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Old 12-01-2008, 09:10 PM   #18
camarolt76
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Originally Posted by TAG UR IT View Post
I'll get it.

I have the extended warranty for my current 02 SS which is actually transferable to the person that buys it from me when I sell it next year. Only costs $100 to transfer it. But, I've used it to replace the transmission and two window motors. Cost? $1,200 for the warranty. Cost for the tranny and window motors? about $4,000. Was it worth it? Do the math!

Yeah....I'll buy one.
The first thing I would like to point out is that GM did not offer the 5/100,000 mile power train warranty on 2002 cars. If they had then I would assume your transmission would have been covered by the factory warranty.

The second point I wanted to make is that I have the extended warranty on my wife's 2005 Monte Carlo. Recently we discovered that the car had a water leak in the passanger's side floor board. It also had a dash which was curling up in the front. Neither issue was covered by the extended warranty. I can possibly look the other way on the dash (however I still think that is completely unacceptable for a car 3-1/2 years old). However I could not believe that a water leak was not covered by the extended warranty! I will not be wasting my money this time.
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Old 12-01-2008, 09:34 PM   #19
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Warranty beyond what comes with the car is just a waste of time.
It is a big moneymaker for the dealer though..
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Old 12-01-2008, 11:37 PM   #20
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one mans opinion is another mans nightmare ya know. The warranty profits are in the hundreds of dollars not thousands so they are really just a small portion of a dealers profits. We make more on fianance reserve than anything else sold in the back end (finance department) FYI. I just love it when someone comments sans the facts it always amusing to say th least.

The main point of this thread is if you plan to keep your vehicle past the comprehensive warranty 3/36 its probably a good idea to have an extended warranty purchased at a fair price. There will always be folks who debate this issue but to anyone who has ever used it its a no brainer. If you could extend your comprehensive coverage on a 2010 Camaro for about $1300 and make it run to 5/100 like the powertrain I say thats a good deal for any consumer. $1300 over a 72 month loan is about 20 per month to have peace of mind. Again a no brainer for me but others will argue that there peace of mind isnt worth $20 or that there issue wasnt covered etc. To each its own I say.




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Warranty beyond what comes with the car is just a waste of time.
It is a big moneymaker for the dealer though..
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Old 12-02-2008, 12:07 AM   #21
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One more thing to consider is the fact that if you buy a 100K extended waranty, and you sell the car say at 40K, you can get a refund prorated for the unused portion. I don't know if alll extended waranties work the same, but I have taken the refund a couple times. You can also cancel at any time while you still have the vehicle. Most dealers don't tell you this up front but read the fine print.
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Old 12-02-2008, 11:54 AM   #22
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Good point and yes it is true if you get rid of your vehcile prior to the warranty expiring you do get a prorated refund back. Many of our customers use this as part of there down payment on there next vehciles purchase!

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One more thing to consider is the fact that if you buy a 100K extended waranty, and you sell the car say at 40K, you can get a refund prorated for the unused portion. I don't know if alll extended waranties work the same, but I have taken the refund a couple times. You can also cancel at any time while you still have the vehicle. Most dealers don't tell you this up front but read the fine print.
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Old 12-03-2008, 12:02 AM   #23
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Originally Posted by teamlynn1 View Post
one mans opinion is another mans nightmare ya know. The warranty profits are in the hundreds of dollars not thousands so they are really just a small portion of a dealers profits. We make more on fianance reserve than anything else sold in the back end (finance department) FYI. I just love it when someone comments sans the facts it always amusing to say th least.

The main point of this thread is if you plan to keep your vehicle past the comprehensive warranty 3/36 its probably a good idea to have an extended warranty purchased at a fair price. There will always be folks who debate this issue but to anyone who has ever used it its a no brainer. If you could extend your comprehensive coverage on a 2010 Camaro for about $1300 and make it run to 5/100 like the powertrain I say thats a good deal for any consumer. $1300 over a 72 month loan is about 20 per month to have peace of mind. Again a no brainer for me but others will argue that there peace of mind isnt worth $20 or that there issue wasnt covered etc. To each its own I say.
After reading this thread so far, I've come up with a different way of thinking for some who may be pondering buying the extended warranty. If it worries you, take the $20-30 a month and put into a savings account that earns YOU interest. If you ever experience a couple of bad window motors or leaking heater core after your original warranty expires, then BOOYAH, there you have the money to help pay for it. Your money is saved by "you", interest is earned for "you" and used by "you" for repairs or a later down payment on a new car (Camaro hopefully)!

