[Murphtq]

I'm wondering about the Forum members opinions related to an extended warranty on the Volt. My 2014 is coming up on the 36 month bumper to bumper with just under 18K miles and understand the 96 month/100K Hybrid Components warranty. It's been relatively repair free except for the crappy voice interface for the navigation however the dealer recently replaced both front axles due to clicking noises and last week the noise returned on one side and they torqued the nut on that side and all seems okay. I plan to keep the car for the long term so I'm seeking the groups thoughts and what percentage have an extended warranty.
Thanks

 

[Steverino]

I bought an extended warranty for my 2011 Volt with a $0 deductible. It recently expired. It paid for a $200 passenger seat heater repair. Of course, I spent $1200 or so to save $200. Lesson learned, I did not get one with my Bolt. YMMV

 

[Don M]

A $200 return on a $1200 extended warranty 'investment' is probably better than most people who buy one get for their money - Congratulations!

Don

 

[Stockholm Volt]

I always buy the extended warranty (but only if it's from the manufacturer).

Here's how I see it:

OK, so it's a bit extra, but if I need it then I will be happy to have it. And, if I never need it then I just I paid a bit extra for a perfect car. Totally worth it. Don't we all rather pay a bit extra for quality?

Example: My 1994 Thunderbird V8 needed... new transmission, new rear end, new passenger seat frame, new electronic HVAC control system, new glovebox (?), new steering rack.
You think I was happy I had the extended warranty? LOL

That T-Bird was a total mess, but I loved it. It was long, wide, low, roomy, floaty, quiet, and fast.

Oh, and a piece of crap.

 

[RodSlinger]

I never buy an extended warranty on anything. Ever. I'll explain it the easiest way possible. Extended warranties are offered and sold at prices designed to make the warranty providers money. Not save you money. You are essentially gaming and the house (warranty providers) usually wins.

While someome might come out ahead and benefit, most won't.

If you haven't been buying them before, don't start now. I've owned about 20 new cars over the years. Maybe one had an issue that would have specifically been covered by an extended warranty and the repair itself cost less than the warranty would have. I am essentially $30k ahead by skipping extended warranties. If I add what I haven't spent on warranties for appliances, computers, phones, lawn equipment and other junk I'm probably $50k ahead of the curve.

I could get a flat tire, throw the Volt away, buy another and still come out ahead.

You want an extended warranty? Buy a $50 savings bond every month. Cash them in when a major failure occurs. You'll also be a millionaire when you retire.

 

[JuneBug]

You don't have to pay full price for an extended warranty from your selling dealer. When I bought my 2008 RAV4, the dealership tried to sell me a Toyota VSA for almost $1400, which I politely declined. After many months, I found several Toyota dealers in other states that were selling the same warranty for a lot less. When the 3/36 warranty was just about to expire, I got an 8 year/75,000 mile Toyota VSA from a dealer in KS for $659! And it was worth it, after replacing a noisy water pump and a clunking steering shaft which would have cost almost $900 without the warranty. So, shop around--there's bound to be GM dealers selling these warranties at a discount.

 

[Tomt]

Extended warranties have a negligible ROI. If they didn't, no one would sell them... I've never bought one and I've been ahead of the game every time.

 

[Don M]

Plain and simple, what they are actually selling you is just peace of mind - If that's worth the price, to your mind, then you'll have received your money's worth when it's over even though you don't end up getting any monetary benefit from the policy you bought

That said, make sure you're buying from a reputable company - The company that made your car is always your best bet. Also, make sure the policy covers what you think it does. Many times when you need the policy to pay to fix something, you could find that that particular item isn't actually covered . . . . unfortunately, that happens all the time with some of the lesser known sellers of these policies. Sometimes, you'll find the company has gone out of business when you need something fixed

I do agree with those who have never bought a policy on any car and by not doing so, even if they needed a $5K repair and they pay that out of their pocket, they are still well ahead of the game. $30K ahead for cars, $50K ahead when you include home warranties . . . . . that's me too

Don

 

[nrvous]

I never buy an extended warranty on anything. Ever. I'll explain it the easiest way possible. Extended warranties are offered and sold at prices designed to make the warranty providers money. Not save you money. You are essentially gaming and the house (warranty providers) usually wins.

While someome might come out ahead and benefit, most won't.

If you haven't been buying them before, don't start now. I've owned about 20 new cars over the years. Maybe one had an issue that would have specifically been covered by an extended warranty and the repair itself cost less than the warranty would have. I am essentially $30k ahead by skipping extended warranties. If I add what I haven't spent on warranties for appliances, computers, phones, lawn equipment and other junk I'm probably $50k ahead of the curve.

I could get a flat tire, throw the Volt away, buy another and still come out ahead.

You want an extended warranty? Buy a $50 savings bond every month. Cash them in when a major failure occurs. You'll also be a millionaire when you retire.

Sound advice and please PM me if you get a flat.

 

[BoogetyBoogety]

Buy a $50 savings bond every month. Cash them in when a major failure occurs. You'll also be a millionaire when you retire...

I bet you wish you had an extended warranty on that calculator you own...

Unless you found a way to get an unbelievable compound interest rate...

Or you have Methuselah genes in your family... :O

 

[lagagnon]

Buy a $50 savings bond every month. Cash them in when a major failure occurs. You'll also be a millionaire when you retire.

Assuming you get 2% on those, and invest $50/mo over 45 years, you'll be lucky to have $44K at retirement....

But yes, I agree that extended warranties are not good value for money. They are very overpriced insurance policies for those unwilling to accept the risk of potentially expensive repairs.

 

[Chrisby18951]

I generally buy an extended warranty that will cover me until the car is paid off. I like the piece of mind


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[obermd]

I generally buy an extended warranty that will cover me until the car is paid off. I like the piece of mind


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This^^^. I know roughly how far I'll drive by the time the car is paid off so I get an extended warranty/service contract for that many miles & months. After pay off the car payment goes into a car repair/replacement fund.

 

[Jim_N_Tonic]

I generally buy an extended warranty that will cover me until the car is paid off. I like the piece of mind

Exactly what I'm doing today when I pick up my 2015. I figure it's peace of mind that I budgeted for.

 

[freshcut]

I benefited from mine. I bought my '13 from a private party who purchased it and was transferred to me as part of the sale. The day I bought the car it actually paid for a replacement fob which mysteriously failed when it was brought in for the PPI I requested. About 3 weeks later it covered a failed drivers door window regulator and again about a year later it covered a failed heater control valve. Between the 3 repairs, it covered about 1/2 of the cost for the GMPP ($1400 for warranty). Not sure how many times the previous owner made use of it so it may have just been a wash as far as money saved by using it. I will however say that sometimes it just takes one major repair out of warranty to make one wish they had bought it.

 

[Kochbuster]

I bought an extended warranty from the Dealer that I got my my used 13 Volt from. Then I read the fine print. I thought I was getting a 6 year 125000 mile warranty. My car was was already 3 years old with 19000 miles on it. It was whichever came first. I only had 3 years left so I cancelled the policy and put in a level 2 off-peak charger with the $1800 I received back. Read the fine print.

 

[mmcc]

I got the extended warranty on our 2012. It was about a wash with what I paid for the warranty and the few items that it covered -- backup camera, mode button which, according to the dealer, required the replacement of the entire control panel. And there was one or two other things that I can't remember right now. But overall I'm glad I got the warranty. It's expired now due to time, only have 50k miles on the Volt and still a joy to drive. Don't get on the blog much anymore but still stop by occasionally.