Extended Warranty Question

dwight.j.carter · #1 (**permalink**) 03-12-08, 01:17 PM

Ok I filled out for a quote online for my car from Continental Warranty. They offered 1600.00 for a five year 100k mile warranty. What do you guys think have you heard of them and was it good or bad ?

submariner409 · #2 (**permalink**) 03-12-08, 01:37 PM

Take the $1600 and put it in your own money market account. Add a bit now and then if you can or if you feel like it.
You'll have the money and the interest, not someone else. Done properly, at the end of your own warranty period you might have as much as $8,000 in the bank.

There are a whole lot of exclusions in a third party extended warranty, so the chances of the selling dealer putting out anywhere near the price of the warranty over the term are few and far between.

CadillacSTS2003 · #3 (**permalink**) 03-12-08, 01:40 PM

hahahahahahahahaha @ Sub
GMPP or bust bro
but they aint cheap

better off investing in an FSM and a set of tools

**Ranger** · #4 (**permalink**) 03-12-08, 05:55 PM

My thoughts are, why pay in advance for repairs that you may not need. I'd heed Subs advice.

Yaemish · #5 (**permalink**) 03-12-08, 09:16 PM

Its good advice, but with my EldoradoI paid $1500 for two years complete coverage from Autowarrantybroker.com and I kept track of everything in a spreadsheet. Subtracting the $1500 from little more than $5k in repairs shows it to be a pretty good savings for 2.5 years of ownership.

Rafterd · #6 (**permalink**) 03-12-08, 09:19 PM

For the most part, extended warrany's are a ripoff. But that one in a thousand might be you.

Bill

**I~LUV~Caddys8792** · #7 (**permalink**) 03-12-08, 09:31 PM

With a Northstar, I wouldn't go without a warranty.

Rafterd · #8 (**permalink**) 03-12-08, 09:32 PM

Good Point!!!

Bill

CadillacSTS2003 · #9 (**permalink**) 03-12-08, 09:38 PM

im very happy with my decision not to spend 4k on a warranty....

Rafterd · #10 (**permalink**) 03-12-08, 09:43 PM

When I bought my new Dodge 3500 Cummins, the dealer said,"even our shop foreman bought this". It was 7k and lasted the term of the loan. I told him if there was going to be 7k in repairs in the next 5 years, I'm not buying your truck!!! I never saw a salesman crawfish so fast!!!

Bill

Ur7x · #11 (**permalink**) 03-13-08, 12:58 AM

Quote:

Originally Posted by CadillacSTS2003

im very happy with my decision not to spend 4k on a warranty....

Yup me too... I saved over 3 large not buying one...

I would add that I have probably saved enough over the years not buying these policies to pay for my next car.

**I~LUV~Caddys8792** · #12 (**permalink**) 03-13-08, 01:05 AM

Quote:

Originally Posted by CadillacSTS2003

im very happy with my decision not to spend 4k on a warranty....

I hear ya, but you're very mechanically inclined. For those of us that aren't mechanically inclined and bought something expensive, complicated and something that they're unfamiliar with, the warranty can be a great purchase.

racinrod67 · #13 (**permalink**) 03-13-08, 02:19 AM

I guess that I have been one of the lucky ones, twice!! I opted for the third party extended warranty on both my Z71 4x4 and my STS. They were both bumper to bumper coverages with a $100 deductible. I realize that there are plenty of details hidden in the fine print and some coverages may sound good on the surface, but leave something to be desired once you go to use them, but in both instances the parts and labor charges that were covered on my two warranties were far greater than what I initially paid. Yes I have tools and know how to fix cars, but what these warranties provided me was convenience. Everyone's situation is different, but my job requires a lot of traveling so it was nice to drop off the STS at the dealership and have them fix it while I was out of town or the fact that when my truck had a problem while driving to a job, any Chevy dealer form coast to coast honored my warranty. It depends on an individual's situation whether the deal is worth it or not, you can't base the decision solely on the up front out of pocket cost.

**Ranger** · #14 (**permalink**) 03-13-08, 12:41 PM

Warranties are a gamble. Sometimes you win. Usually you don't (or the warranty company would not be in business). For someone like I~Luv~Caddys or Racinrod, it may be worth doing. Each situation is different and you have to weigh the options.

dwight.j.carter · #15 (**permalink**) 03-13-08, 02:13 PM

I am not very mechanically inclined however with my shop experience in high school and what I have learned on here (namely from Ranger and Sub) I am confident to do most jobs myself if I can. I was thinking about it for the head gaskets and trans down the line. But I think by that time I should have saved enough to have a failure like that fixed on my own.