Extended warranty/service plans

[ClemsonU88]

Your living in the past. I enjoyed that also.. I have had a multitude of winners - aapl, msft,Amzn, etc. but those days are at a minimum suspended. Even XLE will retract. Best thing right now is a I - bond. They should let us put millions in them versus 10K PP.

Live in the present; learn from the past. The stock market is down, and my Apple & Amazon stocks are down between 30%-40%. NOW is the time to put money in!! When the market "corrects" like it's currently doing, it generally takes 4 months to recover. Many analysts are saying this one could take 10 months.

Therefore, if you put $2,000 in Apple or Amazon, and the market recovers in 4-10 months, one's $2,000 would become $2,800 in a short time. Leave it in for 3 years (while you still have the 3/36 bumper-to-bumper warranty) at even 10% for each of the last 2 years, and you'd end up with $3,388. And if Apple does better than 10% as it historically has, you'll have more.

Obviously nothing is guaranteed (one could lose money in the stock market even over the long haul), but buying into a solid company during an awful market correction is a very good idea based on the past.

Plus, extended warranties are a gold mine for companies NOT customers.

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[ClemsonU88]

You may want to recalculate that As of today that number is no longer valid.

I just read an article that said people who invest in the market right after it corrects (as it's currently doing) historically make 22% on their money over the next 12 months.

Again, nothing is guaranteed, but investing in the market when it's down is historically a very good idea. Plus, if you put your money in something that makes 4%-10% guaranteed, you might not even be keeping up with inflation over the next year or two.

Companies sell extended warranties, because they make a lot of money on them. That means customers lose a lot of money on them.

 

[FriscoTXJoe]

Can you share who you bought your ESP from? If from Granger, will you check out my comment on this thread (#10) and post if you have any air conditioning/heating costs shown on your Service History of your FORD Pass. An amount, double what the ESP cost me, is shown on my history as "Services Performed - Air Conditioning & Heating." This is incorrect.

The only thing I've had any connection with Granger was purchasing the ESP. I don't want inaccurate information on anything related to my Maverick shown anywhere. I haven't gotten a satisfactory explanation from Brooke at Granger.

Thanks.

I got mine from Flood Ford. My service history says "YOU HAVE NO RECORDS AT THIS TIME".
I hope that helps. Please let me know if you need anything else and good luck!

 

[gman62]

I bought an extended warranty from Grainger. It wasn’t the greatest investment. The airfare I took the other day, cost me half of the price of the warranty. I might never use it.

Dont understand this post. You wont know if the warranty was a good investment until it has expired. Maybe it saved you money, maybe it didnt? If you think it is a bad deal then cancel it. You should get most if not, all of your money back. Or are you saying this was on an older vehicle and you never utilized it?

 

[Rockingchair]

I bought an extended warrantee from Flood Ford. This is the second one I have bought from them. I have a 2016 F150 that had a bad AM radio and the A/C system was not performing. (not a charge issue) They pulled the dash twice to fix the A/C issue. Pretty sure that repair exceeded the price I paid for the policy, not to mention the car rental. The pickup was in the shop for a week plus for repairs, not just sitting waiting for someone to repair it.

 

[Turtle]

I just read an article that said people who invest in the market right after it corrects (as it's currently doing) historically make 22% on their money over the next 12 months.

Again, nothing is guaranteed, but investing in the market when it's down is historically a very good idea. Plus, if you put your money in something that makes 4%-10% guaranteed, you might not even be keeping up with inflation over the next year or two.

Companies sell extended warranties, because they make a lot of money on them. That means customers lose a lot of money on them.

If i was going to invest that money in anything at this time it would be an I-Bond.

 

[NOLAguy]

BAD IDEA, you can ignore the facts if you want but here they are: 55% of people who purchased a warranty never touched it, and those who did saved less on repairs than they paid for the contract (Consumer Reports6.29.21)

 

[NOLAguy]

Adjusted for inflation

 

[samspritzer]

@Turtle. @NOLAguy ...all I asked was for experience with an extended warranty. If I wanted investment advice, this would be the last place I'll ask.

