Community weekly poll: Are extended warranties worth it?
- 12/5/07 2:21 PM
not worth the TIME............
by turnerfly1 - 12/6/07 7:44 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I had the Office Depot extended warranty on an Epson printer, right after the Epson warranty expired the unit failed. I had to send it to Office Depot and wait and wait and wait, bottom line I was without a printer well over a month, I will not buy another Epson nor will I get the Office Depot warranty.
Warranties are worth it but a way 4 them 2 make more money
by Khoolguy - 12/6/07 7:47 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
It depends a lot on the reputation of a product and the price you are paying if you should get extra warranty or not. With in last 5 years quality of products have deteriorated so bad that it seems to me that manufacturers’ are doing it purposely so they can sell us xtra warranties to make money and play with the odds like Insurance companies do. I start buying warranties on all the printers I’ve purchased in last 5 years. Printer’s prices ranging from $78 to $899. All 4 of these printers died between 13 to 15 month just after manufactures 1 year warranty expires. In all cases they sent me a check for the entire amount I paid plus warranty price. These brands included Epson, HP and Laxmark. Plus I prefer to buy warranties on merchandise my kids are going to use 
Sometimes
by malette - 12/6/07 7:59 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I learned long ago they are simply a cash cow you don't get to milk, for the most part. However, I tend to look at the technology and the price.
Last year I bought 2 36' LCDHDTV's for my daughters. I also got a three year warranty (bought two above the normal year)for both of them.
Sure enough, just a week after the original year ran out, one of the sets went on the fritz. They came and got it, fixed it, returned it. It would have cost about 1/2 of the original cost to fix it. This more than recoups the cost of BOTH warranties.
I consider this a fairly new technology, so I got it. Have it on my own LCD as well.
Phones, cameras, PDA's, etc. Not so much. But I would for a smart phone or blackberry or iPhone. Too much at stake not to have some insurance.
I never used to, but...
by Aimee H. - 12/6/07 8:15 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
earlier this summer, our DVD player pooped out on us. It was less than a year old, but I knew I had thrown the receipt out a few months prior. I couldn't remember if I had sent in that warranty card, Toshiba had no record of me. Totally my fault, I know, but I've actually never had any problems with any of my stuff that wasn't age related. So, when I went to the store and bought a replacement, I paid the money for the extended warranty-if anything, I'll have proof of purchase.
A local appliance franchise has a compromise
by pzgeb - 12/6/07 8:48 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
We have a local appliance franchise that sends you a store credit for the cost of the extended warranty if you don't use it. Not a bad compromise. So, when I buy an appliance there, I buy the warranty, otherwise, no.
Not if you buy a quality product
by malfakir - 12/6/07 9:14 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
If you are buying a quality product, then you generally do not need to purchase the extended warrantee. The product will perform fine throughout its lifetime. Also, if your product lifetime is short, such as is the case with computers, handheld devices, etc.. then the product would probably become obsolete before the extended warrantee runs out. One remedy: Be your own warrantee. Every time you buy a product, set aside a small amount of money in the bank to replace it. In no time, you will accummulate enough money to replace the occasional product that breaks down early and you will still come out ahead.
Depends on the cost for a little ease of mind!!!
by BudoDaddy - 12/6/07 9:36 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
After my HP R717 camera went out on the 16th month of ownership and being told it was too expensive to fix and that a replacement one with a 15 day warranty would cost around $200.00 to replace with a "refurbished" model but I would have to send them my "broken" camera in exchange. Obviously not that expensive to fix...
I WISHED I HAD A WARRANTY !!!!!
This was after talking to Customer Service/Repairs for HP.
So now I have a $200.00 paper weight on my desk to remind me if the cost is not that expensive a little insurance may be a good thing. Oh and to remind me to not buy from HP again and tell everyone I can about my experience.
Sam's Clubs have a very inexpensive warranty for their Electronics. I just purchased one for around $5.00 to extend for another year past the manufacturers warranty for a new DVD player I just purchased for the kids.
Read my Review under "HP Photosmart R817" at Cnet....
Thanks
Read Consumer Reports
by 1borg - 12/6/07 9:45 AM In reply to: Depends on the cost for a little ease of mind!!! by BudoDaddyConsumer Reports is available in any public library and has an excellent index of past issues. They generally discourage ALL extended warranties and have excellent and logical reasoning. I suggest you all read the latest suggestions.
Mind Over Matter?
by drshi - 12/6/07 9:48 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
This involves what I call The Go Figure Rule: "Gadgetry tends not to fritz until the warrantee expires." Being a firm believer in the power of the mind, I suspect that perhaps so many of us find that this Rule is valid is because as long as the mind feels protected against the grief of such problems it tends to keep gadgets running smoothly. Another way of saying this is that, if the unconscious mind wishes to really bug you, it knows it can't use gadget failure as long as a warrantee is in effect. In any case, buying this type of insurance is, in effect, betting against yourself -- betting that your bad luck will be more costly than the insurance premium!
