Extended Warranty

AgentJean

Banned
Jun 7, 2006
1,280
0
0
I'm looking to buy this 99 Nissan Altima with 85k miles. The price is right for the car.
I was also looking at an extended warranty. That's going to run me about 1550 buck for a 2 year 24,000 mile plan.

I know warranties are like of like the lottery. It's about playing the odds.
What are the odds I'd make out getting the warranty?

I bought a 95 Altima with 167,000 miles about 2 years ago and I've put about 3000 beans in maintance since I got that car(reason why I'm getting a new one I only paid 3500 for it) I don't want to do this same with the new car.
 

AgentJean

Banned
Jun 7, 2006
1,280
0
0
Originally posted by: keeleysam
Where are you buying it from?

AAA.

Oh yeah. the warrenty would cover everything from the engine to transmission, to my AC, and electrical stuff(O2 sensors, knock sensors, ect), Brakes(not pads but the breaking system parts)

It's pretty much full coverage.
 

FoBoT

No Lifer
Apr 30, 2001
63,084
14
81
fobot.com
"99 Nissan Altima with 85k miles"

i would not for that old/high milage car

those extended warranties are often very hard to actually use. that is, getting them to pay for anything can be very difficult
 

iamwiz82

Lifer
Jan 10, 2001
30,772
13
81
Originally posted by: AgentJean
Originally posted by: keeleysam
Where are you buying it from?

AAA.

Oh yeah. the warrenty would cover everything from the engine to transmission, to my AC, and electrical stuff(O2 sensors, knock sensors, ect), Brakes(not pads but the breaking system parts)

It's pretty much full coverage.

Wait til you try to use it.
 

dullard

Elite Member
May 21, 2001
25,648
4,162
126
There is a major difference between a 167,000 mile car and a 85,000 mile car. Most likely you'll need just a small repair here or there on the 85,000 mile car in the next 24,000 miles. Thus, you are probably paying a $1550 fee for at most a $500 return.

In the long run, almost all extended warranties are bad. Sure, there is an example here or there is an example where it would be better to have one. However, that is quite a rare occurance. You need to learn to take those bad lumps to save money on 99% of the other cases. Doing that is far better than losing on 99% of the cases just to save a few hundred bucks on the one case where the extended warranty paid off.

If you played the lottery a near infinite amount of times, you will win the multi-million dollar lottery many times. And yet, you still would be financially at a loss.
 

zephyrprime

Diamond Member
Feb 18, 2001
7,512
2
81
Don't do it. As others have said, the car has half the mileage of your other altima. That's a big difference. And $1500 is a big chunk of the car if I'm not mistaken.
 

woodie1

Diamond Member
Mar 7, 2000
5,947
0
0
Set the $1550 aside (savings account or whatever) and warrant the car yourself. That way you know you'll get paid for any repairs.
 

homercles337

Diamond Member
Dec 29, 2004
6,340
3
71
Originally posted by: AgentJean
I know warranties are like of like the lottery. It's about playing the odds.
What are the odds I'd make out getting the warranty?

The odds are that the salesman will make out. Wait, there are no odds on that, s/he will make out while you wont. There is no reason in the world to EVER buy an extended warranty.