Vehicle Extended Warranty - Are they worth it

[tranger2]

I bought a used 2013, F150, 4x4 with a few months of warranty left. It is in perfect condition from the previous owner. Never owned a 4x4 and never purchased an extended warranty before either. Just like most city folk, I don't plan on mud doggin in it. I put around 15k miles a years.
Looks like between $2000 and $3000. Would you do better by putting the money in a bank account like a health care account. If you don't use it, you would still have it?

What say you, do you have one? Worth the money?
Also, Aftermarket or the one by Ford?

 

[Jeff405]

I never bought an extended warranty. I have an 09' Silverado that I bought new and have only had one small mechanical problem (u-joints) which was cheap for me to fix myself. I still have the truck today and all is good so far. I think if you take care of the vehicle and don't mind doing some small repairs here and there, there's no need for an extended warranty. On the other hand if, if your not mechanically inclined or just don't like to work on things, getting the warranty may be a better option for you. Having some money put back for repairs is always a good idea either way you go.

 

[lasher]

back during the oil bust i worked in the car business. all i know for certain is the finance guys loved selling them, it was fine gravy for them. i advised all buyers to ignore the pitch and pass on them. personally i consider them to be a total rip off. your mileage may vary

 

[tRidiot]

And considering the horror stories about getting things actually covered and not excluded under some obscure "clause" in the policy?

No way.

 

[Glocktogo]

The best thing to do is research the reliability ratings of your vehicle online, along with what repairs are common and at what mileage they usually occur on average. If they don't break that often and what breaks doesn't total at least 50% more than the cost of the warranty, it isn't worth it. On average these days, most of them aren't because the reliability of the most popular models is so much better than days past. Money better spent would be to have a full mechanical inspection done and pay to do the preventative maintenance that will keep it from breaking or wearing out. Poor maintenance is the primary reason stuff fails.

Google "Most common 2013 F-150 repairs" and see what comes up. Good luck!

 

[p238shooter]

Not in my opinion. Yep, very occasionally you might have an issue where it might pay off, but how often do you have an issue that expensive vs paying for it with the covered warranty costs over say 5 years. Not often. In looking at these in detail, they generally do not cover the little items that seem to be a problem. JMO

 

[Dave70968]

Do you really think the dealer loses money on them? If not, then it's probably not worth it; statistically, you'll pay out more than you gain.

 

[p238shooter]

My 2003 Suburban with 192K miles has had one, and now its second problem, other than standard maint items. Right front wheel bearing went bad at about 130K miles. I was out of town and had to have it done for a couple hundred dollars. Now the driver window switch is intermittent, got to wiggle it a little most of the time, annoying. $140 for the switch module for me to do the 10 minute change out.

How much would I have paid for yearly extra warranties over the years? Way too much. Doubt the switch module would be covered. Did not have to hassle with anyone getting the wheel bearing paid, it was on me.

GM had a 5 year 100k mile powertrain warranty, now in 2016 changing to 60k miles. Ford had a 36K mile powertrain warranty the last time I got a sales pitch. What brand you own might be a factor in your decision.

 

[tomthebaker]

I never paid for extended warrantees. But when I bought my Tundra, they offered me one for 2k. I told them no. They came back with $1200. I told them no. They came back with $800. I told them no.

Then they read me a list of parts and their cost. They got me at ac compressor for 900.

I bought the warranty, and the only thing I used it for was shocks and struts. I just about broke even.​

 

[Rod Snell]

I tried extended warranties a couple of times and lost on both. Either it wasn't covered in the fine print or it didn't break until long after the extended warranty ran out. I do some of my own work on things that ordinary hand tools are sufficient to fix.

Put your money in the bank and don't buy parts from the dealer = $$$ saved in my case