Hard facts for unforseen repairs would be impossible to come by, but it would be very interesting to know how many people that bought an extended warranty actually needed it after all was said and done. Maybe we need a poll:seesaw:
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Old 12-03-2008, 12:52 PM   #24
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Interesting concept except what if your engine goes tits up or your tranny goes out $20 per month at 5 years is only $1200 even with interest nowhere near enough to cover the repair. Not to mention the lack of saving discipline most of us have, many people reading this do not even fund any type of retirement plan let alone a healthy savings plan. For some you method would work but for the masses the extra $20 per month added to your loan payment is truly inexpensive peace of mind.



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Originally Posted by ZYAL8R View Post
After reading this thread so far, I've come up with a different way of thinking for some who may be pondering buying the extended warranty. If it worries you, take the $20-30 a month and put into a savings account that earns YOU interest. If you ever experience a couple of bad window motors or leaking heater core after your original warranty expires, then BOOYAH, there you have the money to help pay for it. Your money is saved by "you", interest is earned for "you" and used by "you" for repairs or a later down payment on a new car (Camaro hopefully)!

Hard facts for unforseen repairs would be impossible to come by, but it would be very interesting to know how many people that bought an extended warranty actually needed it after all was said and done. Maybe we need a poll:seesaw:
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Old 12-03-2008, 01:01 PM   #25
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For me it depends on how much it costs and how long it extends the warranty to. All the new vehicles we've had never needed any kind of warranty work until after the extended warranty would have ended so getting the extended warranty wouldn't have helped.
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Old 12-03-2008, 07:04 PM   #26
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Royal Purple is your extended warranty.

Keep the ATF changed on schedule too.
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Old 12-03-2008, 07:45 PM   #27
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Royal Purple is your extended warranty.

Keep the ATF changed on schedule too.
Off topic, but ya, synthetics probably will extend the life of your drive train when used properly. The owners manual schedule of maintainence doesn't include any changes of fluids on AT or differential. '06 Colorado
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Old 12-03-2008, 08:54 PM   #28
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I just love it when someone comments sans the facts it always amusing to say the least.
First of all thanks for calling me an idiot. I would certainly not shop at a dealership run by someone who treats people in that manner.

I actually do know what I'm talking about. I have worked for dealerships in management positions and am aware of profit levels on warranty packages.

True, total dollars isn't much and its more on the used car aftermarket warranties, but the margins on extended warranty are way higher than the profit margins realized on the vehicles.
Truth is, a high percentage (MOST) of new vehicle buyers do not keep their vehicle for 5 years. Also, I doubt many of these Camaro's see really high milage from their first owners.
Personally, I won't get to the 36000 anyway. I have lots of other vehicles to drive on a daily basis, so for me and anyone else who buys the car for a pleasure use only vehicle, the extended warranty is pretty much useless.

I also feel that by buying an extended warranty the customer is actually betting against himself in that the car will surely have problems.
doesn't instil much of a sense of quality in the product.

I am of the opinion that the customer who wants an extended warranty should get the dealer to throw it in with the deal. after all, as you say you make lots of money on warranty work, so whatever the cost it will come back as profit for the dealer.
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Old 12-03-2008, 09:34 PM   #29
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Originally Posted by VICTORY RED 1SS View Post
First of all thanks for calling me an idiot. I would certainly not shop at a dealership run by someone who treats people in that manner.

I actually do know what I'm talking about. I have worked for dealerships in management positions and am aware of profit levels on warranty packages.

True, total dollars isn't much and its more on the used car aftermarket warranties, but the margins on extended warranty are way higher than the profit margins realized on the vehicles.
Truth is, a high percentage (MOST) of new vehicle buyers do not keep their vehicle for 5 years. Also, I doubt many of these Camaro's see really high milage from their first owners.
Personally, I won't get to the 36000 anyway. I have lots of other vehicles to drive on a daily basis, so for me and anyone else who buys the car for a pleasure use only vehicle, the extended warranty is pretty much useless.

