are extended car warranties a good idea?
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An extended warranty could be a sensible precaution against unexpected and potentially expensive repair bills. The nature of these policies varies, but they generally provide cover for 12 months – with options to extend it even further.
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Extended warranties are rarely worth your money. Products don't break on their own, and when they do, the price of repairs is usually lower than what you'd spend on an extended warranty. ... But take a moment to ask yourself why a company would offer you an extended warranty. The answer is: because they're profitable.
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Offset expensive repair costs with an extended warranty. Getting an extended warranty is one of the best ways to do so. If your Porsche breaks down, you could be on the hook for expensive repair bills. An extended warranty can protect you from breaking the bank on these costly repairs.
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Most of the time, the vehicle you're leasing will still be covered by the manufacturer's warranty, so you won't have to foot the bill for expensive repairs. There's a good chance that basic maintenance, like oil changes, will also be covered in your lease agreement or car warranty.
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Like most extended warranties, Audi's extra coverage is somewhat of an upgrade over the standard manufacturer's warranty. ... Best of all, you get a few different levels to choose from when buying a warranty. The overall extended coverage lasts up to 10 years or 120,000 miles.
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This isn't surprising, because extended warranties make a lot of money for those who sell them. ... “On average, you'll pay about $1,500 on an extended warranty, and the average repair is $180. I don't recommend buying extended warranties, ever. If you can't afford a $200 repair on a car, then you can't afford the car.”
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Roger Triminio, owner of Mr. Rogers Appliance Repair in Tampa, Florida, says he thinks extended warranties are a good idea for most large appliances sold today. ... For example, warranties may run for as little as one year or extend up to five or more years, and cost less if purchased for a longer period of time.
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“SquareTrade has been a real good program for us,” Messmer said. “We've had 35,000 claims filed so far and only one or two complaints.” Don't let anyone pressure you into buying an extended warranty. You don't have to buy one on the spot.
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Your manufacturer's warranty covers specific things for a certain amount of time. ... Extended car warranty companies usually have better coverage options. Choose your coverage level. Most dealerships offer warranties with different levels to entice you to purchase at least some kind of extended warranty.
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If the car they're considering is beyond the expiry of its manufacturer's warranty, or has little time remaining, an extended warranty would be worth the outlay for the security of knowing someone else will pick up the bill for the failure of a big-ticket item under the bonnet.
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Warranty Direct offers a straightforward auto warranty experience with clear plans and an easy quote process. Its upfront payment plan won't work for most people, but the company does offer good benefits.
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While it may sound like a good idea in theory, extended warranties often come with a high price tag and don't necessarily cover everything that could go wrong. Plus, many people who buy extended warranties never use them. In that case, an extended warranty becomes a cost with no financial return.
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Short answer: No! For years, electronics stores have boosted their profits by selling extended warranties to TV shoppers, sometimes using fear to make people think their sets will fall apart the day after the manufacturer's warranty expires. But it's not a good deal for the consumer and here's five good reasons: 1.
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Having said that, an extended warranty on a used car may be worth it if the vehicle is not very reliable. ... Further, make sure that the cost of the extended warranty isn't more than it should be compared to the cost of repairs that will be most likely to occur.
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Ball joints are not considered a wear and tear item like brakes or windshield wipers, which means most extended warranty policies will cover them, assuming they aren't damaged because of negligence, or an act of nature that you can't control.
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A Kia extended warranty can be worth it if you want to extend bumper-to-bumper coverage for the full 120,000 miles. That being the case, the protection plans still fall short in a couple of areas. The maximum mileage covered is 120,000 miles, and many third-party providers offer longer terms.
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Why extended warranties are hardly ever a good deal. Cost of a three-year extended warranty for a dishwasher: $157.97. ... The fact that service contracts often cost about the same as a repair is just one reason extended warranties — also known as service contracts and protection plans — are hardly ever a good deal.