Quote:
Originally Posted by Dadhawk
In my experience, if you are having 1 issue per year with a modern car with under 100,000 miles on it, you will want to dump the car, warranty or not. In all the cars I've owned, in the last 25 years (new and used) I have not had more than one major service issue under 100K miles on any car. In fact, I've had a half dozen or so with well over 200K miles on them and none have a major repair every year.
I'm not saying taking the "risk" is for everyone, but I can say that I have NEVER owned a car (since 1975) where the extended warranty would have been a good decision. Maybe I've just been lucky.
Admittedly, there are people where the piece of mind of having the coverage is worth the money, and I'm OK with that. For me though, I'd rather put the money in the bank and self-insure.
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Well then I guess maybe I'm super lucky. I always own 3 vehicles, a light truck (currently a '11 Taco), a family grocery-getter (currently a '14 Camry), and a toy (currently my '13 FRS.
We drive a combined total of about 45K per year, keep vehicles 5-7 years, or 100-120K.
My total repair costs for all vehicles combined over the last 25 years wouldn't total $1000.
That of course doesn't include regular maintenance (oil/filter changes, etc) or wear items (tires, batteries, etc). But those aren't covered by warranties anyway.
Extended warranties are a loser's bet.