Do you buy the extended warranty?
10-28-2010, 09:33 AM
#161
Le Mans Master
Insurance, which is what an extended warranty is, is purchased as a hedge against a potentially catastrophic event. Just like medical insurance, or even car insurance, you are unlikely to recoup the cost of the policy.
From a financial point of view, this type of extended warranty makes little sense. From a psychological viewpoint, it makes sense in providing an assurance that a huge failure in the car will not cost the owner a small fortune. Most of these polices cost from $900 to $1500, so it's not a huge investment relative to the cost of the car.
There should be no argument here. If you don't want repair insurance, no one is forcing you to take it. If you feel it's worth it just for your own peace of mind, then it's worth it to you. I have the GM extended warranty on my 2009, but that's my own choice and I don't feel I have to justify my decision to anyone. For me, it's just one less thing I have to worry about.
From a financial point of view, this type of extended warranty makes little sense. From a psychological viewpoint, it makes sense in providing an assurance that a huge failure in the car will not cost the owner a small fortune. Most of these polices cost from $900 to $1500, so it's not a huge investment relative to the cost of the car.
There should be no argument here. If you don't want repair insurance, no one is forcing you to take it. If you feel it's worth it just for your own peace of mind, then it's worth it to you. I have the GM extended warranty on my 2009, but that's my own choice and I don't feel I have to justify my decision to anyone. For me, it's just one less thing I have to worry about.
10-28-2010, 09:37 AM
#162
you guys still at it? i think you've sufficiently beat this horse to death - 
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10-28-2010, 09:47 AM
#163
Burning Brakes
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I was never arguing the cost...I was arguing that the extended warranty is a gamble against yourself and the odds are that you are going to be losing money on the deal REGARDLESS of how much you spend.
If GM offered an extended warranty for 500 dollars I wouldn't take it. Why? Because the only reason they are offering it is because they feel that they are making money on the deal....they are not trying to help you out.
Extended warranties are designed to make you lose money...end of story.
If GM offered an extended warranty for 500 dollars I wouldn't take it. Why? Because the only reason they are offering it is because they feel that they are making money on the deal....they are not trying to help you out.
Extended warranties are designed to make you lose money...end of story.
10-28-2010, 09:56 AM
#164
I was never arguing the cost...I was arguing that the extended warranty is a gamble against yourself and the odds are that you are going to be losing money on the deal REGARDLESS of how much you spend.
If GM offered an extended warranty for 500 dollars I wouldn't take it. Why? Because the only reason they are offering it is because they feel that they are making money on the deal....they are not trying to help you out.
Extended warranties are designed to make you lose money...end of story.
If GM offered an extended warranty for 500 dollars I wouldn't take it. Why? Because the only reason they are offering it is because they feel that they are making money on the deal....they are not trying to help you out.
Extended warranties are designed to make you lose money...end of story.
10-28-2010, 10:09 AM
#165
Race Director
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With an extended warranty the odds are that you will never see anything from it other than a receipt of purchase.
Again, I don't mind people buying warranties, as long as they acknowledge that what they're buying (the great majority of the time) is only peace of mind.
10-28-2010, 10:12 AM
#166
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That's just plain dumb - I bet you would take a 5 year bumper to bumper for $500 - but each to their own. For some reason you seem to have an unreasonable position that all warranties are bad, but if you're that closed-minded so be it. The OP was asking for info and hopefully he can extract some data from this FUBAR thread to make a decision.
If GM is offering the warranty for "x" period then they have VERY good data showing them that the odds are in favor of GM not having to pay out.
I also mod my cars extensively, so I have no use for a warranty anyway. I did just buy an XLR-V though and opted out of the extended warranty there...it's staying stock (mostly) though for my wife.
10-28-2010, 10:12 AM
#167
That's just plain dumb - I bet you would take a 5 year bumper to bumper for $500 - but each to their own. For some reason you seem to have an unreasonable position that all warranties are bad, but if you're that closed-minded so be it. The OP was asking for info and hopefully he can extract some data from this FUBAR thread to make a decision.
