Opinions on extended warranty?

[Gilgamesh]

I'm buying out my lease very soon and was offered an extended warranty to cover things other than the power train (since it's already covered) for up up to 10 years. The extended warranty is around $1,700 and was told is discounted and usually around $3k, but I'm just curious about your opinions.. Is it worth it?

Just from research online it looks like most people end up never using it or end up spending more on the warranty than what repairs would be, but there's always that chance it could save you some cash. If I pick up the warranty it takes away the money I saved by negotiating down so that's a huge reason I'm very hesitant. Did you guys pick it up or do you think it's worth it?

 

[mldavis2]

My own sense and experience is that I never buy them, I self-insure. In all my years (over 55) of owning cars and keeping them far beyond warranty, I've never had a failure or reason to use a warranty, even factory. My logic goes like this (yours may vary):
First, I have the money to self-insure if something fails. At that point I would have the option to dump the car if the repair was more than the car was worth or if I didn't intend to keep it many more years, or pay for the repair and keep going.
Second, extended warranties are nothing but insurance policies. There are times that things fail, but most people who buy them disregard common-sense maintenance and care because they know they have the backup, assuming they can provide proof of care. All insurance extracts a profit for the dealer and the insurance carrier on top of the remote chance of a payout. It's not a good bet unless you tend to tear stuff up. And since people who do tear stuff up are mostly the ones who buy extended insurance, there is an adverse-selectivity factor you are paying for as well.

 

[Mach_Tuck]

My own sense and experience is that I never buy them, I self-insure. In all my years (over 55) of owning cars and keeping them far beyond warranty, I've never had a failure or reason to use a warranty, even factory. My logic goes like this (yours may vary):
First, I have the money to self-insure if something fails. At that point I would have the option to dump the car if the repair was more than the car was worth or if I didn't intend to keep it many more years, or pay for the repair and keep going.
Second, extended warranties are nothing but insurance policies. There are times that things fail, but most people who buy them disregard common-sense maintenance and care because they know they have the backup, assuming they can provide proof of care. All insurance extracts a profit for the dealer and the insurance carrier on top of the remote chance of a payout. It's not a good bet unless you tend to tear stuff up. And since people who do tear stuff up are mostly the ones who buy extended insurance, there is an adverse-selectivity factor you are paying for as well.

My "lease warranty" included items such as 1 time battery replace, 1 wheel alignment, 1 set of brake pads, unlimited light bulbs (including headlamp), free key replacement (1 per year with $400 limit), 1 set of wiper blades, and all belts and hoses...

Normally i would pass on warranty as well but these other "free" items outside of actual breakdown sold me. Mine was 4yr/60K since it was considered a lease ( i am buying out lease anyway) and the cost was a mere $400 so i jumped on it. Most of the free items above will cover that cost individually.

 

[twig2121]

I'm with @mldavis2 where I've never purchased warranties, however, with cars like these having so many sensors (which I've heard are expensive to replace - sometimes $1k ea), spending $1-2k on a warranty might pay off to replace electronics over a long timeframe. I'm not worried about the normal mechanical stuff like brakes, bearings. Shocks/struts usually need to be replaced after 10 years or so and if you have the GT1-GT2 which have adjustable ones, I bet those cost a lot. I'm looking at a plain GT so there's less gadgets to break or lower cost of replacement (no powered hatch, etc.). Can someone confirm whether the driver assistance sensors/parts are covered by those additional warranties? I'll ask next time I speak with a dealer...

My daily driver is a 2003 WRX which has been tastefully modified and has 50% more power than stock, but I do all the repair work and it's been great over the years. Same with my wife's 2004 mazda 6 - very little to complain about mechanically so a warranty would have been a waste for me. But for those whom don't like a wrench I can see the value if you keep your car a long time

 

[Johnni]

I'm with @mldavis2 where I've never purchased warranties, however, with cars like these having so many sensors (which I've heard are expensive to replace - sometimes $1k ea), spending $1-2k on a warranty might pay off to replace electronics over a long timeframe. I'm not worried about the normal mechanical stuff like brakes, bearings. Shocks/struts usually need to be replaced after 10 years or so and if you have the GT1-GT2 which have adjustable ones, I bet those cost a lot. Can someone confirm whether the driver assistance sensors/parts are covered by those additional warranties? I'll ask next time I speak with a dealer...

My daily driver is a 2003 WRX which has been tastefully modified and has 50% more power than stock, but I do all the repair work and it's been great over the years. Same with my wife's 2004 mazda 6 - very little to complain about mechanically so a warranty would have been a waste for me. But for those whom don't like a wrench I can see the value if you keep your car a long time

Your stolen my line about (I'm looking at a plain GT so there's less gadgets to break or lower cost of replacement (no powered hatch, etc.). That is one of the major factor why I bought my Mirco Blue base GT RWD and not the GT1 or GT2. People have their preference and needs, but I figure technology can be your best friend or your worse enemy. We all know given time every new to be replace or repair, so the less electrical part the less expensive in my opinion.

 

[Mach_Tuck]

OR...start with GT1/GT2 and dont replace items if they fail and they you will have a "quasi-base GT-with-sunroof"

A note on the powered hatch...there is an option to turn that off so i wonder if set to off it reverts to a manual mode? Will have to experiment

 

[Bradley G.]

I was offered an "electronics" warranty which covers all of the technology, touch screen, A/V etc. Might have been suckered but made sense at the time. The guy said that it is all basically controlled by a computer, and just like a home computer sometimes they get whacky. He claimed that it is about 4K to replace that unit, so $1500 (negotiated down from $2500) seemed like a good idea for 10years, 100,000 miles since I keep my cars a long time. Had my last car 13 years...

 

[rocket23]

I'm all in...haven't used it yet, but it's nice to have.