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Extended Warranty for used car- worth it?
Posted by: Randalls
Date: August 16, 2018 06:27AM
We bought a used 2016 Honda Odyssey from a local Honda dealer. It has 38k miles. It has a Honda warranty (CPO) for 1 year or 12k mile bumper to bumper and a 100k power train warranty.

The finance manager tried to sell an extended warranty (JM&A is what the document said). He claimed it was through Honda but there was no mention of that on the document so I think he was saying it was supported by some of the (Honda) dealerships. I searched the company name and saw a lot of 1 star write ups so passed.

Are there ANY good extended warranty companies out there? What is your experience with using them? Too late to contact one?
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Re: Extended Warranty for used car- worth it?
Posted by: Mr645
Date: August 16, 2018 06:32AM
Just an FYI. The commission on those extended warranties is 50%



Edited 1 time(s). Last edit at 08/17/2018 06:19AM by Mr645.
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Re: Extended Warranty for used car- worth it?
Posted by: mattkime
Date: August 16, 2018 06:53AM
Pass



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Re: Extended Warranty for used car- worth it?
Posted by: MarkD
Date: August 16, 2018 06:59AM
Depends on auto use and how long you intend to keep the car. Lot of the warranties are just insurance. Typical insurance in which you get disqualified or are unable to file or work must be done at a particular dealer. This is the kind of stuff you are probably getting lots of calls about extending your warranty. Unfortunately the real warranties issued by GM or the actual car company are expensive. You got to really understand the policy and their policy is not to let you fully understand it.
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Re: Extended Warranty for used car- worth it?
Posted by: raz
Date: August 16, 2018 07:59AM
Hard pass



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Re: Extended Warranty for used car- worth it?
Posted by: cbelt3
Date: August 16, 2018 08:11AM
a Honda ? No need. The 100K powertrain warranty will cover the seriously expensive stuff.
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Re: Extended Warranty for used car- worth it?
Posted by: Randalls
Date: August 16, 2018 08:17AM
OK. Thanks for those responses. I was just getting a real bad vibe. This used car was more than our house (dating myself) so I am a bit paranoid. I realize when the electronics (or anything for that matter) go out it is going to be a chunk of money. Just need to keep this rolling for as long as possible so we can travel. My 98 civic has close to 250k. My other beast is a 2002 Dodge van. So haven't bought for awhile.
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Re: Extended Warranty for used car- worth it?
Posted by: GGD
Date: August 16, 2018 08:56AM
I only bought an extended car warranty once, and only because the dealer said I could get a full refund if I never made a claim during the warranty period. And I eventually did get that refund.

[forums.macresource.com]
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Re: Extended Warranty for used car- worth it?
Posted by: Robert M
Date: August 16, 2018 09:17AM
Randalls,

If you can get a factory warranty, yes. If not, I'd still consider one but only from a reputable provider which are few and far between. My case for a warranty:

I paid under $2K for the factory extended warranty on my '09 Mazda. Engine mounts, a new seat cover, a new head unit (radio, CD-MP3 CD changer, DVD navigation system), tires, door lock actuator, shocks that hold the tailgate door's up, all replaced at no cost under the extended warranty. In two weeks, the evaporator of the air conditioning system is going to be replaced under warranty. Just the head unit would've been a $2000.00 job.

In two weeks, the evaporator is being replaced under the warranty. The parts had to be special ordered from Mazda and will be shipped directly from Japan and the actual job requires the techs to take apart the entire dashboard. I don't even want to know how much the job would've cost me out of pocket.

So, yes, while my Mazda has been very reliable - the above repairs are the only issues I've had with the car over 9 years, everything else was normal maintenance - the extended warranty has already paid for itself and then some and that's not factoring in the evaporator job.

Note, I have a factory extended warranty. One of the more reputable 3rd party warranties is Endurance Auto Warranty: [www.endurancewarranty.com] If I didn't get the Mazda Factory Extended warranty when I bought my car new in '09, I'd've gotten it from Endurance.

