Are Extended Warranties a Waste of Money?
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- čas přidán 28. 05. 2024
- Are Extended Warranties a Waste of Money? #AskTheMoneyGuy
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Make the warranty payments to yourself. If anything goes wrong, you have the money to fix it. Otherwise, it's yours to keep 😀👍
Chris Invests - Personal Finance Videos Fantastic idea!
Are you ever not on CZcams? Lol
b00light203 it doesn't seem so lol
I have the USAA extended warranty on my wife’s 2013 Mercedes GL550. Paid around $3,000, so far it’s paid out over $11,000 in repairs. I wouldn’t own another Mercedes outside of a warranty.
@Timothy Bilecki You are right because it's harder than it looks to fix things when you never built a Mercedes 🤦♂️
First mistake was the Benz. Endless money pits. SK
😂 I told my wife that if she wants a Mercedes then leasing is the only option. I don’t like leasing anything but in this case is whole different story.
@@trdeos7347 leasing is good because the Mercedes Benz will drain the wallet if you buy it because that is part of the premium feature.
Mercedes is built to brake for a reason.
Just the fact alone that salesmen are so quick and eager to offer extended warranties are proof that they're a waste of money because if a legitimate number of consumers actually used their extended warranties, nobody would offer them because they wouldn't be profitable.
Thank you for the useful insights.
The fact is that you might be the one unlucky person that gets a lemon and uses the extended warranty but very little people end up getting their money out of these warranties. The markup on these warranty plans is astronomical you’re better off taking that 2-3k putting it into a savings account and letting it draw interest and then pulling money out as needed to do car repairs
Do Casinos lose money? Do insurance companies lose money? No! Warranty companies are raki g money in by the billions per year! DO NOT pay for a crappy warranty! Self insure... put 150 bucks a month into a bank account and when you have 5k saved, stop putting money into the account and you'll be fine.
This is retarded. Does Mcdonalds lose money? Amazon? Walmart? Truckers? NO! Any business that loses money is no longer in business. That $5k will run out fast when you have shop hours, parts, tow trucks, rental cars, etc. to pay for. But good luck.
@@jamesgreen6237 No it WONT!!! 70% of car warranties go unused! You are oblivious to the facts. Must work for a auto warranty scam company
@@jamesgreen6237 I don't need luck, I have the numbers and data to prove it. Good luck with your alternative facts.
@@americanraptor8391 hahaha I saw the raw data feller. I worked in the industry! I saw what people paid, how often they were used, and how much it paid out. If this is what you think, then you should cancel your health insurance and put it into a "savings account". See how far that gets you with the doc.
Never get the extended warranty on a vehicle purchase. They are almost not worth the paper that they are printed on.
Jeremy Watkins If you buy an extended warranty, only buy the manufacturer’s ones.
This was good advice. I especially love the < 10-minute videos. Usually, your videos are excruciatingly long like 50-60 minutes :). Please keep your great financial advice coming with short videos so we can watch them :) thanks!!
#1 doesn't apply to BMW
#2 doesn't apply to BMW
Prepurchase inspection is worth 100 times more than an extended warranty
They spent the whole video talking about warranties on appliances in the house… what about used German luxury cars?
I like the warranty on my car. I've had 2 major issues fixed for free😃. Thankfully, I don't drive far so the PowerTrain warranty has a while to go out. 😂😂😂
Well, it wasn't really free. You had to buy the warranty
Which company
My kid goes through a phone several times a year, definitely need the accidental damage warranty. Our 2 year old 65" Sceptre TV stopped working, the 4 year extended warranty that was an extra $50 seems like a good deal. Of course I made the mistake of bringing my wife to the store when getting a new TV, she liked the 70" so I think it was $260 extra with the extended warranty and size differential.
Getting a good one like the carmax one is a good idea. Some are garbage for sure. Get a 5 year old car for half the cost new and add a $4,000 year warranty. It’s like buying a new car with a huge discount.
I have First Mileage Coverage and am cancelling it at the moment
Umm..Used Luxury Vehicles. You will earn your money back on your first repair. Mercedes, BMW, Land Rover, Jaguar. You get the cool car but also peace of mind.
