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Originally Posted by Wintermute
At this point, that's true. This is the first repair I've had done to the car since I bought it about a year and a half ago, so if I had passed I would have still saved money. However, the peace of mind for the "what if" scenarios is well worth the cost of the warranty.
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That's the only thing that matters - that you're happy with the decision.
I also purchased an extended warranty. It covered me on a RMS issue - the only issue I've ever had (knock on wood). Even with that I would've saved $1800+ (that's an extra set of track wheels and tires) had I not purchased the warranty and covered costs out of pocket.
I don't think it's completely correct to look at a warranty in quite the same way one looks at insurance. For one, you're required to carry a certain amount of insurance. More accurately, it should be viewed in the context of what you expect your repair costs to be over a stated period of time (ie. the warranty coverage period). Essentially, look at it as pre-paying your repair costs for that duration.
With this in mind, the idea is to estimate your expected costs over a stated period and mitigate that risk through the use of a warranty as needed. If you use more services (more repairs), your cost per repair goes down. If you use less, your cost per repair is higher.
I've found that very rarely can an extended warranty really be justified.
But, as you indicated, for some it's more about the perception of piece of mind.
Also, FWIW, having lived in AZ for a while, I too can attest to the fact that dry rot from the heat poses real problem with the rubber components (ie. belts, hoses, etc.) in many vehicles there.