Robert
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Re: Extended Warranty for used car- worth it?
Posted by: testcase
Date: August 16, 2018 09:51AM
Put that money aside so, if repairs are needed, it will be there (ie Self Insure).
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Re: Extended Warranty for used car- worth it?
Posted by: Randalls
Date: August 16, 2018 09:58AM
Thanks for the advice and recommendation
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Re: Extended Warranty for used car- worth it?
Posted by: Robert M
Date: August 16, 2018 10:09AM
Test,

Unrealistic. If not that, then _much_ easier said than done for many people. Some repairs can easily run into thousands of dollars.

Robert
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Re: Extended Warranty for used car- worth it?
Posted by: jdc
Date: August 16, 2018 11:04AM
Most of what I have read has recommended them for "luxury" used cars rather than cars that wont likely need them.

We bought my wife a used Volvo S60, and paid for an extra warranty. Think it was an additional $14/mo. It is a mileage warranty -- and my wife drives so few miles -- it should last for a very very long time.

We have been looking at Odesseys too... but I think we are going to go new. Best I have seen around here for a CPO 2016 EX-L is close to $30K, but new (costco price) is $34K. The 2018/19 feels so much nicer than the previous gen -- we think its worth the extra $ for a car we will keep for a very long time.

Odessey pricing is off. On the Honda CPO page, there is a 2018 LX for $36K with 7K miles, but 2019 EXs are $34K.



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: Extended Warranty for used car- worth it?
Posted by: Randalls
Date: August 16, 2018 11:47AM
This '2016' model was off lease and @ $24k. Had a few minor issues, some of the fabric seats had very minor stains apparently from the kids in the back seat. I upgraded the tires to Michelins as the bottom tier Bridgestone Ecopia's had terrible ratings. Fingers crossed
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Re: Extended Warranty for used car- worth it?
Posted by: Michael
Date: August 16, 2018 12:09PM
We've bought Honda's since 1986 when my wife was pregnant and her Ford didn't have an air conditioner. Beyond a single foray into a Mazda 626 that lasted slightly less than 50,000 miles, we've only bought Honda's for her. We've never spend a dime on repairs for any of them. We drive them for 90,000 miles or so in 4-5 years and then trade them in. I am very careful to follow all the maintenance requirements but I change the oil/filter at 5,000 miles even if the sensor says it doesn't need it. I bought a Honda extended warranty for the first one but nothing since. We've owned 7 Accords and CRVs over the years. If I'd bought Honda extended warranties for all of them it would have been, what, maybe $9-10,000? I don't buy them and I sleep easy with the Honda's reliability.

Now that I've said that, we'll probably blow the engine, transmission and electronics the next trip we take!
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Re: Extended Warranty for used car- worth it?
Posted by: jdc
Date: August 16, 2018 12:28PM
Quote
Randalls
This '2016' model was off lease and @ $24k. Had a few minor issues, some of the fabric seats had very minor stains apparently from the kids in the back seat. I upgraded the tires to Michelins as the bottom tier Bridgestone Ecopia's had terrible ratings. Fingers crossed

Ahh, LX. Wife wont sit in a car unless it has leather seats. No matter how much I argue with her. So EX-L or nothing. =(

I sat in this 2016 LX with 12K that was $25K at carmax -- it was in great shape. carmax extended warranties are cheap... [www.carmax.com]



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: Extended Warranty for used car- worth it?
Posted by: wurm
Date: August 16, 2018 12:44PM
Never saw the need for one on any other vehicle I had. For whatever reason, I decided to get one for the pre-owned 2012 Prius C I bought several years ago. Interestingly enough, the dealer didn't even try to sell me one. It was after hearing good things about a particular one on the Prius Chat forum that I decided to even consider it.

To make a long story short(er), I got a very good deal online for a Toyota Platinum Warranty from an out of town Toyota dealer, just for my peace of mind. Lo and behold, the charcoal canister went twice during the course of the warranty. First time it happened was pretty much break-even for what I paid for the warranty (~$800). Second time was also covered, so I was ahead of the game by $800, so in my case it definitely paid for itself.
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Re: Extended Warranty for used car- worth it?
Posted by: mikebw
Date: August 16, 2018 12:45PM
We bought an extended warranty from CarMax with our Saab 9-2X, because we didn't want to wind up with a repair that cost more than what we still owed on the financing. Gap insurance if you will. Did not need to use it however.
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Re: Extended Warranty for used car- worth it?
Posted by: Rolando
Date: August 16, 2018 01:28PM
I bought one for my Father a few years ago. I didn't think it was worth it then, but did it for his peace of mind. Cars are overall much more reliable than just a couple of decades ago, but I with all the electronics in modern cars, I don't know how long that will be true.

