04-16-2019, 11:44 PM | #128 |
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Track cars: 2013 Scion FRS, 1998 Acura Integra Type-R, 1993 Honda Civic Hatchback DD: 2005 Acura TSX Tow: 2022 F-450 Toys: 2001 Chevrolet Corvette Z06, 1993 Toyota MR2 Turbo, 1994 Toyota MR2 Turbo, 1991 Mitsubishi Galant VR-4 Parts: 2015 Subaru BRZ Limited, 2005 Acura TSX Projects: 2013 Subaru BRZ Limited track car build FS: 2004 GMC Sierra 2500 LT CCSB 8.1/Allison with 99k miles |
04-16-2019, 11:49 PM | #129 | |
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Possible, yes. In your case, clearly so. In many others, maybe not. In the last 20 some years I've never bought a car where the extended warranty would have paid off so far. Clearly for some they work out but for most I'd guess that it's a waste of money on any reliable brand.
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Track cars: 2013 Scion FRS, 1998 Acura Integra Type-R, 1993 Honda Civic Hatchback DD: 2005 Acura TSX Tow: 2022 F-450 Toys: 2001 Chevrolet Corvette Z06, 1993 Toyota MR2 Turbo, 1994 Toyota MR2 Turbo, 1991 Mitsubishi Galant VR-4 Parts: 2015 Subaru BRZ Limited, 2005 Acura TSX Projects: 2013 Subaru BRZ Limited track car build FS: 2004 GMC Sierra 2500 LT CCSB 8.1/Allison with 99k miles |
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04-17-2019, 12:01 AM | #130 | |
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For me the impact of mechanical failure was pretty large even though the likelihood was small. Additionally, when I bought my 2014 there were too few examples with any significant miles on them to reveal any potential issues with the platform. That made the uncertainty a lot greater than if the car had a decade long track record of going 400K miles with no problems. Even now I don't think there are enough high mileage examples on the road to adequately judge the reliability of the car. So for me the extended warranty was relatively cheap insurance on a capital investment that I would have considered a good risk even if I hadn't needed to use it. |
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04-17-2019, 02:44 AM | #131 |
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04-17-2019, 07:49 AM | #132 |
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As @Dave-ROR pointed out, I wasn't saying extended warranties weren't a form of insurance, I was saying it isn't mitigating much real risk, at least for me. Of course others may have differing opinions and level of risks.
This is how it applies FOR me. Extended warranties on anything electronic or other household goods provides no value. Most of these devices, if they are going to break, will do so within the manufacturer's warranty. If it does so after the warranty, I'd just as soon buy the newest/latest/greatest version anyway. For autos, every car (new/used/new model/old model) I've ever owned has gone past the manufacturer's and the extended warranty period with no issue that cost more than what an extended warranty would have cost me. Because of that, I am willing to foot the bill should my next one break in the gap between manufacturer's warranty and the limits of an extended warranty. IN MY CASE, an extended warranty isn't buying me much time anyway. On the FRS it would have at most covered an additional 24 months of driving. Things that would cause me an unreasonable financial burden if lost, I insure. I also don't buy things I can't afford to do maintenance and repairs on. An extended warranty is "repair insurance" so in my case not needed. Also, we differ in that I don't consider a vehicle a capital investment, it is a consumable like food or clothing. Maybe that is the real difference.
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04-20-2019, 07:55 PM | #133 |
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Ah man! I know how you feel. I had a similar accident with my '17 BRZ. Looked very similar and total repair bill was $14,500, no bent frame. Strip it and make a track car! Buy a used corolla or civic for a daily.
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07-15-2019, 04:24 PM | #134 |
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Everyone claiming that self insurance is better financially obviously hasn't had to go to court after an accident. Hurt someone bad in a crash (including yourself) and you'll be paying far more than what insurance premiums for life would have cost you.
Even forgetting that, if you have a good financial planner (or smart with investments on your own) it's a bad financial decision unless insurance is insane where you are. If you have to keep $40k/car liquid enough to get at any time that's $40k you can't have invested anywhere. Invest that $40k and you can be making more than what insurance would cost you every year. Even a 5% annual return is more than enough to cover my insurance, and that's not a fantastic return. Same argument against buying cars in cash. If the interest rate on the loan is less than what I'm making on the investment where the money currently resides the loan makes way more sense.
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07-16-2019, 11:52 AM | #135 | |
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07-16-2019, 01:59 PM | #136 |
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If anything, the ultra rich are less likely to leave money sitting around when it could be making them more money. That's how they got to be ultra rich in the first place (forgetting anyone born into it and just handed millions).
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07-16-2019, 07:38 PM | #137 |
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07-16-2019, 08:58 PM | #138 |
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The house you live in is an investment as it is expected to rise in value. Unfortunately this doesn’t always work out so it is a bad investment but an investment all the same.
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07-16-2019, 09:27 PM | #139 | |
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Houses can be investments. People literally make a living out of "flipping houses" lol but cars are definitely costs. I'd rather have fun and drive the shit out of it and make great memories with it rather than get an extra grand when trade in time comes. |
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07-16-2019, 09:59 PM | #140 | |
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