extended warranty

Recently purchased a CRV (2004) for my wife and of coursr she loves it.
During the sale we were asked several times if we wanted to purchase the
extended warranty but I declined, told him I would like to see how the CRV
runs, etc. and possibly purchase it before we hit the 36K miles. I would
like any input, pros and cons on the above. Thanks.

 

"Extended Warranties" are not warranties at all. Rather they are nothing
more than a mechanical breakdown insurance policy, usually with a
per-occurrance deductible, and are almost always a bad investment. Most
are rife with "weasel clauses" in the fine print to get out of paying and
most do *NOT* provide anything close to the same level of bumper-to-bumper
coverage that your original manufacturer's warranty provided. They have a
very high up-front cost, usually way more than $1,000 and your chances of
ever breaking even with the policy's high up-front cost are historically
slim. Some drivers are convinced these provide "peace of mind" and of
course you'll always have some schmoe swearing by his, claiming it saved
him bazillions of dollars. Take these anecdotal reports with a grain of
salt.. a very large grain. Good experiences w/extended warranties are few
and far between.

If you feel you really want the "protection" then check with your own auto
insurance carrier. Many auto insurers offer similar plans for many
hundreds less than what you'll pay for it through the dealer.

Granted 3/36 isn't a hellouvalot of factory warranty, but Hondas are among
the most reliable and least trouble-prone of anything on the road. Take
good care of your car, follow all the factory recommended service
intervals, drive it like a sensible adult and you're likely to find the
odometer at or well past the 100,000 mile mark before anything serious
crops up. By this time even your "extended" service plan will have expired
and you will probably never have collected on it, certainly never
collected anything close to what it originally cost.

Dealers will really beat the drum to get you to take this protection from
them because it is laden with *PROFIT*, typically 100% markup.

Just say "No" and walk away.

 

Bubba is absolutely right, IMHO. I don't care if it's a new Honda or a
washing machine or a lawn mower, an extended warranty is a waste of money.

 

Both of you are full of it. An extended warranty gives a person peace of
mind if nothing else.

Bearman

 

Agree as well. I never took it on a Honda/Acura, and i never ever
regreted it. It is an just insurance.

 

Huh? There is almost no situation where that "peace of mind" does not end up
costing you more than the repairs would have cost if you just pay as you go.
Just put that money in the bank and collect interest on it.

 

Here is the answer I think your looking for.

The only downside I can see to purchasing the warranty sometime after the
initial purchase is that the cost of the warranty goes up as you rack up the
miles. Please dig through this website - http://www.curryhondacare.com/
before purchasing your warranty. This documentation will get you a warranty
much cheaper than going into the dealership without. Notice that you have
to put your vehicle milage in when requesting a quote. Change the milage
you input and see the costs increase or decrease.

I went ahead and got the warranty on our '04 Ody when we purchased the
vehicle. we intend on driving our vehicle many miles and like to have what
others call 'just in case' insurance. I rather have that cost rolled up
into the cost of the vehicle and not have to pay for a repair expense out of
pocket.

Scott