How many of you actually bought the extended warranty? With the warranties Cadillac's already come with, is it worth getting? Thanks in advance for your info.
Extended warranties are a sucker's game. Here's a bit of what Consumer Reports said in its April 2008 car issue:
But extended warranties sell costly "peace of mind" for repair nightmares that probably won't occur, according to a survey of more than 8,000 readers in December 2007 by the Consumer Reports National Research Center. We have long advised that extended warranties are a poor deal for almost every product. Now we have the first data showing that this advice applies to most new cars as well.
I did not, as I am leasing the car and will return it before the original factory warranty expires. However, some things to consider:
1) Shop around for your GMPP Extended Warranty. The prices can vary widely and you can save yourself a fair amount of money. There are several GM dealerships that have emphasized selling GMPPs at lower prices than most dealerships are willing to. It doesn't matter where you buy it from, so don't limit yourself to your dealership.
2) Extended warranty months/miles are NOT added to the original warranty coverage. Instead, they are added to the current age and mileage of the vehicle. Therefore, wait until you approach 12 months or 12,000 miles (which ever occurs first) and then buy (if you are going to buy). The prices increase once you cross the 12/12,000 threshold.
Standard on every new Cadillac:
- 100,000-mile/5-year Transferable Powertrain Limited Warranty with no
deductible*
- 100,000 miles/5 years of 24/7 Roadside Assistance*
- 100,000 miles/5 years of Courtesy Transportation*
- 50,000 miles/4 years Basic Limited Warranty*
- Unlimited mileage/6 years Rust Warranty*
*whichever comes first
Why would you need to purchase an expensive warranty when you already have the best in the industry? I have purchased 12 new GM vehicles since 1988 and I have never had to take one of them in for warranty work. That is an amazing thing IMO. I would invest the money in something that would give you a return instead of purchasing an unneeded warranty. Of course, the final decision is yours and would depend on how long you want to keep the vehicle. Personally, I always thought these warranties are scams.
Also, keep in mind, you have the right to purchase the extended warranty up until 49999 miles or 4 years, 11 months, and 30 days. If you have a lemon down the road, buy the warranty. If your car is a cherry, leave it alone.