 

[NOLAguy]

it’s not an investment ergo not investment advise

 

[Turtle]

@Turtle. @NOLAguy ...all I asked was for experience with an extended warranty. If I wanted investment advice, this would be the last place I'll ask.

The beauty of social media. My apologies get the warranty from Ford. That’s what I did..

 

[mcc63303]

Extended warranty/service plan...I am considering this and am deciding between Ford's ESP and one offered by the dealer from one of the larger ESP companies. The dealer's is cheaper plus it can be honored by any garage whereas Ford's is only honored at a Ford dealer. Can anyone please share their thoughts and experience. Thanks!

The most important thing to look into on other than Ford extended is many aftermarket have a limit as to how much is paid for some items, usually engine and transmission. Limit may be $3, $4k or whatever where Ford plan pays the complete amount. Some aftermarket may also let used be installed. With todays parts availability issues the Ford plan may help in getting a loaner/rental for longer than the plan allows, aftermarket won't. (dealers can request longer coverage from Ford). I'm a retired Ford Dealer Service Advisor, our 2016 Escape has an aftermarket "lifetime" warranty, I bought the Ford Premiumcare (zero deductible) with upgrade (pays up $60/day and 1st day rental and bulb coverage (LED lights are very expensive). Ford plans are also transferrable (small fee) where most aftermarket are not which helps if you sell the vehicle. Tailor any plan to how long and how many miles you plan on having the vehicle.

 

[mcc63303]

The most important thing to look into on other than Ford extended is many aftermarket have a limit as to how much is paid for some items, usually engine and transmission. Limit may be $3, $4k or whatever where Ford plan pays the complete amount. Some aftermarket may also let used be installed. With todays parts availability issues the Ford plan may help in getting a loaner/rental for longer than the plan allows, aftermarket won't. (dealers can request longer coverage from Ford). I'm a retired Ford Dealer Service Advisor, our 2016 Escape has an aftermarket "lifetime" warranty, for the Maverick I bought the Ford Premiumcare (zero deductible) with upgrade rental (pays up $60/day and 1st day rental and bulb coverage (LED lights are very expensive). Ford plans are also transferrable (small fee) where most aftermarket are not which helps if you sell the vehicle. Tailor any plan to how long and how many miles you plan on having the vehicle.

 

[samspritzer]

The most important thing to look into on other than Ford extended is many aftermarket have a limit as to how much is paid for some items, usually engine and transmission. Limit may be $3, $4k or whatever where Ford plan pays the complete amount. Some aftermarket may also let used be installed. With todays parts availability issues the Ford plan may help in getting a loaner/rental for longer than the plan allows, aftermarket won't. (dealers can request longer coverage from Ford). I'm a retired Ford Dealer Service Advisor, our 2016 Escape has an aftermarket "lifetime" warranty, I bought the Ford Premiumcare (zero deductible) with upgrade (pays up $60/day and 1st day rental and bulb coverage (LED lights are very expensive). Ford plans are also transferrable (small fee) where most aftermarket are not which helps if you sell the vehicle. Taylor any plan to how long and how many miles you plan on having the vehicle.

Thank you! I do plan to go with the Ford plan.

 

[YazYaz]

I just read an article that said people who invest in the market right after it corrects (as it's currently doing) historically make 22% on their money over the next 12 months.

Again, nothing is guaranteed, but investing in the market when it's down is historically a very good idea. Plus, if you put your money in something that makes 4%-10% guaranteed, you might not even be keeping up with inflation over the next year or two.

Companies sell extended warranties, because they make a lot of money on them. That means customers lose a lot of money on them.

I don't feel strongly either way on the issue. Everyone's situation is different. But believing that "they make a lot of money on them. That means customers lose a lot of money on them" is wrong headed. The same could be said about Home Insurance, Medical Insurance, Auto Insurance etc. It is the nature of the beast. In over 40 years of home ownership I have never had to place a claim. That doesn't mean I should not buy home insurance. It is the nature of the beast.

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