Extended warranty...yes or no?

[A1an]

So I have a super low mile 2006. It fell out of factory warranty in March. I have the opportunity to get an extended warranty through my credit union who is financing the car.

I just came out of a Volkswagen Passat which will literally require one testicle and a kidney to fix anything electrical (I opted for the extended on that car). I'm hoping the Mazda isn't the same way but all the electronic gizmos (nav, automatic climate control, etc) have me a little worried. Should I go for it? How expensive is crap on this car to fix?

 

[Robotazky]

I've always heard not to mess with warranties that aren't with the manufacturer. I'd look really hard into the company that will really be doing it.

 

[c152driver]

I used to buy extended warranties for cars but what I'm going to do with my new (to me) Mazda5 is put the amount I would have paid for the extended warranty I considered into a high yield savings account. I'll pay any repairs out of that account. The money I don't use will be used to defray the cost of my next vehicle.

You're likely to come out ahead financially if you don't buy an extended warranty. After all, if the repair costs on average exceeded the cost of the extended warranties, the warranty companies wouldn't make any money. Bottom line: Most (but not all) people who buy an extended warranty will not come out ahead financially.

I agree with Robotaz that if you do get an extended warranty, I would highly recommend getting the one from the vehicle manufacturer. There are too many third party warranty scams out there. Although I will add that GM will sell protection plans for non-GM cars and I had good luck with their extended warranty on my Oldsmobile. Not sure how the experience would differ if you warrantied a non-GM car through them. Tip: there are dealers who sell manufacturer warranties at a significant discount online. Research this before buying from a local dealer.

 

[A1an]

Good point on crap extended warranties out there. My wife worked for Volkswagen service and they never had any issues with Mercury or Fidelity. I had a Mercury extended warranty on my Passat and we just bought one for my wife's Rabbit (I really don't want to own a newer VW without some sort of warranty). Only had one claim with the Passat and it was very smooth.

Also a good point on setting the money aside. I'm no stranger to cars and I'd feel more confident doing some of my own work on the Mazda. Seems like a pretty straight forward FWD setup similar to my prior Foci.

 

[KBrian]

Warranties are good for some and not so good for others. We keep our cars for 10 years on average, and often run into trouble in year 7-10. However, we rarely manage more than 15 thousand km a year, so for us, a warranty would have to have a long shelf life. If we drove twice as much and kept our cars half as long, we would never worry about warranties. As it is, our new-to-us cars (3-4 years old when we buy) are usually only covered for a couple years.

For the 06' Mazda 5, it had some problems that may or may not be covered by a warranty. Only heard of one bad engine in a 5 from a forum member, and a few auto trans problems, but nothing consistant.

Power steering pumps, door locks and latches, rear suspension, excessive tire wear, and other ailments documented on this forum have affected the 06 model, but may not be covered by an extended warranty. Something to investigate.

 

[beldecca]

I bought an extended, dealer tied warranty for my wife's VW Bug TDI and it was no end of problems. I swore that I'd never buy one again.

However, when I bought my M5, Mazdacare had a 100,000 mi / 10 year bumper to bumper through Mazda. After ALOT of haggling - got it for $200. So I bit and took it.

 

[KBrian]

Around here, Mazda extended warranties go for $2000 for 3 years bumper to bumper.

Amortized over 10 years, beldecca, you pay 20 bucks a year for full coverage! Awesome.

 

[goombaragu]

You can get the Mazda Extended Protection Plan direct from Mazda now for much less than through the dealership:

http://www.mazda-mepp.com/mazda-extended-warranty.html

Call Marc Pandolfi at x1412

 

[Robotazky]

You can get the Mazda Extended Protection Plan direct from Mazda now for much less than through the dealership:

http://www.mazda-mepp.com/mazda-extended-warranty.html

Call Marc Pandolfi at x1412

OK thanks Marc! LOL

 

[Franzy]

I bought mine through the dealer, at the time of purchase.
As someone else said, I knew I would keep the car for 7-10 years.

I bought it in Texas for about $1400.00. I have since moved to New Mexico. I have already used it once, here. Aside from the fact that I was lucky to have the paper work with me when I needed it (You need some things in the booklet that you get) I think it worked out great. I just happened to have everything with me, as opposed to a file in the house. SO that would be my two cents.

By the way; it payed for my front struts to be replaced, including the alignment.

 

[MD5]

I would be curious as to what it covers.

The only problems I've had with my car is the power steering hose started leaking at about 40k miles and it was replaced under warranty. Other than that, the only other thing is I replaced the shocks/struts at about 94k miles.

I'm not sure if the shocks/struts would have fallen under a replaceable item definition.

I did not opt for any extended warranty on my 5 because they don't cover anything over 100k. I usually put at least 25k/year on my cars, so after 4 years it's over. I take very good care of my cars, so I have never had any major problems with one.

 

[dan4behr]

I called the Mazda Extended Protection Plan.

For what it's worth, a quote on a 'bumper to bumper' plan good for two additional years or up to 75,000 miles on my present car was just under $1100. My car is an '07 with 42,000 miles on it.

Thinking ahead, I doubt very seriously I'd have to spend nearly $1100 on my car in the next two years/33,000 miles in repairs. I think I'd risk it and go without.

 

[A1an]

I called the Mazda Extended Protection Plan.

For what it's worth, a quote on a 'bumper to bumper' plan good for two additional years or up to 75,000 miles on my present car was just under $1100. My car is an '07 with 42,000 miles on it.

Thinking ahead, I doubt very seriously I'd have to spend nearly $1100 on my car in the next two years/33,000 miles in repairs. I think I'd risk it and go without.

Thats what I ended up doing. The money that I would have used on the extended is sitting in a savings account. Can always use it for repairs down the road (if needed).