Extended Warranty Warning!
Elder User
Joined: Jan 2004
Posts: 900
Likes: 0
From: Arizona
Originally Posted by Monsta
A side note: Are you against people making money??
If you were to invest the money you spent on your extended warranty, the chances are you will make money. If you need to fix your truck later down the road, you will have some money for that.
"Mifflin Clay"
Joined: Jul 2005
Posts: 3,177
Likes: 4
From: Mifflin, PA
Originally Posted by AGE mechanic
Two each his own. It does not make good business sence too purchase an extended warranty. I wont post all the basic economic articles you might find by doing a little search on google.
As to answer your question about me having auto insurance. Yes I do, for several reasons in fact. 1) Its the law in AZ. 2) Most importantly is because I need to protect myself and family. Can you imagin having to cover huge medical bills? What about losing your home due to the accident being your fault. Do you think that having auto insurance would be law if it was to cover fender benders?
Lets get back on track here, Save yourself some money and invest it in a Money Market acct. The law of probibility says you will be money ahead by a long shot.
As to answer your question about me having auto insurance. Yes I do, for several reasons in fact. 1) Its the law in AZ. 2) Most importantly is because I need to protect myself and family. Can you imagin having to cover huge medical bills? What about losing your home due to the accident being your fault. Do you think that having auto insurance would be law if it was to cover fender benders?
Lets get back on track here, Save yourself some money and invest it in a Money Market acct. The law of probibility says you will be money ahead by a long shot.
Bottom line is that the extended warranty is just another insurance policy. You pays your money or you takes your chances, just as you intimated in point 2) above.
Elder User
Joined: Jan 2004
Posts: 900
Likes: 0
From: Arizona
Originally Posted by alchymist
Yes ....".
The funny thing is its the people that dont have money that are the ones wasteing money on these warrantys. Those are the same people that should NOT be buying them. Add all the money up that you are spending on extended warrantys. That TV, DVD player......
Tell me what is the least expensive item you would buy an extended warranty for?
Save your money
Senior User
Joined: Oct 2007
Posts: 159
Likes: 0
From: Poconos
My opinion is you should only buy insurance to cover what you can't afford. I can afford a $5,000 repair bill on my Ford, but can't afford to have my house burn down, pay for cancer treatment or have my truck totaled.
Lead Driver
Joined: Jun 2005
Posts: 8,466
Likes: 726
From: Calgary Canada
Originally Posted by ab257z
My opinion is you should only buy insurance to cover what you can't afford. I can afford a $5,000 repair bill on my Ford, but can't afford to have my house burn down, pay for cancer treatment or have my truck totaled.
I do have house insurance because I can't afford to rebuild if that thing burns down. Besides, house insurance is cheap compared to those vehcile warranties.
Posting Guru
Joined: Jul 2007
Posts: 1,433
Likes: 2
From: Spring Lake
Originally Posted by BareBones
Our local paper (Minneapolis) just ran an article about how 137,000 people across the U.S. will be out because some outfit called Ultimate Warranty Corp. is going under, leaving only $15,000 dollars to cover anticipated extended car/truck warranty claims of $48,000,000........... Ain't capitalism grand?
Senior User
Joined: Mar 2004
Posts: 402
Likes: 0
From: Boston
Originally Posted by ab257z
My opinion is you should only buy insurance to cover what you can't afford. I can afford a $5,000 repair bill on my Ford, but can't afford to have my house burn down, pay for cancer treatment or have my truck totaled.
I've never bought an extended warranty on anything. But if my next truck is a Ford, I will seriously consider it. My 2004 has 53k miles on it and needs $800 worth of transmission work. If I had spent the $1000 on the warranty, I'd be out only $200.
So why would you pay $5000 to repair your truck, if you could do it for $1000.
Elder User
Joined: Jan 2004
Posts: 900
Likes: 0
From: Arizona
[QUOTE=Bernie Lomax]OK timeout.
If I had spent the $1000 on the warranty, I'd be out only $200.
QUOTE]
Exactly! Well said.
If I had spent the $1000 on the warranty, I'd be out only $200.
QUOTE]
Exactly! Well said.
FTE Stories
Ford Trucks for Ford Truck Enthusiasts
10 Things Every Truck Owner NEEDS (2026 Edition)
Michael S. Palmer
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Verdad Gallardo
Top 10 Most Expensive Ford Trucks Ever Sold on Bring a Trailer
Joe Kucinski
2027 Ford Super Duty Buyer's Guide (Every Model, Engine, & Package)
Brett Foote
Top 10 Ford Truck Tragedies
Joe Kucinski
AEV FXL Super Duty - the Super Duty Raptor Ford Doesn't Make
Brett Foote
Lobo Vs Lobo: Proof the F-150 Lobo Should Be Even Lower!
