Extended Warranty???
12-13-12, 08:43 PM
#1
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Extended Warranty???
In 2009 I purchased a 2007 certified preowned RX350. It came with a 3 year certified warranty. Since it is just about to expire I called the dealer I bought it from. They offered me an aftermarket warranty from a company named Century. SInce I would be going into the dealer and paying for it I am confident it is a legit company. Unlike so many I have read about that you can't get a hold of when you need them. The dealer said they have never had any problems with them paying out.
So here is my question. I was quoted $2100 for 3 years 36,000 miles with a $50 deductible. The car currently has just over 49,000 miles on it. My husband is now driving it and if he drives one thousand miles a year that is a lot. He usually walks to work, which is 6 blocks. He mostly uses it to take his parents to the grocery store and breakfast on the weekends. That is about 6 miles total. I am trying to decide if I should buy the extended warranty since in the next three years very little miles will be put on the car. My last 2001 RX300 needed a new transmission after a little over 7 years. Instead of paying for an expensive repair I ended up trading it for my current RX. I know if one thing goes wrong it will most likely pay for itself (plus more) but if nothing goes wrong I could have just wasted $2100 only for piece of mind.
What does everyone think? Would you do it?
So here is my question. I was quoted $2100 for 3 years 36,000 miles with a $50 deductible. The car currently has just over 49,000 miles on it. My husband is now driving it and if he drives one thousand miles a year that is a lot. He usually walks to work, which is 6 blocks. He mostly uses it to take his parents to the grocery store and breakfast on the weekends. That is about 6 miles total. I am trying to decide if I should buy the extended warranty since in the next three years very little miles will be put on the car. My last 2001 RX300 needed a new transmission after a little over 7 years. Instead of paying for an expensive repair I ended up trading it for my current RX. I know if one thing goes wrong it will most likely pay for itself (plus more) but if nothing goes wrong I could have just wasted $2100 only for piece of mind.
What does everyone think? Would you do it?
12-13-12, 10:38 PM
#2
In 2009 I purchased a 2007 certified preowned RX350. It came with a 3 year certified warranty. Since it is just about to expire I called the dealer I bought it from. They offered me an aftermarket warranty from a company named Century. SInce I would be going into the dealer and paying for it I am confident it is a legit company. Unlike so many I have read about that you can't get a hold of when you need them. The dealer said they have never had any problems with them paying out.
So here is my question. I was quoted $2100 for 3 years 36,000 miles with a $50 deductible. The car currently has just over 49,000 miles on it. My husband is now driving it and if he drives one thousand miles a year that is a lot. He usually walks to work, which is 6 blocks. He mostly uses it to take his parents to the grocery store and breakfast on the weekends. That is about 6 miles total. I am trying to decide if I should buy the extended warranty since in the next three years very little miles will be put on the car. My last 2001 RX300 needed a new transmission after a little over 7 years. Instead of paying for an expensive repair I ended up trading it for my current RX. I know if one thing goes wrong it will most likely pay for itself (plus more) but if nothing goes wrong I could have just wasted $2100 only for piece of mind.
What does everyone think? Would you do it?
So here is my question. I was quoted $2100 for 3 years 36,000 miles with a $50 deductible. The car currently has just over 49,000 miles on it. My husband is now driving it and if he drives one thousand miles a year that is a lot. He usually walks to work, which is 6 blocks. He mostly uses it to take his parents to the grocery store and breakfast on the weekends. That is about 6 miles total. I am trying to decide if I should buy the extended warranty since in the next three years very little miles will be put on the car. My last 2001 RX300 needed a new transmission after a little over 7 years. Instead of paying for an expensive repair I ended up trading it for my current RX. I know if one thing goes wrong it will most likely pay for itself (plus more) but if nothing goes wrong I could have just wasted $2100 only for piece of mind.
What does everyone think? Would you do it?
12-14-12, 08:51 AM
#3
Moderator
Don't buy it. Take the money you would have paid in premiums each month and put it into savings. Chances are nothing will need to be repaired. If at some point something does break you will have money to cover it.
12-14-12, 01:15 PM
#5
Save that money. 99% chance you will not need to repair anything that costs that much. 99.9% chance nothing that won't get you from point A to point B (engine, transmission, etc...).
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