Yes, in a few cases
by grtgrfx - 12/6/07 11:00 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I always buy extended warranties for laptop computers (I have owned Apple's PowerBooks and iBooks) which take a beating as part of their use. Since I keep computers for 3-4 years, it is peace of mind and I have occasionally needed to replace parts that failed after the 1-year warranty period expired. I decided to buy the extended warranty for my desktop Mac Pro last year because it included free on-site service (which I needed that week), and that's much better than lugging a 50-lb. computer into a retail store and waiting an hour for a tech to look at it. I also got an extended warranty for my Panasonic plasma HDTV, but that was a special promotion by the manufacturer which included a 5-year extended warranty with purchase.
I don't normally extend my warranties for solid-state electronic devices, figuring they'll fail within a few months or not for years. On the other hand, many credit card companies, such as American Express, double your manufacturer's warranty (up to a year extra) if you buy a new product and pay in full with their card, and I will use that benefit in my purchase decision if it's applicable. It comes down to how long you expect the product to last and how much use you expect to put it through. Most seldom-used products last a long time through sheer inactivity. Items which you use daily may fail much faster.
60/40
by gslrider - 12/6/07 11:35 AM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I usually get an extended warranty depending on the item, and how much I spent on it. I'm at about a 60/40 rate. 60 - having to use the extended warranty, and 40 - never ever using it. To me it's peace of mind. Except for one time, the times that I've actually had to use it, I've never had any problems. Most of the time, it's a simple replacement. No questions asked.
Sometimes -- But do a little research on the item you're buy
by Dr. Zoltar - 12/6/07 12:36 PM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I have purchased an extended warranty on a few items I own. But there was always a reason why.
Portable DVD Player -- Best Buy was having a Black Friday sale on these so I researched the reviews. Everyone said they worked well except that they had the tendancy to break down within 18 months. So I got the extended warranty just to be safe. Sale Price + Warranty was still less than the item's MSRP.
Washing Machine -- My Kenmore died after 3.5 years of use. The cost to fix it was 3/4 the cost of buying a new one. I researched a new front loading washing machine on Consumer Reports and bought their recomended brand with the extended warranty.
Freezer -- Had an upright Electrolux freezer that died twice. The second time it died I lost all the food in it. I researched using Consumer Reports again and bought the brand they recomended with a few upgrades. Again I got the extended warranty as they cover food loss and repair and do a free yearly service on it.
So extended warranties can do some good. But the key is to research your product first. I'm also of the opinion that some major appliances aren't just made as durable as they used to be. Heck, Maytag has the highest incident of repair rates no matter what their commercials try to tell the public.
Extended Warranties -- maybe
by QelDoQ - 12/6/07 12:47 PM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I tend to not buy them. All of the previous comments about researching the product ahead of time are important... I always consider what the cost of repairing or replacing the item is versus the cost of the warranty... and obsolescence of any given device is also important.
Generally, if I'd be more likely to buy a new device than repair it I won't even consider the warranty. If it's something with a long lifespan or that has some feature I can't do without, I'll consider the warranty. And yes, manufacturer warranties are always best.
Perhaps most importantly, figure out how to be a "pack rat" with all of those receipts. It's one of the reasons I use my Visa card for all of these sorts of purchases, as there's an additional level of tracking there.
Chris
Some are a good deal (for me)
by bob.taylor - 12/6/07 12:55 PM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
I consider three things when considering the purchase of an extended warranty:
1. Past experience with the product/product type. How long they last, when we replace/updgrade/dispose of them.
2. Fragility/likelyhood of repairs.
3. Expense of repairs.
Warranties that have paid for themselves:
* Chevy Avalanche 2500 - Thousands of dollars saved in 4wD components, power window actuators, and steering parts replacements. Consideration #2 played a big part. The Avalanche is a big, tough truck, but being the outdoors-y type of family, we drive the heck out of it.
* Dell Extended Warranty and premium support on the Kids' computers for college. Paid for itself the first time my son's roommate closed the lid on a pen and cracked the display. Next was a lightening strick that zapped the network modules - replaced the motherboards. Daughter's new keyboard gets installed today. Three years to go :o) Considerations #1, #2 & #3.
Warranties that were a waste of big dollars:
1. Got them for all of our major Appliances (washer, dryer, water heater, & fridge), but never had problems during the warranty periods. Two years left on the water heater, all other a waste.
2. Two Harley Davidsons; no problems while the warranty was running. Only repair: $45.00 tail light part, and I saved on the service cost by buying a $6 tool and doing it myself.
My daughter just got a new truck - with a lifetime warranty on the drivetrain. She spent the extra money ($1000 through fleet sales) to warranty **everything** else for life, too. Not sure Dodge knows what they're getting into selling trucks to frugal teens.
Hope this helps.
It depends.
by wayneepalmer - 12/6/07 1:07 PM In reply to: Are extended warranties worth it? by Lee Koo (ADMIN)
On some equipment it is totally uselss. PC parts are obsolete so quickly its worthless. Same for most electronics.
Some home appliances it is useful to ahve one but you have to make sure that it covers useful/likely problems.
There are exceptions. Everyone I have talked to at the repair shops (the outside of the store ones, too) has told me that it is an absolute necessity to get one for a big screen TV. As almost any problem gets you a replacement (often better than your original) and they all have a lot of problems compared to the old CRT units.
Cars are ususally useless for the extended warrantees as well.
Anything serious will show up early and as long as you do regular maintenance you won't need anything done until well after any possible warranty has expired.
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