Extended warranty, waste of money or worth it, 2017?

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07navi

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I bought a 2010 Explorer with 71K miles. After a couple of years it stated throwing some phaser codes and chugging a few times. The problem went away, but just before reaching 100K miles I bought a four year, 40,000 mile drivetrain warranty on-line from Ford. A kind fellow came by to inspect, which consisted of photographing the VIN and coming along for a mile-long ride. The cost was $1300.

Now the car has 109,000 miles and the transmission's slipping in second gear. The front differential seal's leaking and from time to time the V-8 makes some ungodly bearing racket.

I never owned a warranty in my life.

Think they'll make a lot of money on me?
No but they will in the long run.
 

Machete

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I bought a 2010 Explorer with 71K miles. After a couple of years it stated throwing some phaser codes and chugging a few times. The problem went away, but just before reaching 100K miles I bought a four year, 40,000 mile drivetrain warranty on-line from Ford. A kind fellow came by to inspect, which consisted of photographing the VIN and coming along for a mile-long ride. The cost was $1300.

Now the car has 109,000 miles and the transmission's slipping in second gear. The front differential seal's leaking and from time to time the V-8 makes some ungodly bearing racket.

I never owned a warranty in my life.

Think they'll make a lot of money on me?

Not on you but probably on some little old lady who buys a brand new Toyota Camry
 

Boostedbus

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Ok here is my take, even though I bought an extended warranty on my 17 EL XLT ,I wouldn’t do it again. I know they make a ton of money selling warranties because in the end it’s nothing but an insurance policy or call it a gift card. You pay for it up front and if it doesn’t break you lose. I also was one that needed piece of mind with these new turbo high tech engines but now I’m convinced they are like most all other engines and all they require is routine maintenance. I’ve been a Ford guy for all my life , and for the most part Ford has always made product that lasts when maintained properly. If you wanna play the odds then don’t buy the warranty because in most cases the Dealer always wins........(Car Dealer/Vegas card Dealer).....just saying that I knew better and still caved to their hype about cost of high tech repairs. Why do they push warranties if they loose money on them????
 

Boostedbus

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Put the warranty money in a personal escrow account or something of the sort and you’ll most likely have it for the next vehicle’s repairs or just regular maintenance funds.
 

07navi

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They definitely make money on them but I can fix almost anything on a car/truck and usually for peanuts so for me it's not worth it but even for the average person it's not worth it since like booted said; the house usually wins. You're not even betting on a long shot here.
 

Bobnoxious

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I've had both running boards and both front window regulators replaced under the extended service plan. The plan has paid for itself, twofold, for just these four items.
If you have a high electrical content vehicle, I'd recommend purchasing the plan.
 

07navi

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They know about the electric content and adjust by what they paid out. Lets hear from the non benefiters now
 

Trainmaster

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The majority of buyers and lessors are sold an extended service contract, even if they don't plan on keeping the car when it's effective. That's car salesmen. And the majority of then never have a claim because they ditch the car at 60,000 miles.

Most American cars these days are pretty trouble-free for at least 100,000 miles.

It's the people who buy warranties on old tired and abused iron that can still be warranted who get to benefit.
 

sulatek

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actually, it turns out you didn't pay for anything you might actually need. it sounds good, but there's nothing there.


Yes, that is the reality
Like someone who buys something he may not need
And if he really needs it, he will find it out of date
 

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