Used car extended warranty

[JFP in PA]

Originally Posted by Viper5

I appreciate the feedback, but I just don't understand something. If I were to say, for sure, rebuild my tranny down the road (few months). How is it not beneficial to get a warranty now to pay for the 3k work if the warranty itself is around that price?

Due to the number of horror stories I am directly aware of where car owners spent thousands for this nonsense, and then when they had a legitimate claim, the warranty company weaseled out under "abuse, abnormal usage, pre-existing condition" and similar terms in the contract. These contracts vary between total fraud to being designed only to make money for the issuing company; you’d be better off putting the cash in a conservative investment as a hedge to pay for future maintenance.

And as for “being smart enough to buy a policy to fix your grinding gear box”, I’m not even going to comment…………………

[23109VC]

Viper-

on your car - with your miles - any REAL warranty is going to cost you a TON. think $5000-7500+.

you get what you pay for. These companies don't stay in business by taking a couple grand from you, then turning around and paying out three times that in expenses. They are going to assess what they are going to pay - and then charge you MORE. if they are charging you a fee that seems "too good to be true" - it is - it means they won't be paying on your future claims and they now it.

I checked into warranties when I bought my car. My car is a 2000 base and it had about 74k when I bought it. the local dealer told me they only sell ONE brand of warranty and nothing else. they are legit - they pay out. I could go into details if you want..but for the sake of argument - this warranty company doesn't nickel and dime you or wesael out of paying. if something goes wrong - they pay.

on my car, for 3 yrs of coverage or up to 100k miles - it was going to cost $5000.

so 25000 more miles of coverage and they wante $5000.

if my car had only had 20k miles or less, the same coverage was only $1800 or so.

your car is going to cost a lot to insure. forget it. just save your money and fix stuff along the way.

just my suggestion. I looked into the warranty, and like you, wanted peace of mind, and ultimately learned that the peace of mind was just too $$$$ and not worth it - not on an older car where they want to rape you on the price of the coverage.

if you truly want peace of mind and get more for your money - instead of psending $5000 to some warranty company - sell your car, and roll that $5000 into a newer CPO car from a dealer. you then put that money to work for you by getting a newer/faster/better Boxster AND you get a warranty too.