+- MacResource (https://forums.macresource.com)
+-- Forum: My Category (https://forums.macresource.com/forumdisplay.php?fid=1)
+--- Forum: Tips and Deals (https://forums.macresource.com/forumdisplay.php?fid=3)
+--- Thread: Neverending question: extended warranty for fairly reliable car? (/showthread.php?tid=130579)
Pages:
1
2
Neverending question: extended warranty for fairly reliable car? - pinkoos - 01-18-2012
Our 2008 Acura MDX is out of it's 4 year/50K warranty so we were considering buying an aftermarket extended warranty.
I called Costco and got quotes for a 3/36K, 4/48K and 5/60K warranty. The 3/36K starts at around $2500 and the 5/60K is around $3500.
I haven't really shopped around much. I just thought Costco seems reliable even though they outsource their warranties to a 3rd party. At least it would have the Costco name behind it.
I haven't checked with the dealership, though I doubt they would sell one now that the car is out of it's original warranty.
I looked through Consumer Report's and they really are against any kind of extended warranty for today's more reliable cars. So, now I'm confused on whether to even buy a warranty or just roll the dice so to speak. I anticipate us keeping the car for at least another couple of years. It has about 50,000 miles on it. We've had a couple of issues with it during the years we've had it, but I don't think anything was major and it all was, of course, covered under warranty.
So, thoughts on whether to get the warranty or not and, if so, recs for 3rd party warranties would be great. We had a Warranty Direct warranty on one of our previous cars, but I'm not sure we even ever had to use it.
Thanks.
Re: Neverending question: extended warranty for fairly reliable car? - C(-)ris - 01-18-2012
Call the dealer and a reputable local shop. Find out how much it is to replace the engine and/or transmission separately. $2500 to $3500 seems way to expensive for an extended warranty. I can't imagine anything costing that much to repair. Unless you were unlucky enough to have both the engine and transmission go out before the car hits 100k.
Re: Neverending question: extended warranty for fairly reliable car? - davester - 01-18-2012
Waste of money if you ask me. Consumer Reports has good data on their side. How long are you planning on keeping that car anyway?
Re: Neverending question: extended warranty for fairly reliable car? - dmann - 01-18-2012
The ONLY reason I got one when I bought my 2007 CR-V is because of the high mileage I put on it every year. I cover 4 states for work (all by car) and knew I'd be out of warranty in 18-24 months. I drive my cars until they won't drive anymore so I plan on having this one a while. I wouldn't bother otherwise.
FWIW- I found a great deal online and the Honda dealer matched it when I bought.
DM
Re: Neverending question: extended warranty for fairly reliable car? - Numo - 01-18-2012
Statistically speaking, I really doubt if it's worth it. This doesnt mean you will never have repairs, but if you self-insure, you'll probably come out ahead in the long run (especially if you drive Hondas).
Re: Neverending question: extended warranty for fairly reliable car? - Forrest - 01-18-2012
I'd skip the warranty. There's no reason why any modern car should need anything beyond normal maintenance for the first 100K miles.
Re: Neverending question: extended warranty for fairly reliable car? - lazydays - 01-18-2012
I bought an extended warranty with a certified used car once. Silly me, I thought it meant they would fix things that broke. They told me to take a hike. Waste of money. Be very careful to read just what the warranty covers as I found it to be "not much."
Re: Neverending question: extended warranty for fairly reliable car? - DRR - 01-18-2012
I probably wouldn't on that car. However it would behoove you to register and ask around on enthusiast sites. They will have a much better idea of typical failures and associated costs for that model of car. (And previous years as well.)
I wouldn't anticipate a 2008 Acura needing that much work in the next 5 years however I don't own one and don't know much about them. Also consider, peace of mind is worth something too.
Re: Neverending question: extended warranty for fairly reliable car? - M A V I C - 01-18-2012
What I've said previously about these warranties: http://forums.macresource.com/read.php?1,1198309,1198410#msg-1198410
The following conditions have to be met in order to buy one:
1. The company backing the warranty has to have a good reputation (and Costco isn't backing it)
2. The cost of the warranty must be less than the expected repairs for the warranty period
If both of those are not true, don't buy one. If you haven't done the research...
Those prices seem a bit high. I paid about $2500 for mine, it was 7yr/100k (total, not extended.)
It also depends on how much you care about the car. I really like mine, and they're no longer sold in the US. So I want it to last a while. So little leaks and stuff that most car owners don't even notice, I had fixed.
I'm a little bit familiar with the MDX... seems like most of the more expensive repairs don't occur until after 100k. I'd do more research first, but most likely in your case I would pass.
Re: Neverending question: extended warranty for fairly reliable car? - lazydays - 01-18-2012
Magic, what kind of car are you driving?