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ddawg16 06-25-2013 11:02 AM

Extended Warranties
 
We bought a New Honda Odyssey minivan in 2007...loaded...including DVD and navigation. Because of all the electronics....we went ahead and got the extended warranty....

After that I somewhat regretted getting it as Honda was supposed to be such a reliable vehicle.

Well....lets see....

At 24K miles...the torque converter was replaced....covered under the normal warranty...but because they had it more than a day (ended up being a week), and we had the extended warranty...we had a rental car for that time.

At 45K miles (out of normal warranty) both rear wheel bearings had to be replaced as well as the rollers in the powered side doors.

It's in again at 64K miles....both CV joints and the half shaft are being replaced. I'm sure that bill would be close to about $2k. But it's still under the extended warranty.

So now I'm not feeling at all bad about buying that extended warranty.

Next time we buy a new car....I"m buying a Ford or GM.

djlandkpl 06-25-2013 11:41 AM

I've never been a believer in extended warranties until about the last 5 years ago. Everything is made to be disposable so when it's time to fix something it costs an arm and a leg.

I have a 2003 Toyota 4Runner. Rock solid SUV and I wouldn't trade it for anything. However, anytime it has a repair, it's a minimum of $1,000. Fortunately, it's not on a regular basis. I wish I had purchased an extended warranty. It would have paid for itself a few times over.

Parts and labor through car dealerships is so expensive the extended warranty quickly pays for itself. Same is true for in home appliance repair. Costs me $200 just to get the appliance guy in the door. I realize the appliance repair pros have the same costs as the other pros on this board. Just another justification for extended warranties.

hyunelan2 06-25-2013 12:09 PM

The only extended warranty I've come out ahead with was my wife's 2004 Santa Fe. About 2 years ago it went in for its 60K mile service and they found a lot of front-end problems. The standard 10/100,000 powertrain warranty covered a front wheel bearing, but it was too old for the 5/60,000 bumper-to-bumper to cover anything. I didn't even realize/remember that we bought the extended/3rd party warranty with the car, but this is one instance that I'm glad we did. New AC compressor, front coil springs (one was broke), one new tire, some other minor things... I kinda feel like the dealer started throwing parts at it since it was all being covered by the 3rd party warranty.


Quote:

CV joints and the half shaft are being replaced. I'm sure that bill would be close to about $2k. But it's still under the extended warranty.
Don't know what the Odyssey parts cost, but on my project car ('03 Tiburon GT V6), they're about $75 each for parts. Those should be part of the drivetrain warranty - which is typically longer than the bumper-to-bumper, but I know Honda doesn't have to use warranty to sell vehicles, so it might not be that long.

sixeightten 06-25-2013 04:52 PM

I am in the opposite camp. The commission on the warranties are huge. Thats why they push them on people. While I have never purchased a new vehicle, I have purchased many used vehicles, and many new applicances in the last 30 years. I always decline the warranty. I am sure I have saved tens of thousands. I have never had a car repair that was $2000 in my life. Maybe I am just lucky, or maybe the warranties are huge money makers for the industry.

ddawg16 06-25-2013 07:13 PM

This is the first warranty I ever purchased. Payed off in this case.

user1007 06-26-2013 07:10 AM

I think you have to weigh the potentials and so forth. It is rather a shame we even have to consider them based on the presumption something catastrophic and beyond routine maintenance will happen to a properly manufactured product?

I cannot see that $30-40/month for appliance insurance, when the capital cost of a new one past warranty is in hundreds of dollars worked out. If you stuck $360/480 per year, per appliance in even a zilch earning savings account would you not be money ahead of the game? And with a new appliance when one croaked rather than a band aided one? My Mom insisted on warranties on everything even though she could do the math. It was worth the peace of mind to her to be able to call for service on an old dishwasher rather than waiting for me to have time to put a new one in fast enough for her I guess.

GM cars I bought/leased had a tendency to shatter and fall apart near completely in the first thousand miles so an extended warranty would have made no difference. Even trucks made by US manufacturers worried me for a time. I usually did not keep them more than three year lease terms so I don't know how bad they got later. US manufacturers seem to have gotten the message that people were not going to buy the American equivalents of Yugos.

Fed up with fenders and doors that didn't fit I dumped my Buy America soapbox as far as cars but not trucks (which was hard for me) and switched to Honda products. Absolutely nothing of any consequence went wrong with my well serviced Accura so I have no warranty issues to compare. My ex wanted a little a Civic some years later and, likewise, that was a magical little car save for people kept hitting it when parked.

When I met her, she was one of few people in NYC that needed a car and had a beat up Civic nobody would touch, with all the locks different or missing and the ignition no longer requiring a key. That car had 98,000 miles and lots of fish stickers with bailing wire holding bumpers on to the point even taxi cabs were afraid of it. Ran great until, as happens with Hondas, the timing chain gave. They seem to croak at 90K miles. She had that fixed and put one clutch in it through the years. It was finally stolen and stripped clean in Camden, NJ when she gave it to a friend in Philly who would have gotten another 40K out of it. An extended warranty would have been a joke for that car an not needed when new.

