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Auto Extended Warranty
Old 06-16-2017, 03:56 PM   #1
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Auto Extended Warranty

We just bought a 2017 CR-V for DW (Sweet vehicle in both our opinions). Not getting Honda's EW, but looking at outside market due to all the electronics in autos today. Anyone have any experience with these? Thanks.

Note: Honda's was $1550 for 7 years/75K or really for years 4-7 b/c Honda's warranty is 3 years.
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Old 06-16-2017, 04:02 PM   #2
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No experience with EW or electronics. I would check very carefully to see what is covered. For a Honda (in general) I don't think I'd pay for EW. But for anyone's electronics, it might be worth it. I've heard horror stories (here and elsewhere) about $2400 to fix the main "panel" or whatever it's called. With out that, lots of stuff can't even be used if I understand correctly. I'll avoid all such trappings a long as possible. When I finally put a bullet between the headlights of my '99 CRV, I'll be looking for a new one - maybe an 07 or 08 - anyone know if they have all the "glass panel" electronics? YMMV
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Old 06-16-2017, 04:11 PM   #3
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Most of the electronics these days can suffer from "infant mortality". In other words, if they make it for 60 days, they will last ten years with a very low probability of failure. I don't buy repair insurance policies (EW's).
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Old 06-16-2017, 04:18 PM   #4
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I have a 2016 Malibu where the forward camera went out after 2 months, it turns out that a plug was not put together properly, The car was in the shop for a week, but the dealer did provide a loaner. So that is infant mortality.
Note that I have read that by 2022 all cars will have forward collision mitigation and auto braking making read end collisions less likley. Most new cars now have backup cameras, since by law they become standard next year.
I figure the newer saftey features help a bit in terms of reaction time as I get older. (I like the blind spot alerts a lot)
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Old 06-16-2017, 04:22 PM   #5
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I would never buy an extended warranty, period.

But one potential gotcha that happened to a friend would be something to watch out for. He bought the extended warranty because he thought it was a good deal, but it was offered by that dealer. When he ran into problems on a trip far from home, he brought it in to the nearest dealer who said "We have nothing to do with your home dealer's warranty. Take it back there or pay us the normal cost."
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Old 06-16-2017, 04:22 PM   #6
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I have a 2016 Malibu where the forward camera went out after 2 months, it turns out that a plug was not put together properly, The car was in the shop for a week, but the dealer did provide a loaner. So that is infant mortality.
Note that I have read that by 2022 all cars will have forward collision mitigation and auto braking making read end collisions less likley. Most new cars now have backup cameras, since by law they become standard next year.
I figure the newer saftey features help a bit in terms of reaction time as I get older. (I like the blind spot alerts a lot)
Thanks. We have top of line version & have those things.
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Old 06-16-2017, 04:26 PM   #7
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I only bought an extended warranty once... for our first 4WD vehicle... never used it. Subsequently I had a client who wrote extended warranties and learned how profitable they are to the client... so no interest here.
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Old 06-16-2017, 04:27 PM   #8
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I would never buy an extended warranty, period.

But one potential gotcha that happened to a friend would be something to watch out for. He bought the extended warranty because he thought it was a good deal, but it was offered by that dealer. When he ran into problems on a trip far from home, he brought it in to the nearest dealer who said "We have nothing to do with your home dealer's warranty. Take it back there or pay us the normal cost."
1. We didn't buy Honda or dealer's warranty, so that's not applicable. I mean it is a profit center for them. But, off-dealer might be a different story. 2. Don't normally buy any extend warranties on anything either. Just asking experiences on off-dealer car warranties.
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Old 06-16-2017, 04:28 PM   #9
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I only bought an extended warranty once... for our first 4WD vehicle... never used it. Subsequently I had a client who wrote extended warranties and learned how profitable they are to the client... so no interest here.
Thanks. But not my question.
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Old 06-16-2017, 05:21 PM   #10
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I would never buy an extended warranty, period.
+1
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Old 06-16-2017, 05:45 PM   #11
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I bought one once, for a new 97 which also happened to be a CRV. It was through my credit union that I used for the car buying service and also financed it, though maybe I paid cash. I had reason to use it after the regular warranty ran out and took it to a place that specialized in Hondas. The service rep groaned, and said, yeah, we accept this, but we have to use after market parts, which aren't going to be as good. The repair cost didn't cover the original cost, but that's more or less a matter of chance. It also occurred to me that some places just might not accept it.


I haven't bought one since. I felt like that experience was a hassle and not optimal, and I agree that a lot of those electronic problems will either happen very early, or probably not at all. I also am fine with self-insuring repair costs. I try to buy more reliable cars, more for the reason that I don't want to be broken down at an inconvenient or dangerous time, with cost being a secondary concern.
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Old 06-16-2017, 06:03 PM   #12
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You also need to be careful of the 'gotcha'.... some are only for drivetrain and electronics are not covered...


