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Old 02-28-2012, 02:09 PM
Surferbum21 Surferbum21 is offline
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Join Date: May 2007
Location: SW OKC
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anyone use carchex for extended warranty?

Looking at getting a 4 year/60,000 ext warranty from carchex for the 06 2500 I just bought. $2,200 and covers quite a bit. Truck has 65,000 miles on it now. I am pretty mechanically minded and have my bro-in-law on salary who used to be a mechanic. He thought it was still a good deal for $500-600 year esp if something major went out.

Just looking for other inputs from people that have used it or what thoughts are on why didn't use it. Thanks in advance!
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Old 02-28-2012, 05:00 PM
Deori Deori is offline
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Location: Henderson, Nevada
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I had an extended warranty on my truck from the dealership, but here's why I would never buy another one. It's basically only ever going to pay for itself if you lose the engine or transmission. That really shouldn't happen before the 125K you'll be at when it expires. You might get to use it on little odds and ends but it won't pay you back on those. If you ever have to rebuild engine/transmission it shouldn't cost you more than about $2500 out of pocket anyways. So buying a warranty for $2200 guarantees you're spending over 2 grand that you might not get anything out of. If you're warranty is up at 130K and your engine goes, you get to pay that much or more again! I would maybe consider it on a new emissions diesel with all the expensive problems I keep on hearing about with injectors and such, but not on a gasser. Just my .02.
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Old 02-28-2012, 10:34 PM
Deori Deori is offline
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A third party extended warranty company is also likely to make you use their repair shop, which you may or may not be happy with.
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Old 02-29-2012, 09:35 AM
Surferbum21 Surferbum21 is offline
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thanks Deori. that helped a lot. Yea a lot of the little things here and there we can do.
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  #5  
Old 03-01-2012, 01:31 AM
Deori Deori is offline
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I'm glad. I bought my truck from Carmax nearly 10 years ago and my extended warranty was only $1500, but my truck had very low miles. At the time I was younger and scared of costly repairs as I didn't have a lot of cash on hand. Nowadays, if I had to throw down $2000 to replace a transmission or engine it wouldn't be such a big deal (not saying I'd be happy about it, but I've got it). So they rolled it into my loan and I had some peace of mind for an extra $30 a month. That being said, the only thing that I can remember using my warranty on was the power mirrors went out. They "fixed" them, and a few months later they stopped working again and I was so busy hustling business and power mirrors not really being a necessity I never brought it back for them to fix it again. So I ended up spending $1500 (plus the interest on that) for nothing basically. Seems like you should get around 150K or more out of an engine and trans on most trucks these days as long as you keep up on your maintenance and don't beat the hell out of it. My truck now has 180K miles, the trans went out at 150K on the nose and the motor is still going strong. So I'd steer clear of those extended warranties. Think about it; if they didn't make their money off of you the majority of the time, they wouldn't offer them. Good luck on your new truck and your business!

Quote:
Originally Posted by Surferbum21 View Post
thanks Deori. that helped a lot. Yea a lot of the little things here and there we can do.
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Old 03-01-2012, 05:48 AM
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cgaengineer cgaengineer is offline
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Don't buy it...cars these days go 100k plus without major problems...even Chevy!

I purchased an extended warranty once and I regret it...like you I rolled it into the loan. Waste of money, $50 deductible on top of the money spent for the extension.

I don't buy extended warranties for anything...not even electronics.

Like another poster said, they gamble your car/truck won't break before the warranty expires...the odds are in their favor or they wouldn't offer it.
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