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Money Thinking of buying an extended warranty? Think again

18:54  28 november  2017
18:54  28 november  2017 Source:   thestar.com

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Think again . By Tara DeschampsSpecial to the Star. Mon., Nov. To decide when to buy an extended warranty , she says to weigh how difficult and expensive it will be to replace or repair whatever broke with how much the warranty costs.

Think again . While holiday shopping, you may find the pressure to purchase extended warranties especially intense. But try and resist the temptation, at least until you do some research and consider Money Rule #79, which goes: If you can’t afford to replace it, insure it; if you can afford to replace it


After finally putting that fridge that was making those creepy gurgling sounds out of its misery, you comb through aisles at the local appliance or electronics store, finally settling on the perfect replacement.

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“I think it has changed people’s minds about whether they should buy one or not," said Ty Shay, chief marketing officer at SquareTrade, one of My two cents I understand why consumer advocates give a thumbs-down to extended warranties . I also see why some people might want to buy this extra

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You’re anxious to get it home when the salesperson launches into a speech about how cheap an extended warranty is, compared with all the disasters that might befall your new buy.

You're thinking there's no way your flashy new fridge will break any time soon, but you've also got visions of coming home to find all your food unexpectedly defrosted.

Most people are pushed into a quick choice, neglecting the details until their purchase goes on the fritz, so the Star asked experts what questions to consider when mulling over an extended warranty.

Are extended warranties ever a good idea?

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We bought an extended warranty for a refrigerator we bought at Home Depot. After a year, when the fridge was no longer cooling, I called Asurion to schedule a repair. And I certainly could not have guessed that any reputable warranty company could have so few service contacts in a city.

Considering buying service contracts, extended warranties , or protection plans? You'd be smarter to set aside the money you'd spend to cover repair costs When you need to repair your car, refrigerator, computer, or a major system in your home, it’s comforting to think you won't have to break the bank

“Sometimes, yes, but most of the time, no,” says the founder of howtosavemoney.ca, Stephen Weyman.

Pricy technology, such as the latest iPhone or a new vehicle, are “good candidates” because they’re expensive to buy and fix, are likely to break and can be difficult to do without.

Likewise, laptops “have few repair options if the motherboard gets damaged, whereas desktop computers can be fixed in pieces and are much cheaper to fix.”

Warranties on small items like batteries are rarely worth it, says Joanne McNeish, a Ryerson University associate professor of marketing.

To decide when to buy an extended warranty, she says to weigh how difficult and expensive it will be to replace or repair whatever broke with how much the warranty costs. The more costly and challenging, the more likely a warranty is a good idea.

What should you know about the extended warranty?

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Think again . Mr. Mohr, my son and daughter in law have been trying to buy their first home for a while now The best advice I can give anyone, Janice, especially a first-time buyer on the topic of buying a No home warranties either. And if you have a home to sell first or want to make your purchase

I used to own a BMW M5 E60 and would never touch one with a barge pole without an extended warranty and would appreciate your thoughts. ive been quoted 00 for a warranty up to 60k miles. thanks in advance

Weyman says find out whether the extended warranty applies immediately or only after the manufacturer’s warranty expires, and whether you get an immediate replacement at the store or have to mail it away at your expense.

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Read our Extended Warranty Buying Guide from the experts at Consumer Reports you can trust to help you make the best purchasing decision. Try again later. Last updated: April 2018. You might be tempted to buy a service plan—also known as an extended warranty —on your next laptop

Most people give a fair amount of thought to buying an appliance or an electronic device. But a warranty for them gets barely any consideration. If you do buy one, it will probably be out of emotion, fear or because the salesperson wore you down.

Ask if the company will fix your item, give you a refurbished or new one or a refund, he adds. If they give a refund or replacement, the warranty might not cover the full value of the item or could be pro-rated by age or wear, as is often the case with tires.

If a replacement or a repair will take time to arrive or occur, he says, consider if you can be without the product. For a cellphone or fridge, that might not be feasible.

McNeish suggests asking if you will be charged if a repair person visits and the problem is not occurring, or if it’s something that was your own fault like a dryer not being connected to the right vent. Sometimes, she says, companies charge, even if the fix is free or no work is done.

Should you ever finance an extended warranty over time?

McNeish’s answer is “no, no, no.”

“If you can’t afford it at the time, don’t buy it.”

Meanwhile, Weyman says, “The only time it may make sense is if it’s on an expensive item like a new car,” and even then, he says, it isn’t always worth it.

What happens to your warranty if a store goes out of business?

When purchasing a warranty, McNeish says consider whether the company you are buying from will be in business for the plan’s full period. If you have doubts, it might not be the wisest buy.

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Read up on the IMS failure and think again if you think of buying a Porsche. The user forums are full of people with similar stories. Don't make the mistake I Because Porsche has not addressed this issue publicly and will not grant potential victims an extended warranty or a free mechanical fix of the

warranty , meaning that a three-year extended plan may buy you less coverage than you think . Major credit cards typically extend manufacturer warranties at no extra cost for a year or even What if I get a call at home about an extended warranty after I make a purchase? If you didn’t sign up at

When a company closes, they don’t have assets to finance warranties, she says, so “the liability is on the customer.” That means no more service for your product. If you haven’t finished paying off the warranty, you still have to cover those costs.

In the case of Sears Canada, which is going out of business, all warranties were cancelled on Oct. 18. If you purchased one 30 days before that date, you are eligible for a refund. If you financed your warranty with deferred payments in an EasyFinancial contract, you’re still on the hook for installments.

When should you cancel an extended warranty?

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Think again . By Elisabeth Leamy Washington Post/Bloomberg. Wednesday, April 11, 2018 10:49 PM. Gene J. Puskar/Associated Press file. The fact that service contracts often cost about the same as a repair is just one reason extended warranties – also known as service contracts and protection plans

Is an extended warranty worth it? Follow these rules of thumb so you’re not stuck in checkout Since no one goes to a cashier to buy an extended warranty you feel kinda awkward and a wee bit I see your 2015 study, but what do you think now? Being that they are 0 or so, would you consider a

You can’t always cancel an extended warranty, but it might be a good idea, says Weyman, “if you aren’t getting any value from it” or “if you signed up in haste and realized there are a lot of exclusions.”

What happens if you cancel an extended warranty?

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Rules around extended warranty cancellations vary by province and company, says McNeish.

Pricy technology that's costly and complicated to fix such as a new vehicle may be worth covering with an extended warranty.© Dreamstime Pricy technology that's costly and complicated to fix such as a new vehicle may be worth covering with an extended warranty.

Often a cancellation comes with a fee and sometimes, a requirement to give 30 days’ notice. You also might not be paid back the full amount, but instead, a pro-rated total, McNeish says.

What should you do instead of buying an extended warranty?

Instead of an extended warranty, Weyman says you can rely on a manufacturer’s warranty that automatically comes free with your purchase or look at credit cards with extended warranty protection. The cards, he notes, are run like insurance, where claims are filed and paid out.

He and McNeish recommend putting aside money, so by the time your product breaks, you’ll likely have enough for its repair or a replacement. Weyman suggests the amount saved be 20 per cent of the purchase cost.

Former MLB Star and Shamed PED User Rafael Palmeiro Eyeing Baseball Comeback .
Former athletes love to relive the glory days. They reminisce over when they were young, athletic, and on top of the world. After their careers are over, the question is always raised: could they still play?

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