Windows on Wash 06-26-2013 07:19 AM

You have given me something to consider.

Normally I do not opt for them but you are certainly making a convincing case for them.

rusty baker 06-26-2013 08:37 AM

My wife bought a cover everything warranty on our Dell laptops. When the hard drive on my son's quit after a year, they refused to replace it. Wouldn't even cover the parts.

ddawg16 06-26-2013 03:51 PM

I'm pretty much of the opinion that extended warranties on appliances is a waste of money....especially considering that I think I can fix most problems myself.

Maybe I just happened to get one of the Honda's with all of the bad parts. But at this point, the extended warranty has been worth it.

I will have to revisit the idea next year when the Honda gets traded in for a Ford, GM, Chrysler or Toyota.....Honda is not on the list.

cgoll 07-02-2013 12:57 PM

We bought the 7 yr/100k warranty on a 2005 Honda Ody. Never used it. When we private party sold it in 2009 with 60k mi on it, the first people to look at it hemmed and hawed. Until I reminded them that it had 3 yrs and 40k mi left of Honda b-to-b warranty. The wife let out a Whoop! The husband rolled his eyes and asked if I would come off our asking price. Uh, nope... Though I did take off the $50 warranty transfer fee.

I know I got top dollar for that car because it came with peace of mind to the buyer. I did the same but 8 yr/120k mi on our 2009 Ody. So for me, no worries while I own it and a very easy sell when I'm done. YMMV.

r0ckstarr 07-12-2013 09:13 PM

Quote:

Originally Posted by sdsester (Post 1207352)
happens with Hondas, the timing chain gave. They seem to croak at 90K miles.

Civic's have never had timing chains. They have always been belts. Routine maintenance is to replace them at 60k miles.

With that said, I got 140k miles out of my 1986 Civic before the timing belt let loose. :laughing:

RWolff 07-12-2013 10:19 PM

Quote:

Originally Posted by rusty baker (Post 1207382)
My wife bought a cover everything warranty on our Dell laptops. When the hard drive on my son's quit after a year, they refused to replace it. Wouldn't even cover the parts.

Hard drives are cheap these days, the extended warrantee would cost more than the drive.

RWolff 07-12-2013 10:31 PM

Quote:

Originally Posted by ddawg16 (Post 1206944)
We bought a New Honda Odyssey minivan in 2007...loaded...including DVD and navigation. Because of all the electronics....we went ahead and got the extended warranty....

Next time we buy a new car....I"m buying a Ford or GM.

I feel rather smug :)
Because in the last 16 years I've owned two cars, both purchased used from a coworker.
The first was an 89 Chevy Corsica, he wanted $100 for it, body was in good shape, it had around 200,000 miles on it because he commuted 120 miles a day to get to/from work, he changed the oil once a month because of that, it was all highway miles.

I had that car about 9 years, about all I ever needed to do to it was tires, muffler, belts, hoses, coolent/oil/battery, plugs, wires,starter, and the heater core started leaking.

I never had to do any engine/transmission work of any kind, the transmission fluid had never been changed nor had the transmission filter.

Next car I got from him was an 94 Olds cutlass wagon 8 years ago for $900, odometer stopped working around 125,000 it had about 180,000 on it when I bought it. Same as the Corsica pretty much, just tires, belts, plugs, wires, coolent, oil, muffler and tailpipe had to be replaced twice, and the wiper switch needed to be replaced.
It still has the battery it came with tho I plan to replace it this summer, and the A/C stopped working last summer but no big deal. I think I had to get the starter replaced once and 3 brake lines. Ive never had to have any engine or transmission work done to it either, and it never failed to start even once, not even when it was well below zero.
The rear shocks now have gone out and those are super expensive to replace so I won't bother.

I'd certainly buy another of either car, tho the wagon is real handy, I've hauled as many as 14 sheets of 5/8" plywood in it- they just fit inside.

r0ckstarr 07-12-2013 11:50 PM

Quote:

Originally Posted by RWolff (Post 1215175)
The rear shocks now have gone out and those are super expensive to replace so I won't bother.

Shop around. Rockauto has them for under $25 a piece.

RWolff 07-13-2013 03:06 PM

Quote:

Originally Posted by r0ckstarr (Post 1215198)
Shop around. Rockauto has them for under $25 a piece.

My local guy at the standard station here said he could only find one set that fit my particular make/model and they were like $350, the car has some kind of adjustable shocks. It's a 94 Olds Cutlass Cruiser, I never looked into it further other than asking if any other shock would fit and he said he couldn't find any to fit other than those.
For all I know this has a special/custom optional shock setup, it has a heavy duty tow hitch ball installed so I am betting the car was outfitted with some kind of optional towing package and that's probably why he could only find the one type.


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