eg Assurance. Wondering if thats a good insurance or if I should even cancel it? Is it worth it..I still have a older car so I wont be driving the durango all the time.
Everything that went wrong with the used car I bought happened within the first month and was taken care of before the 90 day warranty was done and I never needed the extended warranty.
Getting a great deal at my work on a used Lexus UX250 with 60k miles on it.
Can’t decide what to do warranty wise. (There’s 10k left on the power train, battery is up to 150)
Is it worth getting coverage due to the first owner adding on 60 miles in two years? I won’t be driving it anywhere near that much.
What about a Acura NSX 2017-2021?
Hi I have plan to buy 2022 toyota corolla, they offer lifetime extended warranty for 1500 Canadian, should I get it or not?
Hello I am doing a lease buyout on my 2019 Honda civic they have offered me an extended warranty I guess it's worth 3000 cad is it worth it ? Should I say yes or no to it ?
Hello, would you say a Volvo XC90 is recommended for an extended warranty plan?
Absolutely. Volvos are expensive to repair out of warranty and the reliability is only so-so. Extended warranty makes sense for this one
highway miles are MUCH better for a car, so to say if you drive a lot miles you should consider an extended warranty, I disagree, more city miles would be a reason to buy a warranty.
*WHILE buying a car and being harassed by the Finance Manager, HOW can you go home in the middle of finishing the deal......do research and then come back to them* ?????? Really ?
We were ready to write a check for full amount and drive that new car off the lot when they sprang this on us. We bailed. They went way down on the price, but I’d had enough and just wanted to go home. Don’t know if we’ll go back.
I need to buy a great car warranty in Miami, FL. any recomendations?
Hi. Buying a KIA PORTAGE top trim gas. Dealer is selling 10 year warranty for 4300 CAD + tax!!! I only do 5K km /year. Should I buy it?I will keep the car 10 years. Thanks 🙏 😊
No way. Too expensive and you don't drive enough to put wear and tear on the vehicle to make the warranty worthwhile. Just skip it 👍
I’m looking a a new 2021 Jeep Wrangler sport “manual transmission”, would I need the extended warranty or not?
If you do a lot of driving I would consider it. Jeeps have a a reputation for average reliability at best so there is a good chance you could take advantage of the extended warranty. Just make sure the plan has comprehensive coverage and negotiate a good price
Usually who makes the car make it right. Extended warranty is a scam
Hello.. I am planning to buy the new 2022 kia seltos ex .. Do i need to but the extended warranty?! .. Thank you
I work at a dealership and just bought a 2017 Chevy Cruze with. 39,000 I felt they were taking care of me because I’m an employee but now I’m not sure. When I got into the finance manager instead of just signing papers I ended up agreeing to a service contract for 72 months/72k miles.. it’s 2600$ do u think I got had? I drive about 15k miles a year
You got had as soon as you bought the Cruze. Notorious for low reliability.
Thanks for the info. Buying a RAV4 hybrid (if it ever gets here). Considering their extended warranty 72/100,00km because of all the tech in the car with sensors, cameras, etc. Gold vs platinum plan? Any insights? Also how much $ can I ask price to be reduced? $500? $800?
I think the Gold plan is the best value. It is a comprehensive plan so it covers all the most important and expensive parts. In the case of Toyota, dealers usually can't budge too much from the price on the Toyota website. I would say 10% discount at most.
@@carhelpcorner thank you so much!
Good stuff.