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Extended Warranty - worth it?

babytruk

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I have a 2023 hybrid with 6300 miles my warranty runs out 10/26. I'm retired so I don't put many miles on it. Extended warranty?? Any recommendations would help. Not mechanically inclined. Thanks Tim
People with warranties: Can you purchase “low mileage” contracts? Tim’s risk “must” be lower than most higher mileage drivers.
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topsin34

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It boils down to this. If you bought an extended warranty then you are for it. If you didn't buy one then you're against it. You can tell us all day long how we should just save our money build up an emergency fund and pay for our own repairs and that financial advisors like Dave Ramsey say that extended service plans are a waste of money. For many people, having that piece of mind that they're not going to be hit with a huge bill because the transmission goes out is a big deal to them. Yeah, in a perfect world we'd all save our money and have a 6 months emergency fund etc etc. But sometimes life happens and unexpected medical issues can deplete your finances pretty quickly. To my friend who recently used his extended warranty to repair would have easily been over $6,000 out of pocket cost to repair his 2024 Chevy, he thinks it's totally worth it. It's definitely a gamble as to whether you will actually use your ESP or not but with the cost of repairs these days having peace of mind is worth something.
 

Blackbelt

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I went to Granger and got a 10 yr/60K mile zero deduct plan. I added the light package and first day rental to it and i used my points to lower the cost. For the 1200 bucks i spent i think it was worth buying. My selling dealer wanted 2500 for the same plan.
 

CaliMav68

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I went to Granger and got a 10 yr/60K mile zero deduct plan. I added the light package and first day rental to it and i used my points to lower the cost. For the 1200 bucks i spent i think it was worth buying. My selling dealer wanted 2500 for the same plan.
2 dollars per 1 thousand miles. Not bad. Give me that rate to 250k miles and I'd gladly pay the 5 grand.
 

CaliMav68

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Oops. I'm off by a decimal. 20 dollars per 1k miles.
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