I have an SUV with about 134k miles on it now, got a notice in the mail yesterday about buying a warranty for the car for 3 more years. Some small things have gone wrong with it recently and it's right around the mileage that something major will probably happen, and I dont feel like putting 5k into the car and then also having to potentially put more into it after that.
They quoted me 3200 divided up into 18 payments for the 3 year coverage, I figure at the end of the 3 years I will probably sell the car and get a new one. I am leaning towards getting it and putting the 3200 into it over the next 18 months and not have to worry about if major things go wrong
Does anyone have any experience with this warranty company? They seem to have pretty good reviews online, but I'd be interested to hear if anyone on BBI has any experiences with this company
My car is a 2008 and having 130k miles on it thats usually the time where things start to go wrong, so I assume thats why the price is much higher than yours. You probably wont even hit 130k by the time the warranty expires
Extended warranties are hugely profitable for insurance companies. Something close to a 50% percent profit margin. Few end up getting back close to what they paid in. Sure it pays off for some. But you're better off in the long run putting away the money you would have spent into a repair fund.
It comes down to a gamble, is your particular car going to cost more than the warranty to fix/maintain? Will what break be included in what is covered?
The odds are ever in the Warranty company's favor.