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Re: Extended Warranty for used car- worth it?
Posted by: Robert M
Date: August 16, 2018 01:36PM
Rolando,

That's exactly why I got the extended warranty for my Mazda. While cars are more reliable now than way back when, they still have a ton of stuff that can go and will be expensive to repair. Tech can be _especially_ expensive! Between the turbocharger and all of the electronics (CD Changer/GPS/Backup Cam/etc), I felt it would pay for itself if even one of them went kablooey.

The backup cam stopped working reliably, which is why the head unit was replaced. That repair alone made the warranty pay for itself. Anything else repaired at no charge under it is a bonus now, i.e. AC evaporator.

Robert
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Re: Extended Warranty for used car- worth it?
Posted by: RAMd®d
Date: August 16, 2018 02:23PM
I bought a factory extended warranty when I got my car.

The A/T transmission lunched first gear, a few months out of warranty.

The car had very low mileage and I'm easy on a car, so I could have tried to argue that it should not have gone T/U under with those metrics.

Instead I just invoked the extended warranty. Talking to a friend how worked for the dealership, the repair was double my warranty cost.

So I saved a battle and likely a lot of money.

Your mileage may vary.




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Re: Extended Warranty for used car- worth it?
Posted by: Bill in NC
Date: August 16, 2018 03:04PM
OEM warranty.

May pick up a Pacifica this fall...and it's a new design, so MaxCare (Chrysler's extended warranty) is a popular recommendation online.

Lifetime MaxCare warranty w/ $100 deductible is under $3,000 from an internet dealer.
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Re: Extended Warranty for used car- worth it?
Posted by: jdc
Date: August 16, 2018 05:17PM
Quote
Bill in NC
OEM warranty.

May pick up a Pacifica this fall...and it's a new design, so MaxCare (Chrysler's extended warranty) is a popular recommendation online.

Lifetime MaxCare warranty w/ $100 deductible is under $3,000 from an internet dealer.

You can rent them, they are "meh" -- Ive driven one a couple of times on 800 mile trips from Nor Cal to LA. They bounce, a lot. Brakes on both are very grabby. Didnt love the seats. I found the controls confusing.

Not sure why so many peeps (like the car review sites) praise the 'sto and go' seats as the end all be all. Super uncomfortable. They have to sacrafice comfort for storing. Car and driver devoted 25% of the odesseys review talking about Pacficas seats. Id want to skip that option.

And of course, longevity and resale.



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Edited 999 time(s). Last edit at 12:08PM by jdc.
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Re: Extended Warranty for used car- worth it?
Posted by: raz
Date: August 17, 2018 02:47PM
Well, I for one praise the sto-and-go seats because when I rent one of those beasts it's because it's cheaper than a U Haul van. And I generally need to clear out the entire back.

Of course, I never sit in them,

YMMV



--------------

Embarassing myself on the Internet since 1978.
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Re: Extended Warranty for used car- worth it?
Posted by: Racer X
Date: August 18, 2018 10:00PM
On a modern auto, probably not, on an RV, oh Hell Yeah!

My parents saved thousands each year because of their extended warranty on their RV. Because it is a massive RV chassis, it had to go to an RV shop, which has much higher shop rates than a normal GM dealership. What WOULD be a $500 water pump swap becomes an $1800 repair because it is in a motor home, even though it was easier to get to. Went through 3 transmissions, all covered under warranty. One took out the segmented drive shaft and pillow bearing, along with a bunch of "stuff" under the rig. ALL covered. They were ahead after just over 18 months. And most of all, I almost never had to touch it unless it was light bulbs or wipers, stuff like that. I did the serpentine belt once, but only because I saw it the night before a big trip. I put on the spare, and the used one became the spare until the one I ordered came in.
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