The arrogance and condescension of a few on this thread is disappointing. Most agree that there is a possibility the extended warranty may not even be used or one may lose on it. However, and I may add quite sadly we have members that have been condescending towards other members telling them that they will lose money and they are foolish for buying the extended warranty when most state they want "peace of mind" in the future.
Again, nobody on this thread except Walt has a crystal ball and can predict if a members Corvette will break down, if he/she may lose their job, or if some unexpected event would occur in their life making it difficult to pay for potentially expensive repairs. If a member chooses not to but a extended warranty good for them and hopefully they will not need a expensive repair. For those that do choose the warranty they have some "peace of mind" for what may lie ahead down the road.
Even as a proponent of extended warranties I freely admit it could be a losing purchase. Yet, it could also help someone out in tough times or even during travel. I like that the extended warranty will cover towing, provide alternate transportation, and fix my car if I'm far from home. I also save a few dollars not having AAA or roadside assistance on my insurance policy. Again I may never use it but, when I cross the boarder into another state with my car I feel secure knowing if something happens down the road I'm covered.
In the end who is right or wrong nobody truly knows unless they have Walt's crystal ball.
10-28-2010, 10:13 AM
#168
Race Director
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I really wonder about your ability to think logically. Most people buy a C6 because it's a great value for the money. How do you compare that reasoning to buying a warranty that is a poor value for the money? It's all the same because we live in a "capitalistic country?" Maybe I am smarter than you.
10-28-2010, 10:19 AM
#169
I physically got something out of the deal...I was guaranteed that I would have a Corvette after money was exchanged.
With an extended warranty the odds are that you will never see anything from it other than a receipt of purchase.
Again, I don't mind people buying warranties, as long as they acknowledge that what they're buying (the great majority of the time) is only peace of mind.
With an extended warranty the odds are that you will never see anything from it other than a receipt of purchase.
Again, I don't mind people buying warranties, as long as they acknowledge that what they're buying (the great majority of the time) is only peace of mind.
However, who on this thread can tell another member what "peace of mind" is worth? Well we know who. But, I still ask.
Although minimal when purchasing a extended warranty you get a small savings that allows you to cancel AAA or roadside assistance on a insurance policy. Certainly nowhere close to the cost of the warranty but none the less a factor that should be considered.
10-28-2010, 10:20 AM
#170
this thread has turned into a pissin' contest - 
10-28-2010, 10:21 AM
#171
10-28-2010, 10:21 AM
#172
10-28-2010, 10:26 AM
#173
I really wonder about your ability to think logically. Most people buy a C6 because it's a great value for the money. How do you compare that reasoning to buying a warranty that is a poor value for the money? It's all the same because we live in a "capitalistic country?" Maybe I am smarter than you.
The point has been made the extended warranty is sold because they make money on it. What in the world is sold that money is not made on? What is a poor value to you may not be to another member.
Some members have stated they want a extended warranty for "peace of mind". Only you and the crystal ball you have know if that member will lose his/her job, have a major break down in another state, or have potential expensive repair bill down the road.
10-28-2010, 10:29 AM
#174
10-28-2010, 11:14 AM
#175
gawd, i need to take my own advice, and move on...
Last edited by Joe C; 10-28-2010 at 11:17 AM.
10-28-2010, 11:15 AM
#176
Intermediate
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That's just plain dumb - I bet you would take a 5 year bumper to bumper for $500 - but each to their own. For some reason you seem to have an unreasonable position that all warranties are bad, but if you're that closed-minded so be it. The OP was asking for info and hopefully he can extract some data from this FUBAR thread to make a decision.
A few have been very unreasonable. I'm new to the Corvette and I learned a lot from this thread. Thanks to you and others I'm buying a extended warranty.
