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The vast majority of people who buy extended warranties never use them for anything, which is why the companies who offer them love to sell them - They make a TON of money on them. If even half of those who bought them used them for a single major repair, the companies would be in a break even or losing money situation, considering the paperwork and other expenses associated with them

For the buyer, it's peace of mind and that's it - You'll very likely end up getting nothing else for your money, so make sure whatever you pay is worth it for your peace of mind. A better solution is almost always to put that money into savings to be used for the repairs . . . . and then when you don't need a major repair, you've got thousands you can use toward your next car ;)

There are of course, those 2 or 3 out of every hundred who will come out on top buying the extended warranty, so if it always seems like it rains on your parade, maybe you're one of those 2 or 3 and it will turn out to be a good deal for you

Don
 
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