Extended Warranty???? Good or Bad Deal

[1FAST SS]

Just purchased a 2011 Camaro 1ss. I purchased the extended warranty, but I am having second thoughts about it. I have 30 more days to cancel without paying a penalty. What do you guys think?

[INTIMIDAT3R]

Wait until the factory warranty is about to run out and GM will send you an offer for their Major Guard.

NEVER go with a dealer's/after market extended warranty. 9 times out of 10 they are only good at their dealership. Anywhere else there are huge deductibles and co-payments.

GM extended warranties are good anywhere GM cars are sold.

[PatsRS]

It really depends. Is it a daily driver? You really only pay for years 4 and 5 first 3 are bumper to bumper. Power train is 100K so that is covered any way. It doesn't cover wear and tear. It would be good for anything else after 36K miles. I would say the GM warranty is the one to have and not some aftermarket. Just better coverage.

[1FAST SS]

Yea I agree with both posts. Sounds like I will be cancelling the warranty.

[CUPRA]

I had the GM Extended 5yr/60000 mile warranty thrown into my deal when I bought my car.

I figured it was definitely worth it as I financed the car for 72 months. Gives me coverage for most of my repayment term.

Only difference from the 36k mile/3 year bumper to bumper warranty is that there is a $100 per claim deductible.

I'm happy with my decision.

[DarkneSS]

Be aware that any extended warranty you get is more money tacked onto your loan. You will pay interest on it. Why spend the extra $1500 or whatever it is? You'll be paying interest on that which could come out to almost about that oeiginal $1500 investment.

So think, after your warranty runs out, do you see yourself spending over $2,000 on any repairs? Really the only repairs that hit that high will be covered under your power train warranty.

[gmpartsman00]

GMPP Major Guard, is the only way to go IMHO. Have you ever seen the price of a replacement radio(for example) if you had to pay outta pocket? Things can get expensive, especially if you're out of your 3yr/36,000 bumper to bumper. There are other things that go wrong besides Powertrain issues, and some things can add up real quick. Get the Major Guard policy if you can. As everyone else has said, those aftermarket policies don't cover schwit.

[TommyTSquared]

Google'd GMPP Major Guard and here is what is not covered according to their site:


Non-Covered Parts

• Sheet metal
• Body parts, panels and rails
• Bumpers
• Chassis frame
• Cross members
• Hinges
• Trim, moldings, and bright metal
• Paint
• Rust damage
• Convertible and vinyl tops
• Weather-strips
• Carpet and upholstery

• Exhaust component and catalytic converter
• Tires
• Glass
• Lenses
• Sealed Beams
• Light Bulbs
• Batteries
• Brake drums
• Shock absorbers
• Squeaks , rattles, wind noise and odors
• Correction of air and water leaks

[Chobbs11]

Glad I turned down the extended warranty! I'll just put a little away each month in preparation for unforeseen mishaps.

[CamaroScotty]

Think of it as health insurance for your car. If you have money around that you can pay cash for a repair, you don't need it... do you barely make ends meet every week, and would be in a bind if you had a $1000 repair bill? Then an extended warranty might be for you -

[pennor]

For the first time in history I purchased the extended warranty when I bought mine and rolled it all together with the factory warranty which extended it to 7year/100,000 miles. Like I said, it was the first time I've ever done this.

I only did it because the new Camaro is SO complicated, electronic, and computer controlled that there is no way I could fix anything myself. Time will tell if it was a good investment. Post this again in 7-years and I'll let you know.

[SwedeandBlondie]

Do you plan on keeping the car past whenever the warranty will expire? Alot of times I see these extended warranties and they aren't transferrable. People trade the car in before it's useful and have just paid for something they didn't need.

[ron10]

i've never had one.never kept a car that long.would be a waste of money for me.

[pennor]

Originally Posted by SwedeandBlondie

Do you plan on keeping the car past whenever the warranty will expire? Alot of times I see these extended warranties and they aren't transferrable. People trade the car in before it's useful and have just paid for something they didn't need.

Yea, actually there is every possibility that I'll have this car well past the extended warranty period. The last Camaro I bought I drove for 16 years. The car that replaced it (a classic 59 Chevy) We drove for 18 years. I have 6 1/2 years on my 2004 Colorado PU and plan to keep it for many more to come. I have kept my 73 Corvette for 37-Years!!! Yup, I'll have this 2011 Camaro for quite a while.