No, I'm not talking about the game show.
But, the last few days, I've been experiencing the same back and forth dilemma that many of the contestants on Deal or no Deal experience.
Don't worry...I'm lovin' the car and have no buyers remorse about the great deal I got on it...but I am wondering about the warranty I purchased. (Mike and Verna know all about it...and yes, I'm still torn).
The car already had the remainder of the factory warranty which I thought made it an even greater deal. Then of course, the dealer had to make their pitch for the extended warranty. And the long (it took me an hour to decide) and short of it is...I bought it.
The thing that frustrated me is I basically lost the factory warranty...and the extended warranty although seemingly good...is only for 3 years or 68,000 miles. I will probably run out of time before miles and that is ok...but I'll still have 2 years of payments left.
The thing that bothered me most is the warranty wasn't financed and I walked out of the dealership with more on my credit card than I wanted.
Then I got home and read reviews on the line...and most of them suggested getting a warranty, but almost all of them said not to get it thru the dealer because of the mark up and insane profit margins they make on them and all agreed that there are better deals to be had online.
Now, I'm wondering if I should cancel the one with the dealership and say:
1. Forget it. Keep the money in the bank and use it if something goes wrong
or:
2. Go with one online...(some are cheaper and longer 4-5 years instead of 3).
Mike said "it's like Vegas...it's a crap shoot."
I like the idea of the peace of mind, but I don't like parting with money that I may never end up using....(yes, I'm a Vandercar) and much like the Deal or No Deal people...you kick yourself if you do, you kick yourself if you don't.
Mainly, I just want to do the best thing and stop obsessing over it so I can start enjoying the car!
Directions to here:
How about you?
Deal or no deal? Anyone with experience here? Leads on reliable warranty companies? Favorite roulette numbers? How to win against the house?
3 comments:
when we bought our Explorer, we decided not to buy an extended warranty...the dealer said that it could be bought through any dealer anytime before the factory warranty ran out. maybe yours is the same way...if so, cancel the recently purchased warranty and you'd have more time (until the factory warranty runs out) to decide on an extended warranty.
Like we talked about Nancy. Right before your warranty runs out you will probably get something in the mail wanting you to purchase coverage. I never heard of loseing your factory warranty when purchasing a extended warranty but they might have changed things. Check with another dealer. If you can purchase it later put your money in the bank and save for it, and save the interest the credit card company charges. If you buy a warranty from a company other than GM make sure the dealer will accept it otherwise you have to come up with cash for all the repairs then submit it to get reimbursed.
Like Mike said "It's a crap shoot". My experience has been from the three warrantys I have had 2 I made out on 1 I did not.
The extended warranty was not from GM snd service does not need to be performed by GM. So you shouldn't be losing your GM warranty which still should run out to 36k miles. What you are really losing is the full term on the extended warranty which should be reflected in the price of the warranty. As the guy said if you wait till the GM warranty expires the extended warranty will cost more.
After thinking about it more it would probably make sense that if you have a problem to still go to GM to try to get it fixed under the factory warranty as it may not have the deductible, but then you may get the "this is not covered" response. Which you may also get under the extended warranty to often.
I don't know what to tell you. As I said earlier I am a fix-it-myself type of guy so I would never buy an extended warranty. I have only bought one once for my first laptop and never used it, but one major breakdown could pay for the warranty.
If you are concerned about carrying the balance on your credit card maybe it would be best to cancel the extended warranty and roll the dice that you will not have any problems, and if you do then charge the repairs and have to live with the cost of the credit at that time.
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