I also feel that by buying an extended warranty the customer is actually betting against himself in that the car will surely have problems.
doesn't instil much of a sense of quality in the product.

I am of the opinion that the customer who wants an extended warranty should get the dealer to throw it in with the deal. after all, as you say you make lots of money on warranty work, so whatever the cost it will come back as profit for the dealer.
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Old 12-04-2008, 10:50 PM   #30
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Quote:
Originally Posted by VICTORY RED 1SS View Post
First of all thanks for calling me an idiot. I would certainly not shop at a dealership run by someone who treats people in that manner.

I actually do know what I'm talking about. I have worked for dealerships in management positions and am aware of profit levels on warranty packages.

True, total dollars isn't much and its more on the used car aftermarket warranties, but the margins on extended warranty are way higher than the profit margins realized on the vehicles.
Truth is, a high percentage (MOST) of new vehicle buyers do not keep their vehicle for 5 years. Also, I doubt many of these Camaro's see really high milage from their first owners.
Personally, I won't get to the 36000 anyway. I have lots of other vehicles to drive on a daily basis, so for me and anyone else who buys the car for a pleasure use only vehicle, the extended warranty is pretty much useless.

I also feel that by buying an extended warranty the customer is actually betting against himself in that the car will surely have problems.
doesn't instil much of a sense of quality in the product.

I am of the opinion that the customer who wants an extended warranty should get the dealer to throw it in with the deal. after all, as you say you make lots of money on warranty work, so whatever the cost it will come back as profit for the dealer.

Really the best point made so far on this issue
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Old 12-05-2008, 05:06 PM   #31
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Every dealer will tell you how important it is to buy an extended warranty. They talk about those rare cases where a guy had a 4k repair bill but since he had the warranty he got off free. When I was in business school we studied the math on these warranties and the fact is about 10% of the customers will break even on them. Everyone else is simply padding the pockets of the dealers ( who mark the prices up) and actual warranty companies. If you feel more comfortable not having the risk then by all means they are effective for this purpose. If you think you will save money then unless you are in that rare 5-10% you won't. Personally I don't buy them and since the new cars have a 3/36k warranty I would not consider buying one until mile 35,000 miles. If I still plan on owning it after that and I have reason to believe that there could be a problem maybe I would consider it. One thing to keep in mind is these warranties cover the least risky part of the vehicles life. The chance of a major issue between 36k and 70k is well slim at best.

There are always guys that will tell you about how the warranty saved their asses but the guys who flushed 1200-1800 bucks down the drain on a warranty they never used never post those stories.
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Old 12-06-2008, 02:12 AM   #32
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Thanks for the positive comments.
The "extras" you are bombarded with in the business office are all "gravy" for the dealership.
If they can sell the extras, great. I don't mind that. Some people want that stuff.
All I'm saying is for gosh sakes call it what it is, not a sugary gift for the good of the consumer.
Oh ya, and btw there's a reason they hit you up in the business office as well. Most people, even with good credit are vulnerable at this point. Its a natural reaction.
The person on the other side of the desk (sales manager or finance manager or business manager) is the last hurdle before putting the keys in the ignition, and many people agree to stuff that they would have otherwise turned down if asked by the sales person.
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Old 12-06-2008, 12:51 PM   #33
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Irregardless of what the percentage of people who break-even on a warranty is or how much the dealer makes on them are moot points. An extended warranty is nothing but another form of INSURANCE. How many of us here have paid YEARS towards our insurance premiums with out any accident whatsoever? I'm sure there's several. If you pay $1500/year for 10 years and finally have an accident that causes 4k in damage you still lose, but yet you keep paying. Now I know insurance is mandatory in most places but that's not the point as most people had insurance anyway before it was mandatory. Yes warranties are a big money maker, but that doesn't make them inherently evil. From someone who sold warranties for years and sells insurance now I can tell you the same way I tell my customers, insurance is the one thing you buy that you NEVER want to use, but always want to have.

But buying right before the factory warranty is up is always the smart way to handle it. Put that money into a high yield CD and let it work for you until it's time to pay up.
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Old 12-06-2008, 01:52 PM   #34
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The only reservation I have about extended warranties is if the warranty company goes under, you are stuck with a useless piece of paper. I know, it happened to me.
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