Don't believe me type in Doug Demuro Range Rover.
the car, if you're a keeper, should be the only thing you should get a warranty
I've always heard insurance covers things you cannot afford to lose. Warranties are just term insurance. If you have savings and can afford the most expensive repair (engine? transmission?) then you don't need insurance/warranty. If you live paycheck to paycheck and have less than $2000 in your bank, then you should buy insurance/warranty. (Their logic for smartphones is retarded. Phone repairs cost way less than cars. Phone coverage plans are a bad idea - unless you are clinically clumsy.)
Also consider these companies are making profit off the warranty so the prices are in their favor and it is not a good deal for you (the customer). It is just shifting risk, which some people will gladly pay for.
Why are they driving
Great video 😄
I just bought a whirlpool washer with no warrenty. The store offers 1 year
To all my young brothers
Stop listening to stupid mindless MUSIC
THE NEW MIC MASTER'S ARE MONEY GUYS.
They go off tangent and talk about things like Apple Watch 😂 not helpful!!!
I never buy extended warranties. The best warranty is buying a quality, reliable product in the first place and take care of it while you have it. Warrant companies aren’t out there to lose money, so you know that on average, you’ll pay out more than you receive.
Idk many businesses that are out there to lose money and the amount of different pain points in a car is so high, it's hard to buy a "quality and reliable product". Could be a "quality product" but if there was a poorly installed part or poorly made part, you're screwed. At 36,001 miles (for most cars, you could really be screwed).
I take care of my stuff, so I see no need for a warranty.
Please do show on demographics
White black jews Asian Indain as far as saving.
Do Jews buy extended warranties? People want to know!
Let me explain to you how extended warranty works. This is a real review for those who are on the fence. I purchase a 55 inch Sony TV Model XBR-55A8H on November 2020 from Brandsmart USA. Amazing TV but I got a lemon. I purchased the extended warranty for an extra $150 dollars for 3 years. But let me explain something to you guys. Is not really 3 years. Is only 2 years! Why? Well the first year is the warranty that comes from the manufacturer. They include the first year with your purchase of the 3 years extended warranty. So in reality you're not getting 3 years after the 1 year manufacturer warranty. You're only getting 2 years in total from the 3 years you purchased. Let say you didn't buy the extended warranty, you are still cover 100% for the first year from the manufacturer. I always thought that when I purchased the extended warranty that the warranty would start after the 1 year from the manufacturer but it doesn't work like that. So now you know!. Also my new TV has been repair twice already. First time the power circuit board and the main board got replaced. 6 months later the power cord and power circuit board got replaced. Now today 02/28/2022 there is no power at all to the TV. I have already tried all of the power on and off methods and holding the power off for 15 seconds on the remote without batteries and then try turning on tv from the TV power button on the back and nothing. Brandsmart USA is coming for the 3rd time this thursday to fix. For those who think that the store is just going to give you a brand new tv just because you purchased the extended warranty thing again!! They will keep fixing it over and over but it will be extremely difficult for the TV technician to declare the TV as a lemon and they will gladly just keep coming to your house to keep repairing your tv again. My advice to anyone is to avoid buying any extended warranty. Is not worth it. The sales person will lie to you all of the time and always try to sell you the extended warranty and tell you they will repair the tv and if they can not fix it they will give you a new one. But the truth is that all of the TV's are repairable. So you will never get a new replacement. Remember that! I am going through this nightmare as we speak and I am trying to help everyone here watching all of this videos deciding if they should purchased the extended warranty or not. Oh yes the worst part is that when you schedule a repair service you have to wait 3 to 5 days for the technician to come to your house, he will take the tv apart, leave wide open with the cover off, and then he will tell you that he has to order the parts and that usually take 7 to 10 business day. You are stuck for 2 weeks without any TV. I know because i've been through this twice already and now i'm going through a 3rd time. Do not freaking waste your money on this stupid warranty. But the parts cheap;y on Ebay and replace the boards yourself. Is not difficult. I would do it but I can't since I purchased the warranty and i'm letting them do it even if it takes a long time. But the next time I am not going to buy any warranty. Ok I'm out and i hope i was able to help anyone out.
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