Michael S. Palmer
Ford's 2001 Explorer Sportsman Concept Looks For a New Home
Verdad Gallardo
10 Best Ford Truck Engines We Miss the Most!
Joe Kucinski
Junior User
Joined: Jul 2007
Posts: 93
Likes: 0
From: SE Michigan
Originally Posted by AGE mechanic
Thats funny right there.
The funny thing is its the people that dont have money that are the ones wasteing money on these warrantys. Those are the same people that should NOT be buying them. Add all the money up that you are spending on extended warrantys. That TV, DVD player......
Tell me what is the least expensive item you would buy an extended warranty for?
Save your money
The funny thing is its the people that dont have money that are the ones wasteing money on these warrantys. Those are the same people that should NOT be buying them. Add all the money up that you are spending on extended warrantys. That TV, DVD player......
Tell me what is the least expensive item you would buy an extended warranty for?
Save your money
"Mifflin Clay"
Joined: Jul 2005
Posts: 3,177
Likes: 4
From: Mifflin, PA
Originally Posted by 5.4L to Freedom
Well even though the comany is going under, shouldn't they stil have to honor those they sold it too? I mean when you purchase something like that, it's no different than when you purchase a physical good. If you bought a truck from ford, and then they never delivered it you should be entitled to a refund. If you cannot get a refund, that companies insurance then becomes responsible for compensating you for your loss. Shouldn't the warranty be handled in the same way?
As to warranty on small items, NO. Figure you buy a dozen items, and no warranty, and two crap out, you can replace them if out of factory warranty and still spend less than the warranties would have cost. One other point to be made - electronic devices have a low failure rate, and if it makes it thru the 1st 30 days, it will most likely run a very long time. Mechanical devices, however, will eventually fail, and a lot sooner. And, the more complicated the mechanical device, the more likely & sooner the eventual failure. The manufacturers know this, and the factory warranties reflect this. 3 years/36,000 miles and the factory will take only so many hits. 7 years/100,000 miles and the failure rate goes up significantly.
It all boils down to chance - do you want to chance it or buy insurance. For a new vehicle, my inclination is an extended warranty. YMMV.
Last edited by alchymist; Dec 12, 2007 at 05:56 PM.
Thread Starter
|
Posting Guru
Joined: Mar 2005
Posts: 2,060
Likes: 7
From: Burnsville, MN
Ha - You can bet these guys are in Tahiti living under assumed names. It looks to me like they only left enough money in the accounts to give them cover while they skipped the country!
Senior User
Joined: Dec 2007
Posts: 449
Likes: 0
i dont know about the rest of you, but my 08 350 will be mine for several hundred thousand miles. that big auto trans is one hell of an expensive repair bill if it passes out,,the 6.4 is well in excess of 14,000 bucks. not to speak of the 4x4 drive train. i got the ford extended on it. i do agree, no after-market plan is worth the risk. only buy the factory plan.
Senior User
Joined: Dec 2007
Posts: 449
Likes: 0
as far as making money,,,the first stealer wanted 28,000 and my older 350,,,the 6th dealer wanted 24,000, plus he threw in the leather captains power seats,.and the big consol for no charge and window rain deflecters. and i bet he still made a good profit. i got that new fx4 crew, 8ft bed, 4wd dually, not a cheap truck. oh, i almost forgot, he threw in the chrome steps over the cheap standard plastic steps.another free 125 buck option. he wanted to sell me a 350 for sure.
Sit. Stay.
Joined: Oct 2001
Posts: 18,308
Likes: 20
From: Washington State
Originally Posted by AGE mechanic
I guess you are having a hard time understanding what I am saying.
I am actually for making money.
Carpenter Local 745
Joined: Apr 2006
Posts: 5,794
Likes: 11
From: on da beach
When we bought our 07 Explorer, the goofball at the end of the line tried to sell my a third party Extended warranty. Telling me this is the way to go, but do not ever buy from these companies - they can deny any repairs if it does not conform. I insisted on the Ford ESP, I called on the Ford program in the past and if need be I know it will be there if we need it on the our 07.
Guess what, ESP has better coverage and it was also cheaper.
The goofball almost peed his pants(you should have seen the look on his face when I mentioned ESP), I guess he lost some of his commission from the other company.
Just be aware of you options when you go out an buy a new vehicle.
Guess what, ESP has better coverage and it was also cheaper.
The goofball almost peed his pants(you should have seen the look on his face when I mentioned ESP), I guess he lost some of his commission from the other company.
Just be aware of you options when you go out an buy a new vehicle.