Should i keep my extended warranty

[Magnified]

All the data I've seen indicates that after market warranties are a huge waste of money... now, I have NOT seen anything on whether true, extended manufacturers warranties have paid off in the end. Personally, if its not from and administered through FCA, I'd shit can that thing.

 

[Usmc341]

hey guys. Was just wanting to see your guys opinions! Have hellcat challenger and from dealer I got a 5yr extended warranty for 5k extra. My question is to most you guys do the warranty and keep it or should I cancel it and the 5k goes toward my car payments. My model is 15 and I do hear some issues could come from the 15 Hc

It depends. First of all, that's a LOT of money for an extended warranty. What is the residual on it? It decreases every year. I would see what the refund would be and go from there. If you're getting back most of it I would dump that thing. You're putting out $5K for something that may never happen. If it was $2K it would be a different story.

 

[Tannehill]

Food for thought for this specific case/purchase, remember, this isn't a new buy where your EW is running concurrently with much of your manufacturer warranty. Car is already 5 years/model years old.

....3 years from now he still has the car, may potentially still owe on it. Car is 8 years old and the engine/transmission/supercharger takes a shit.

 

[Confuzed1]

My guess as to why the extended warranty was so expensive is probably because its almost a 5 year old car - and its a manufacturer's warranty (which is a good thing if so). I'm a little surprised it could get a extended warranty at all honestly.

If you definitely plan to keep the car, and not trade it in (and not do any mods on it) ....then I'd say just keep it at this point. As mentioned, most all of these warranties are prorated, so it'll lose value over time as it gets closer to expiring.

BUT - if there's any doubt in your mind about keeping the car until it reaches it's warranty mileage or time, then you may want to cancel it if you can get enough back to make it worth your while.....totally a personal decision.

EDIT: Something else to keep in mind...your drive train warranty is either already expired or will be sometime early next year depending on when the original owner bought the car....the '15's have the 5 year drive train warranty. Might even be more of a reason to keep the extended you have.

 

[Hellcatcfp]

All the data I've seen indicates that after market warranties are a huge waste of money... now, I have NOT seen anything on whether true, extended manufacturers warranties have paid off in the end. Personally, if its not from and administered through FCA, I'd shit can that thing.

Its like any type of insurance. Is life insurance a waste of money? Perhaps if you never used it? Pooling any type of risk usually benefits insurance companies (if they price it correctly...early long-term care policies were severely under charged). I hope my Hellcat never needs a SC or anything else but I have 7 years of protection. Paying to hedge that risk...no different than any other type of insurance. I might very well never use it.

 

[Hickster]

Tesla on counting cars right now. I got the 7 years warranty $8200 with everything. I have spent, warranty costs on them, over $18,000 to re build a LOT of stuff 3 times. 2018 has been in the shop more than on the road. I even have a scratch and dent warranty. Not cashed in on that yet,,, well $1,200 for a new bumper. Got more scratches and dings to be fixed. Called non paintable warranty. That has to be done by the selling dealership. Why,, don't know. Went to the dealer I use and that is what they say. Also, extended warranty work has to be done after the 3 year mark or pay your self. For you out of town purchasers. After that all free bees has to be done by purchaser sing dealer, even oil changes. You figure just in oil changes it's worth $3,600,, but I waited 2 years for this engine to be out before I purchased it with a warranty. Knowing that things could and will go wrong. Mine has paid for it self twice over already. 15 months old. Flip a coin and my luck is not good at all.

 

[Detroit Muscle]

if you plan on keeping the car for several more years and the warranty is from Dodge, I think it's worth keeping. It can be used at any Dodge dealer in the US and more importantly, the Dodge dealer will be using original parts, not after market parts like some other service centers.

 

[Hickster]

I agree to a certain extent to the above comment, but better read the extra fine print. Where I live town home #2 is within walking distance from the front door. After the manufactories warrants is up in 3 years,, extended warranty work will have to be done at the purchacering dealership. Mine for the next 4 years will have to be done, no cost, from a dealership 15 miles away in St. Pete. May need to check with the dealer you are working with. But, heretin Fl I had it explained to me 3 times to get it correct. I didn't believe it and or understand it. Sucks, walk to have my oil change for $120 or sit in St Peteall day and pay $0. Call and figure it out and let me know on the PM machine we have here. Thanks.

 

[Hellcatcfp]

I agree to a certain extent to the above comment, but better read the extra fine print. Where I live town home #2 is within walking distance from the front door. After the manufactories warrants is up in 3 years,, extended warranty work will have to be done at the purchacering dealership. Mine for the next 4 years will have to be done, no cost, from a dealership 15 miles away in St. Pete. May need to check with the dealer you are working with. But, heretin Fl I had it explained to me 3 times to get it correct. I didn't believe it and or understand it. Sucks, walk to have my oil change for $120 or sit in St Peteall day and pay $0. Call and figure it out and let me know on the PM machine we have here. Thanks.

Not my understanding, but have not read the fine print. Both my Mopar warranty and oil change plans were supposed to be any Dodge dealer. I actually use my oil change at another dealer I really like vs purchasing dealer. Will investigate and see what I can find next week. Go info Hickster.

 

[SilverBillet]

Warranty is also transferable but may not really add any value to the car unless you sell it privately before the warranty is up