10-28-2010, 11:21 AM
#177
Safety Car
Don't do it. Save your money and pay your own repairs if they ever occur. Find yourself a good indy(independent mechanic) and stick with him. There are many of them out there that worked for dealerships at one time and are very knowlegable. Don't go to the dealerships. They are a ripoff plain and simple. You are not buying a warranty, it is an insurance policy, backed by some outfit probably overseas and can go out of business and file bankruptcy at any time. You say it's never happened with GM, well it's way overdue. You will then be up a creek with no paddle. My peace of mind is when my money is in my own bank account and sometimes not even then.
10-28-2010, 11:44 AM
#178
Melting Slicks
Ironic thing is that most of the people who buy the GMPP, barely drive their cars, won't drive in the rain, store their cars in plastic bubbles, put 3M paint protection film all over their car, change their oil every 2k miles.
The ones that don't get the plans are the ones who beat the snot out of their cars and drive them like they stole them.
I can't get GM to fix something PROPERLY while it is under the 3/36k plan. I can only imagine what GM does under the GMPP.
Anything sold by GM is grounds enough for scrutiny. Unless people have short-term memories, GM filed for bankruptcy just a year ago and GM stock was worthless. I don't trust GM or anything they endorse or push.
The ones that don't get the plans are the ones who beat the snot out of their cars and drive them like they stole them.
I can't get GM to fix something PROPERLY while it is under the 3/36k plan. I can only imagine what GM does under the GMPP.
Anything sold by GM is grounds enough for scrutiny. Unless people have short-term memories, GM filed for bankruptcy just a year ago and GM stock was worthless. I don't trust GM or anything they endorse or push.
Last edited by LBear; 10-28-2010 at 11:54 AM.
10-28-2010, 02:17 PM
#179
Ironic thing is that most of the people who buy the GMPP, barely drive their cars, won't drive in the rain, store their cars in plastic bubbles, put 3M paint protection film all over their car, change their oil every 2k miles.
The ones that don't get the plans are the ones who beat the snot out of their cars and drive them like they stole them.
I can't get GM to fix something PROPERLY while it is under the 3/36k plan. I can only imagine what GM does under the GMPP. Anything sold by GM is grounds enough for scrutiny. Unless people have short-term memories, GM filed for bankruptcy just a year ago and GM stock was worthless. I don't trust GM or anything they endorse or push.
The ones that don't get the plans are the ones who beat the snot out of their cars and drive them like they stole them.
I can't get GM to fix something PROPERLY while it is under the 3/36k plan. I can only imagine what GM does under the GMPP.
Anything sold by GM is grounds enough for scrutiny. Unless people have short-term memories, GM filed for bankruptcy just a year ago and GM stock was worthless. I don't trust GM or anything they endorse or push.You may have had some bad experiences with dealers. However, my current and former GM dealership were outstanding to say the least both with service and sales. There is without question good and bad with any company including auto companies. Not long ago we heard how awful Toyota dealerships were along with the unsafe cars they made. Toyota service was said to be among the worst among all auto companies.
As for GM's bankruptcy. Many American companies have prospered after the protection. This process was set up to help American companies return to profitability and keep Americans working. Although no fan of the unions I'm happy GM is rebounding and keeping American's working. With the recent announcement to invest 190 million in Michigan that will employ an additional 600 workers this is good news for America. 600 American workers in a state like Michigan is truly a Godsend for people in a state that has almost been destroyed.
However, at some point I hope GM will break the unions back since unions are now and have been breaking America's back for a long time.
Search ResultsGM announces $190 million investment in local plant
MSU State News - Megan Durisin - 50 minutes ago
Lansing Grand River currently produces the Cadillac CTS coupe and wagon, among others. Lloyd Pierson, a 26-year GM employee and team leader in the plant's ...
GM, Chrysler Announce Investments For New Cars - NPR
US: GM announces US$190m Grand River investment - Automotive World
It's Official: New Cadillac Awarded to Lansing GM Plant - WILX-TV
http://www.statenews.com/index.php/a...in_local_plant
Last edited by Never Say Never; 10-28-2010 at 02:32 PM.
