Extended warranties - worth it?

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In the last 6 years I could have spent over $2000.00 on extended warranties for this and that. I have not paid a penny.
I have only had a microwave and a VCR break in the last 6 years. I replaced them both for under $300.00.
Hummm.... Do the math on what you own, cost of extended warranties, frequency of things breaking per year, and cost of repair/replacement.
Also when certain things do break like a microwave, would you prefer to get a new one instead of having it repaired? Perhaps get a new TV with the latest features, etc.?
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Dan_Musicant wrote:

Often they may more from the insurance than the product.
--
Joseph Meehan

Dia duit
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aspasia wrote in

If they have no faith in the quality of their product why would you buy it? If with 20-20 hindsight I find I should have bought it, last one I buy of that brand. Simple.
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On Sat, 30 Sep 2006 09:48:31 -0700, aspasia wrote:

Extended warranties are good for the store, bad for the customer. Save $50 a month into an emergency fund until you can maintain $1000 or more.
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aspasia wrote:

Don't buy an extended warranty and also consider buying from a local appliance store where they will have comparable prices and real service.
An example, my buddy & wife bought a washer/dryer at Home Depot. After a week they find that the washer is leaving black marks on the clothes. They call and find that if you buy appliances from Home Depot they are affiliated with some low end national service company. They find they can't schedule an appointment and are told someone will need to be there all day. The guy shows up and announces that he knows what the problem is, does not have the part and is not authorized to fix it because it is an expensive part and it is probably broken thru abuse? After numerous calls and threats of legal action someone authorizes (two weeks later) a real service company to repair the washer.
My other buddy bought all of the appliances for their new house at a local store. Thy had a problem with the door lock on the washer. The local store gave a specific day and arranged to call my buddy before they were coming so he could go home to meet the repair guy without having to take the day off. The repair guy came with the proper part and repaired the door under warranty.
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wrote:

This article from the Washington Post seems to bear out the concensus view of the group on Subject:
http://tinyurl.com/ns4qu - and also consider buying from a local

I actually did go to the local app.store to shop for washer. I had bought a cooktop there some years ago during their semi-annual customer discount day, (and also a used frig even earlier).
They only offered 90 days to pay, as opposed to Sears 6 month 0% interest. Also Sears offers free delivery/installation on purchases over $400, and gives you a $65 voucher toward new appliance if old one is (unfixable) (you just don't want to repair it) depending whom you got the info from.
I paid $60 for the diagnostic call, as opposed to $85 for the local store. Also, the local store has a weird-sounding price scale for repair: So much for every 15 minutes the repair tech needs to do the job. Is this common? Reasonable?
Anyway, the Sears diagnostic serviceman was so obnoxious I didn't want to deal with repair; also $187 parts/labor was too much for an old washer. I checked on the lid switch assembly: Sears price $44.00; on-line parts supplier price $27.
Thanks, guys; I am learning a whole ****load about the wonderful world of appliance purchase/repair.
Your thoughts on above will be appreciated.
Aspasia
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wrote:

This spring, I bought a washer/dryer at a local store. I was never asked about an extended warranty.
BTW, the dryer failed less than a month after I got it. The store sent someone out to fix it right away (it had a bad motor).
--
85 days until the winter solstice celebration

Mark Lloyd
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aspasia wrote:

I'm no expert, but I've bought only one extended warranty, a 10-year parts & labor manufacturer's warranty for a central air conditioner, and it added about 10% to the cost. I might buy an extended warranty for a big screen TV because they seem to have high failure rates, and it's impractical to bring them to the service center..
Consumer Reports said that the average cost of in-house repair for a major appliance was less than the cost of an extended warranty, and in my experience (not much), most repairs can be done by any homeowner who's semi-handy with pliers. Here's about everything I've replaced in our own appliances:
1. dryer belt (a couple of times) 2. washer pump 3. door switches for washer, dryer, and refrigerator 4. freezer defrost controller 5. dryer timer knob 6. washer timer 7. wheels for dryer drum 8. oven range control 9. refrigerator door handle bracket.
And these were old appliances, except for #9, which was about six years old. #8 and #6 were the most expensive, about $75. About the only things that homeowners can't repair themselves are the sealed portions of refrigerators and air conditioners, but they're often covered for five years under their standard warranties and tend to be very reliable.
At the very least, I'd want any extended warranty handled by a real repair company -- factory service or an independent full service appliance repair co., not some cut-rate firm that specializes in extended warranties and pays its employees less than average rates.
Some great appliance websites:
www.applianceaid.com www.fixitnow.com
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I bought a $1400 refrigerator at Lowes and they offered an extra 4 year service agreement for $89. I've had bad luck with appliances lately so I took it. Sears would charge $250 for same thing. I would never take that. Just bought a Kenmore dryer at sears. $610. They wanted $200 for 3 extra years. I passed. If it was $69 for 4 extra years I would probably have taken it. I think that is what Lowes charges but they did not have dryer I wanted.
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