Is the Extended Warranty worth it?
- Thread starter george.stark
- Start date
- Tags extended warranty warranty
Those are insurances, really. If you're unlucky, they could serve their purpose but the risk is calculated for them as they are, indeed, a profit source. For one unlucky customer, they have ten or twenty that paid for "peace of mind" without barely using the benefits. Also, not all plans are equals (deductible, specific limitations or conditions, like using a specific shop for maintenance, etc). Personally, I rather put money aside during factory warranty in case something happen afterward. If nothing happen, I'm the one keeping the money instead of some insurance company. But for some the "peace of mind" argument is important.
I initially purchased the extended warranty for my 2014 Corolla. However, after a few months, i decided to cancel it and obtain a refund. My decision was based on that the items covered by the warranty might not ever be damaged in this car before 100,000 miles. Its a Toyota. Toyotas a good reliable cars. They offered me a 5 year or 100,000 miles warranty for $2,000. They covered everything except for wear and tear so no coverage of brakes, tires, fluids, etc...
What are the chances that the transmission, engine, or something mechanical will get damage before 100,000 or 5 years? Very low imo.
What are the chances that the transmission, engine, or something mechanical will get damage before 100,000 or 5 years? Very low imo.