Why do people buy an extended warranty? - Drive Accord Honda Forums | radio-pro.ru
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post #1 of 7 Old 12-22-2017, 06:43 AM Thread Starter
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Why do people buy an extended warranty?

Do people buy the extended warranty for piece of mind? Or because they plan on keeping the car for many years and they don't think they'd be able to afford a repair many years down the road, so they want to roll it into the loan?

I ask because of course the chance of using the warranty and "making your money back" is extremely remote. The chances of having a repair needed that costs over $1000 during the cars first 8 yrs or 120,000mi is probably on the order of about 2% statistically.

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post #2 of 7 Old 12-22-2017, 07:11 AM
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There are dozens of threads on this subject with no consensus. Lately, it seems to be a debate about the electronics and lighting in Accords. A few 9th Gen LED strip lights have gone out, and are covered under warranty. If not, they would be about $700 per headlight as of this writing.

Prices drop, over time of course. On the 2003-2007 7th Gen Accords, the HVAC/radio head units would sometimes go bad. Initially through 2009, replacements were $1,200. Now you can buy a used one on eBay or from a wrecking yard for under $100 and change it yourself in 15 minutes with just a Phillips screwdriver and a nylon panel pry bar.

With the new Heads Up Display (HUD), sensing, LED lighting where you can't replace "just one bulb", etc....there is a strong case for a long-term warranty for long-term owners.

Then there are the Kenny Rogers "Gamblers" who know that in five years, there will be acceptable knock-off lighting and low-cost used parts from wrecks.

Interesting thought: On the new 10th Gens, can you "downgrade" the headlights if your higher-trim headlights go out a day past warranty?

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post #3 of 7 Old 12-22-2017, 08:48 AM
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I bought Hondacare for two of my three Accords and yes, they paid for themselves. The first was an 03 V6 with nasty bad AT. The second, the power steering & rack were seeping at 119k miles and the dealer, instead of going the O-ring route, replaced them both. As much as I love & trust Accords, they are mass manufactured machines and as such there is an element of risk, however small. Besides I paid $900 for the policy both times.

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post #4 of 7 Old 12-22-2017, 08:55 AM
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I have read the average repair claim when using the extended warranty is $895. Some people buy it to use as a selling tactic when they go to sell their used Honda as the warranty is transferable. Of course when someone is trying to sell it to you the dealership they always bring up the expense of new electronics, etc. replacement, they do not like it when you tell them you can buy it on line cheaper (except Florida, car ex. warr. can only be purchased in state). I am thinking of purchasing one for my 2017 just because of the headlight LED lighting strip.

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post #5 of 7 Old 12-22-2017, 10:38 AM
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I'm considering a 500 Abarth for my next car and was going to look at extended warranties because, well, it's a Fiat.

I think they make sense on something that is of questionable reliability and has high repair costs, like, idk, a Range Rover, but not something that generally doesn't have major issues.

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post #6 of 7 Old 12-22-2017, 10:54 AM
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I have a better dumb question.

Why do people buy credit life insurance?

Seriously, why does a dead guy need his credit paid off?
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post #7 of 7 Old 12-22-2017, 11:28 AM
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Whole steering rack went on '08 at 50k. Also AC compressor went too. Easily that warranty paid for itself.

On the '07 we gambled and didnt get it and absolutely nothing broke or went wrong besides some steering stuff that wouldn't have been covered. (I had a hunch the 7.5 gens had no flaws and I was correct)

We got one on the '16 just due to the touchscreen. I dont want to have to replace that if it goes on my bill.
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