Buy extended warranty? You've been played.
I buy neither extended warranties or item specific insurance. Anything not covered by homeowners insurance is a loss I will bear. Last item I got repaired was a washer bought in 2004. Before that is was a stove purchased in 1996. Yes my appliances could be older than you🤤. Last piece of tech I destroyed was a programmable calculator in 1986. I'm either due for a huge use of insurance or pretty good at taking care of stuff.
http://www.cbc.ca/news/business/sears-extended-warranties-electronics-appliances-liquidation-bankruptcy-1.4361832
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I agree on the extended warranty sham..
ReplyDeleteWell done for keeping stuff.
(On a side note, I found a clothes peg here last year that's the last one from a packet bought over 60 years ago.. how's that for keeping crap going)
You know how time flies as you age. Who needs those extra settings?
ReplyDeleteFlies? I reckon it's in free fall
ReplyDeleteI'm split on this. Having sold appliances with Lowe's for 12 years, I saw a fair amount of units go bad beyond the manufacturer warranty, usually ice and water dispensers. Those covered by the extended warranty were repaired 90% of the time, with the other either replaced, or deemed operator error. Our extended warranties were half the price of Sears. They did recently update the Extended Warranty program so if you didn't use it during the duration of that warranty, you received money back. It's a crap shoot if you'll need it or not, but with brands like Samsung and LG, it was more likely if it failed, you got a replacement unit, as they aren't as easily repaired as Whirlpool, Maytag, GE or Electrolux, and parts were usually 2+ weeks out, versus the domestic brands. The extended warranty also covers food spoilage for refrigerators, so the typical $200+ of food in the fridge that went bad, is covered. I think the situation with Sears/Kmart has to do with the company failing and closing stores at a record pace, so the extended warranty is wasted money.
ReplyDeleteI work at Home Depot and they just recently updated the appliance extended warranty so you now get 30% back if you never file a service claim. They also offer 50% off maintenance parts you buy at HD (like water filters and all). I'd have to crunch actual numbers to see if it's worth the cost but it seems it MAY be in some cases?
ReplyDeleteThat said, I've worked at Walmart and Best Buy and both were very keen to promote the extended warranties and in some trainings even explicitly say they are excellent money makers for the store. So make what you will of that.
I always laugh when I'm buying some cheap electronic bit, let's say $15 headphones - and they ask if I want the extended warranty for another 10 bucks. Yes, because THAT makes sense!
ReplyDeletePeople also tend to forget that "technically" if they pay with their credit card, most of them offer to double the manufacturer's warranty automatically. You'd obviously have to check your cardholder agreement, but they used to promote the warranty protection very heavily. That coverage doesn't have to cost you a penny.
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