Extended Warranty.....Yay or Nay?

[Power_Dr]

So I just picked up a 2019 Yukon SLT. It was a GM corporate car from Michigan. It has 22,980 mile on it. The car fax was good, it had all the service done at a dealership in MI, oil change rotate etc...

So I am contemplating an extended warranty. I can get a 5 year 60,000 mile for $1745. That would take me to 62,980 miles. I am not sure if it is a good deal or not. They say that extended warranties are the biggest wast of money.....until you need them. With all the computers and modules on this truck if anything goes out it could be costly.

So do any of you have an extended warranty? Has it paid for itself? I know that the power train is up to 60,000 miles that would cover anything engine or trans, but what about everything else.

Just wondering what your thought are.

Thanks,

 

[OR VietVet]

IMO, never ever ever get an extended warranty. The odds are always in their favor. I have told people many times that instead, they should start a savings that you put money in every week for the vehicle. There is ongoing maintenance and eventually repairs. Better to take the money from there for the rig. Money ahead in the long run. Unless you are the sort that cannot be counted on to save money back for that. I used to run shops and call in about extended warranties and had to deal with the extended warranty people that were ALWAYS looking for a way to not pay. Also, find a great quality shop, if you don't do the work yourself, that you trust and they can do non warranty work. Others here will chime in about having them and how they paid for themselves but the MAJORITY of the time, they do not. Plus, if you roll the $1745 in to the payments then you are paying interest on that money as well.

 

[Doubeleive]

I think $1745 is a deal compared to the potential cost's of a severe breakdown, bottom line it's a gamble and more likely to swing in your favor on a older more high mileage vehicle.
my last "extended warranty" cost me $2000 but paid me back $13,500
but again it's a gamble, being that I am ahead of the game I went ahead and bought a 60k bumper-to-bumper warranty for my 18 Silverado at least I know that I won't have to fork out a large sum if something does happen and that is piece of mind I have 6 years in my favor, if it never happens so be it.

 

[OR VietVet]

That is why I love America, everyone is allowed and deserves their own opinion.

Dana Loesch says, "Are you a subject or a citizen? Because I am a citizen and not a subject and I will say and ask whatever I want to".

I have to say that when I was calling those warranties in it may have been more the way they acted and penny pinched that bothered me the most and I did see people get their monies worth at times but I just believe in my knowledge and savings power to offset repairs costs. Hey, I am a capitalist, everyone deserves to make the honest money the best way they can.

 

[PG01]

IMO, never ever ever get an extended warranty. The odds are always in their favor. I have told people many times that instead, they should start a savings that you put money in every week for the vehicle. There is ongoing maintenance and eventually repairs. Better to take the money from there for the rig. Money ahead in the long run. Unless you are the sort that cannot be counted on to save money back for that. I used to run shops and call in about extended warranties and had to deal with the extended warranty people that were ALWAYS looking for a way to not pay. Also, find a great quality shop, if you don't do the work yourself, that you trust and they can do non warranty work. Others here will chime in about having them and how they paid for themselves but the MAJORITY of the time, they do not. Plus, if you roll the $1745 in to the payments then you are paying interest on that money as well.

Yes, all this, @PNW VietVet, exactly what ron said.

that being said I bought it for my 19 yuk just because....

 

[PG01]

I think $1745 is a deal compared to the potential cost's of a severe breakdown, bottom line it's a gamble and more likely to swing in your favor on a older more high mileage vehicle.
my last "extended warranty" cost me $2000 but paid me back $13,500
but again it's a gamble, being that I am ahead of the game I went ahead and bought a 60k bumper-to-bumper warranty for my 18 Silverado at least I know that I won't have to fork out a large sum if something does happen and that is piece of mind I have 6 years in my favor, if it never happens so be it.

Lol, when i posted it popped up ‘more posting have been added since you last reloaded this page’ lmao

 

[Power_Dr]

Yeah, I know it is a gamble, and I usually loose. But I wonder over the next 60,000 miles if I would spend more than $1745 on repairs. I would do all the work I can, myself so it would only be parts.

 

[OR VietVet]

If you are doing the work yourself then again, you would be money ahead. Warranty work is covered. The other you can do or a shop. Plus, if you do your maintenance on a VERY REGULAR basis then a lot of times the repairs are pushed down the road. That high dollar engine and trans and differentials all like regular fresh fluids. Keep the vehicle well maintained and cleaned and the other scary items like computers also like well maintained vehicles. A regular, "get it in the air or on stands and inspection from front to rear" helps with that. Plus, if you have kids they love crawling around under there with you.

 

[hcvone]

Not a big evtended warranty fan, although I did get the extended warranty from Callaway because it is transferible and good at any GM dealership, and should make it easier to sell

 

[drakon543]

on a vehicle with few miles like that i think an extended warranty is a waste. if you were already in the 60k+ range that would be a different situation. i bought a 13 accord a while ago and opted for the extended warranty as the factory warranty had already ran out and it had 66k on it. did my research prior to purchasing it and i was aware of a few minor yet typical things that happen early on with them. starter going bad was one of the known problems and geuss what happened after only 2 months of owning it. aftermarket starters still weren't readily available at the time so a new starter would have been an expensive dealer purchase plus my time trying to install it myself. only paid 100 bucks out of pocket thanks to the warranty. so key note is just do some research on your purchase and find out if anything typically fails in the first 75k that would actually be covered under warranty. if you dont find anything serious then its a waste of time.