Are extended warranties worth buying?

[DennisT]

I have a new Denali. I have never bought an extended warranty on any vehicle that I have ever owned and can't think of a time when one would have been needed. However, with all of the electronics and systems on the new Denali I'm thinking about it. What's the consensus here? Are they worth it?

Dennis

 

[cardude2000]

I have a new Denali. I have never bought an extended warranty on any vehicle that I have ever owned and can't think of a time when one would have been needed. However, with all of the electronics and systems on the new Denali I'm thinking about it. What's the consensus here? Are they worth it?

Dennis

I'm considering getting one in a few months so I'll be interest to hear responses. not sure how much they cost? For $1k I'll probably grab one. More than that, probably not. I doubt I'll keep the truck for more than 3-4 years anyway.


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[DennisT]

I'm planning on keeping my Denali 6 to 7 years. I just can't decide if it's worth $1700 for the extra coverage. On my previous 4 Tahoes and Yukons I didn't spend $1700 in total out of pocket for repairs. I realize the new one is much complex with all of the electronic systems. That's what has me thinking about it.

 

[abond2014]

I myself am a finance manager for a toyota dealer and i would say definitely get one. I just picked up my truck and will be buying one for my rig. The Tech on these vehicles is just too advanced and if something breaks just knowing that i have the piece of mind of it is enough for me to buy one. You never know what your financial situation will be years down the road if the truck breaks and having a repair bill plus the car payment can be tricky to afford all at once.

 

[08HoeCD]

Not worth buying, especially on a brand new vehicle.
If you really fear the sudden outlay of cash due to a potential repair down the road, save a little money each month in your own bank savings account so that you will have funds ready & waiting...rather than paying another party for the same benefit that may or may not become necessary.

 

[DennisT]

Not worth buying, especially on a brand new vehicle.
If you really fear the sudden outlay of cash due to a potential repair down the road, save a little money each month in your own bank savings account so that you will have funds ready & waiting...rather than paying another party for the same benefit that may or may not become necessary.

I like that idea. I think I'll just self insure. I don't have a car payment so I'll just start making one to myself.

 

[BradzTahoeStuff]

Alternatively, with no car payment that extra $1,700 or so, since those prices are negotiable too, is only 6 months of a $300 car payment so that actually might be worth it if you are seeking some piece of mind from 60K miles to 100K miles or beyond. And, your electronics point is worth considering.... motors to move seats and 3rd row seats, integrated electronics and so forth.

I don't think it takes much to get past $1,500 in repairs anymore.... it's all about your personal piece of mind and ability to cover a future expense that could be significant.

Good luck.

 

[08HoeCD]

For whatever warranty you're considering purchasing, make sure that you understand exactly what is and is not covered under the warranty. This may seem obvious, but many people presume that a warranty covers everything, only to discover when they have occasion to seek a repair that their particular issue is not covered and they must pay for repair of that issue.

 

[Illnasty]

I bought it for piece of mind. If something major goes wrong, it'll pay for itself in one repair. I had one for my 2002 and had a costly exhaust issue and a few other issues which saved me big bucks.

 

[iamdub]

My pessimist side says to get it. Seeing how these new trucks are coming straight off the lot with various defects and failures and dealerships are able to exclude them from the factory warranty because they're able to deem it "normal" or "within tolerances" or whatever. At least with a supplemental warranty, you'll have an extra leg up in your defense, assuming you can prove the issue falls under the coverage.