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Is the new Z06 a fully evolved specie or is it prudent to sign up for what the general may have missed on the first pass... that is the question.

Let us know how you feel about the value of extended warranties.
 

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On 2001-08-15 21:03, NickS spewed forth this drivel:
Is the new Z06 a fully evolved specie or is it prudent to sign up for what the general may have missed on the first pass... that is the question.

Let us know how you feel about the value of extended warranties.



Nick,

It depends on how long you plan to keep the car. The factory warranty covers 3 years or 36,000 miles whatever comes first. The extended warranty adds little during this period of time. Beyond that, the car is computerized and there are so many things that could go wrong. The failure of one major drive train component in the car under the extended warranty will pay for the coverage. The questions then are what coverage and from who? jerboa /phpBB/images/smiles/icon_smile.gif
 

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I am going to wait to decide. I have had mine 8 months and the cost of the warranty can go up but I am not sure yet so I am in a holding pattern. When I do get one a dealer name Ken Fichner on the other forum discounts the price so I will probably go with him if I do.
 

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I always buy the extended warranty. I never know how long I'm going to keep my Vettes. If you sell the car early, GM will refund the unused portion of your extended warranty, and it is also a good selling feature since it can be transfered to the next owner.

I was going to purchase my extended warranty from Ken Fitchner, but I showed the price he quoted me, which is the best out there IMHO, and my dealer matched it. /phpBB/images/smiles/icon_biggrin.gif Saved me $600 bucks per vehicle.

There are different levels to the extended warranty. I chose the gold to be sure it covered everything without a deductable. They can nickel dime you to death with $100 deductables. Speaking from experience.

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I got the 72 month extended warranty from GM when I bought the Z06. It only cost me $1100 from my dealer and is well worth the added piece of mind.
 

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Extended warranties are GM's highest profit margin item, which means they are a bad deal for you. When GM makes a lot of money, it is the customer's who pays that money, it doesn't fall form the sky.

I am not saying that insurance to protect you from catastrophies is a bad idea, what I am saying is that they are way over priced. How many of you would think nothing of paying $10 a gallon for gas today? You all understand gas and realize that is way too high. How many of you understand the economics of extended warranties? When you buy these extended warranties, you are, in essence, paying $10 a gallon for gas. If I told you that the average extended warranty costs GM $100 and they charge $1,000 each, you would probably think their profit is excessive. Guess what guys that is what they are doing. There are going to be a few people who will tell you about how much the extended warranty saved them once, just like you will read about how rich a state lottery made some individual, but what about all of the rest who paid big bucks and got nothing in return?

One of the things to note is what they don't cover. Like all insurance they have exclusions. Many of them have conditons that you must comply with which many people forget.

Most products tend to fail initially, if they are faulty, and then much later when they wear out. In between they generally perform flawlessly. Guess what period the extended warranty covers - that flawless period.

I have had many new cars and products during my lifetime and the only ones that i can think of that failed during the extended warranty period was a computer monitor.

In summary, extended warranties are a very, very bad investment overall for consumers. Instead of buying them, invest the extended warranty money yourself and self insure. In the long run you will be much further ahead.
 

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Everyone has a lot of good points. Personally, I don't think they are a good deal.

The extended warranty isn't going to pay for items like your clutch. But if your AC goes out, you could break even.

I'm saving the money for my first set of replacement tires. /phpBB/images/smiles/icon_wink.gif
 

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SMFCPACFP (IMHO) is right on this. If you have the $$ for the E.W., invest it. If nothing goes wrong, you have the $$ + the extra $$ from investment (even a CD). If you have probs, money is available. Another way is the no fee credit card... you use it for NOTHING, unless something goes wrong, then you can spread out the "pain" payments.

ALSO... doesn't the mods cancell the extended warranty? Don't you think they'll look for ANY reason not to cover you? ...I (stupidly) bought earthquake insurance.. unless you think your house will COMPLETELY FALL DOWN, Don't fall for this WORTHLESS insurance!

HarleyB
 
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