Yep. Only bought it 2 days ago, as noted on an earlier warranty thread. Got a good deal too... $1430 for 8/85 with $100 deductible. But after sleeping on it for a couple days, I came to the realization that I feel I’m just throwing money away. Here are my reasons and what my latest research has revealed. Take it FWIW and this is me only:
1) My truck only has 11,700 miles so I still have 2 years/23000 miles before the expiration of the factory warranty. Not counting the 5 year/60000 powertrain which is where the big ticket items happen - still have 4 years/48000 miles left in that. I feel it’s a waste to even have it if I won’t be using it anytime soon.
2) All consumer report data indicates that a great majority of customers will never/barely use the extended warranty. Reasons for this lie within the fact that most major problems either happen with brand new components (factory install fails) or towards end-of-life spans (after 100k Miles.) which is why extended warranties typically don’t go too far beyond 100k miles. Big expensive failures in between these mileages that exceed the cost of the extended warranty are not as common (but yes they do happen.) So it’s a roll-the-dice kind of proposition, but much more in favor of the company, not the consumer.
3) Extended warranties greatly benefit the company and not the customers, which is why they’re offered and so profitable. There will always be stories from some folks where it paid off big time (like Vegas winners) but overall the companies usually come out ahead.
4) The typical average car repair is in the $300-400 range, and for the length of most extended warranties and what we pay for them ($1500-$2500) odds are that we won’t approach that level. Yes there are exceptions, some will reach it and some will greatly surpass it. But.. From 36000 miles to 85000 miles the chances of exceeding a $1500 repair are lower than not using it at all. Yes there are /have been exceptions and I’m sure I’ll hear about them below.
5) Finally.. and the most important reason for me. In these uncertain times with jobs being cut, business going under, etc... I feel I can much more wisely use that $1500 towards a rainy day fund and/or investing. In any case I wouldn’t even be using the extended warranty for two more years and when I think of what that $1500 can do for me in those next two years, doesn’t justify me spending it on this.
I know on the other thread I was pretty happy about purchasing it and recommended it (Ziegler.) I wont stop recommending it, it’s a great price And I totally understand why many folks would get it. But it’s not for me. I should have done more research prior to buying it but thankfully Ziegler was very quick in refunding the full amount quickly.
Signed, Rolling the bones and sleeping well again.
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