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Replies: 6
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All-In [48078]
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Extended warranty on a car and gap insurance.
Jan 19, 2019, 3:17 PM
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2 questions
Should I get an extended warranty?
I would assume gap insurance is a good idea What do you think?
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Lot o points [155919]
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Joined: 5/6/13
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Re: Extended warranty on a car and gap insurance.
Jan 19, 2019, 4:13 PM
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1) Depends...is it a factory extended warranty from the manufacturer or a third party?
2) No, not from the dealership.
2a) You should be putting enough down that you aren't upside down on the car.
2b) If you aren't, and you still want Gap insurance, get it from your auto insurance company, not the dealer. Dealer gap insurance is a ripoff.
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All-TigerNet [12270]
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Joined: 12/1/03
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the only time i got an extended warranty i regretted it.
Jan 19, 2019, 8:32 PM
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didn't cover a lot of stuff and i had to haggle with them to get them to pay for what they did cover. will never get it again
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All-In [36450]
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Dont know about warranty but gap insurance is a must.
Jan 19, 2019, 9:05 PM
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I bought 2 new cars in the span of 6 months a few years back, totaled them both, I wasn’t seriously hurt, but I had gap insurance and it saved me about 9 thousand dollars per car. If I hadn’t had it, that would have sucked.
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All-In [48078]
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Re: Dont know about warranty but gap insurance is a must.
Jan 20, 2019, 4:50 AM
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Yeah I had gap insurance on my last car and it saved me too. I had a Benz Wagon and it depreciated a lot and I put a lot down. Someone ran a stop sign and totaled it. I had loaned it to a friend. Anyway, it saved me a lot when paying off the remaining bank loan. That said, I have never been a wreck and I am a safe driver, so I wondered if I would ever need it again. I am getting a new car today and was thinking about getting gap again. Yeah I will. It s no-brainer. I really should have just asked the "bored" about whrther extended warranties are worth it.
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All-TigerNet [11639]
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Joined: 5/17/02
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Well...
Jan 20, 2019, 7:33 AM
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Get gap if you bought a rapidly depreciating vehicle (Fiat brand or German for example) or put little/nothing down and will be quickly upside down.
If you want an extended warranty, get it from the manufacturer. Shop online. You can buy it from any dealer in the US and use it anywhere. Look for a forum for your brand and see who they buy it from. Probably save you $1k+ compared to your local dealer. Don’t buy 3rd party. It’s a rip off and 3rd party warranty companies go out of business and you’re screwed.
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Orange Blooded [4095]
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Joined: 11/30/98
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Re: Extended warranty on a car and gap insurance.
Jan 20, 2019, 2:03 PM
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We bought the extended warranty for an 2012 Acura.
The initial price for the warranty from the dealer was $2k, which I declined, but I asked them for their best price before signing the final paperwork and they offered $800. Seems like there is a huge profit margin on these and the price is very negotiable.
We have already used it once and it saved us $1000, but realistically I wouldn't have made the repair (bluetooth unit went out) if it had not been covered.
If you are keeping a car 8 to 10 years and the brand of car has potentially major repair costs, then it isn't a bad idea. Any semi-luxury brand has major repair costs on incidentals (door locks/window switches etc) and while they don't affect the driveability of the car, they do affect my wife's willingness to keep it...
Check the year/mileage limit carefully. Ours was decent at 10 years/120k miles.
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