Buy an extended warranty for 2010 Mazda5 GT?

[LSEric]

I'm finishing up my loan details today and one of the options they are offering is to add an extended warranty.
My 5 has about 36,500 miles on it now, so past the initial bumper to bumper coverage.

The extended warranty from Route 66 would cost $1,600 and cover the vehicle for 5years or 100,000 miles.

So, what do you think? Is it something to consider, or is the 2010 a reliable year that I shouldn't have to worry about any issues before I reach 100,000 miles?

thanks-

 

[Robotazky]

I'm finishing up my loan details today and one of the options they are offering is to add an extended warranty.
My 5 has about 36,500 miles on it now, so past the initial bumper to bumper coverage.

The extended warranty from Route 66 would cost $1,600 and cover the vehicle for 5years or 100,000 miles.

So, what do you think? Is it something to consider, or is the 2010 a reliable year that I shouldn't have to worry about any issues before I reach 100,000 miles?

thanks-

Extended warranties, by nature, are designed to cost more to the consumer than they will cost the guarantor of coverage. That should make you wonder. Plus, your dealer has even more profit baked in for them.

I often hear people say that they can't afford repairs so they need coverage. My response is that you cannot afford the car if you need to pay someone for coverage, which is effectively paying someone else a fee, with interest, hoping they honor their end of an agreement to fix it.

To me an extended warranty isn't worth the paper it's printed on. Save the money for repairs if you can't afford them and keep your $1,600. Any financial person will agree. If they don't, they'll tell you that you can't afford the car if you can't afford to fix it.

I would change the oil and tranny fluid at regular intervals and keep the $1,600 plus interest. Sorry to be the bad guy, but people need to hear the truth.

 

[LSEric]

Thanks, and that's the way I view it as well. I'm brand new to the Mazda family, and in my research, it appears the '10 rates well for reliability. I just wanted to see what the community thought about the deal.

 

[Wishmaster]

Put the $1600 into whatever kind of investment/savings account you prefer and keep it as an emergency repair fund. If the tranny or something major happens to blow on you, you have the cash to fix it. And if nothing major goes wrong you'll have that cash plus interest to spend on your next car or whatever. Also, if something does go wrong, you won't have to argue with an insurance company trying as hard as possible to come up with an excuse as to why it won't cover the repair.

 

[Installshield 2]

Agree with everyone...

$1600 over ~5 years...is actually very little to save on your own...just put some away monthly if you're worried about, and you'll quickly end up with WAY more saved in that time frame...1600 for 5 years is only ~$27/month...skip going out to dinner once a month, and you tripled that depending on what you like to eat haha...

The gimmick around an aftermarket extended warranty is that they plan on you not needing it...depending on the company; you need to watch the fine print with those things as they'll often include some vague legalize that specifies what they will not cover...and its usually very substantial...For a car that you're worried about the long term value of, i would much rather spend the money on a good collision insurance plan to protect the car even if you screw up, a tree falls on it, someone else slams into it but drives off, etc...as sadly...those are much more likely to happen than catastrophic mechanical failure in under 136,000 miles...you'll have plenty of maintenance costs, but you'll be paying for that anyway...

just pointing that out...legally those companies are allowed to call almost everything in the car a 'wear' item...its very unlikely they'll cover much of the costs for a repair in the first place...they'll simply fight you about it with paper work, as its built in that you most likely won't fight back with legal counsel...