I had one on my 87 Firebird... it was paid for by the original owner... was not for that long and most of my problems occurred after it was gone... but the one time I did use it I found out that I had a $100 deductible.... and since it was way back when I think the repair was about $150.... not so great...


I have never had a car where I would have made money on it... well, except maybe for my 85 Cougar but I do not remember if it was offered back then...


SOOO, lets go since 1995.... 5 new cars at at least $1000 per car... and none of them has needed anything that was not covered by the original warranty but normal maintenance or body work due to an accident... well, I lie... my 95 did have a problem with the alternator but that was maybe $300....


So, potential cost of EW of over $5,000 and potential benefit of $300.... I am WAY ahead IMO...
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Old 06-17-2017, 05:30 AM   #13
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Agree with many opinions here. Don't buy EW. May be better to put aside $100 per month (or some other amount) as your own "insurance fund."

If you go the other direction, at least wait until your warranty is near the end, then check with your auto insurance company and see if they have a product to suit you.

EW's are one of the most profitable products for car dealers and pushed aggressively by sales, finance, service, etc.
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Old 06-17-2017, 07:12 AM   #14
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Quote:
Originally Posted by gerntz View Post
We just bought a 2017 CR-V for DW (Sweet vehicle in both our opinions). Not getting Honda's EW, but looking at outside market due to all the electronics in autos today. Anyone have any experience with these? Thanks.

Note: Honda's was $1550 for 7 years/75K or really for years 4-7 b/c Honda's warranty is 3 years.
Quote:
Originally Posted by pb4uski View Post
I only bought an extended warranty once... for our first 4WD vehicle... never used it. Subsequently I had a client who wrote extended warranties and learned how profitable they are to the client... so no interest here.
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Thanks. But not my question.
Actually, I did answer your question... you asked if anyone had experience buying an extended warranty that was not the manufacturer's extended warranty... I bought an extended warranty that was not the mnufacturer's extended warranty and we never used/needed it.

Like may others here, I don't think they are a good value so I would not buy one.
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Old 06-17-2017, 10:18 AM   #15
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I get an extended warranty when buying a middle aged used car from a local dealer. He won't sell certain car models with out them.
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Old 06-17-2017, 10:25 AM   #16
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I never buy these auto warranty policies and never had a lemon. Not yet.
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Old 06-17-2017, 10:33 AM   #17
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I have what is called Mechanical Breakdown coverage through my insurance company. It is only offered on new vehicles (under so many miles). I pay over the course of 10 years a total of $750 (it's ~$75 a year), and in the event that anything breaks/stops working - electrical, mechanical, A/C, transmission, engine, whatever (as long as it's not general wear and tear) they cover it completely after a $250 deductible. I choose where it gets repaired; no having to go to an approved place or dealership unless I want to, I even get a rental car thrown in with the coverage while vehicle is being repaired. The coverage is for 10 years/100K miles, no gotchas or small print.

I can cancel it at any time, but once I cancel, I can't put it back.

I have a vehicle with a CVT transmission, so I'm keeping the coverage the full 10 years since it would be around $4,500 to replace if it goes bad, but for the money, the warranty is a decent gamble for me. If I had a regular transmission tho, I likely would not have gotten this (or any) extended warranty. If you have a generally reliable vehicle, I don't see the point of extended warranties myself, but I did take a chance with the current one, so I'm paying extra for the risk.
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Old 06-17-2017, 10:41 AM   #18
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I have purchased extended warranties on cars by virtue of how we bought them. The last two autos we purchased were CPO vehicles which came with additional warranties.

Example: In late 2015 I purchased a 2015 model Buick with 10K on the odometer. It still had 36 mo/40K (whichever comes first) remaining of the new car bumper-to-bumper warranty. Because it was certified, I got an additional 12mo/12K, giving me a 48 mo/52K warranty plus a 6 year/100K power train warranty.
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Old 06-17-2017, 11:13 AM   #19
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A number of years ago, I purchased an F-150. Long story short, the purchase was sweetened with an EW through Ford. I would have never bought it other wise, but it was used as leverage to purchase. Anyway...at 65,000 miles I total transmission failure and the replacement was covered under the warranty. Without it, I would have coughed up about 5k. My latest ride is an Infiniti that just turned over 100k miles. Had I purchased an EW, Infiniti would have made a 100% profit since I had no unscheduled maintenance on the car.

I agree with the sentiment that it is more of an insurance policy. If you afford to part with 3-5k bucks for a repair, then it's probably not a terrible idea.
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Old 06-17-2017, 11:18 AM   #20
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You do not need one on the more reliable Japanese cars. On American or German yes. I have a friend with a $90,000 Escalde and it threw a piston. A family member has Denali. The transmission had to be replaced at 60K and the AC has failed twice.
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