Do I really need and extended warranty?

[Joes2007ST]

Just bought my ST from Carmax last friday and love it. Upon signing the papers the salesman talked me into getting an extended warranty for my 07. Granted the ST is a one owner, carfax is clean, no accidents or flood damage etc. I did my research before I bought it and it seems like the ST is a very reliable vehicle. It only has 30K on it and runs flawless. So should I call Carmax back and tell them to void my warranty? It was an extra 1500 dollars put onto my loan.

 

[JohnnyO]

I'd try to get the money back. On late-model vehicles the most likely item to fail is the transmission, which costs (ta-da!) about $1500 or a little more to fix. Better to take $1500, put it in a separate savings account so it makes interest, and forget about it until you need it for a vehicle repair.
My experience with extended warranties is that they try to find ways to avoid paying claims anyway.
The wife and I bought a storage freezer last week (Merry Christmas). 5 year warranty on a $320 freezer was a little over $100. But stuff doesn't break in 5 years, it breaks in 10 years. No thanks.

 

[Joes2007ST]

Thanks for the reply back, going to call the dealer up here shortly to cancel the warranty. I have the same tranny in my 05 GT and so far seems pretty bullitproof.

 

[Maniak]

We went with an extended waranty when we got our 06 mustang (new). For one, we didn't have the "cash" to put away, so this way we get the cash through financing.

Also, we used it to bring the waranty up to 100k miles. We really should have brought it up to 150k as we were trying to keep it under waranty as long as we were making payments. We did manage to pay it off right about when the waranty expired.

We went with the extended waranty that has a list of what is "not" covered. Anything not in the list is covered.

Next time, we may just take some of the down payment and put it aside for repairs, OR if we get the extended waranty it will be the Ford one (Ford esp) and get it for 5 years 150k miles as our 100k extended only lasted us just over 3 years..

~Mark

 

[BigV]

1500.00 is ridiculous on my wife's Honda accord I paid 800.00 for bumper to bumper up to 150,000 miles. If you do get a warranty negotiate the price they mark them up.

 

[xero2099]

I have got the ESP on focus and got it when i picked up my trac I just wanted to make sure that as long as I was making payments i had warranty to pay for any repairs i got the premeium care for the focus and the trac and form my experience on the focus it will pay for itself if you ever need any work done

 

[GreenMando]

The original warranty was likely transferable.

 

[Joes2007ST]

Thanks for the replies back people. Im going to call them up today and cancel this overpriced warranty.

 

[tmike2552]

I have the extended warranty for my Sport Trac and I'm sure glad I do. A few weeks ago some ice somehow got lodged inside the passenger side door handle, and when my friend went to open it, the handle snapped off.

The extended warranty only covered half of the repairs, but half is better than nothing. I was surprised it was covered at all.

 

[mycaptainchris]

We've got the Ford ESP as well, brilliant, and only cost 650-700 for the top notch warranty.

 

[Red Rush 10]

You think $1500 is expensive...LOL

A 7 yr/75,000 mile Ford ESP for my 2010 STA is $1865 + tax...OUCH.

 

[htrdlncn]

Unless you get the Ford warranty I would not get it.
I had the bumper to bumper 8/88 on my last Lincoln and it was worth every penny and more.
They would fix every little thing and I got a free and comparable rental car every time.
Usually a Towncar or Navigoater..

I doubt a Carmax warranty will do you much good.