Extended warranties on new appliances?

[MoneyGuy]

Would you buy them? I've never bought an extended warranty but we're buying top-of-the-line a fridge and stove and I've heard horror stories about things going wrong (edit: on appliances in general, not the stuff we're buying). Our current appliances are 30 years old and they've held up wonderfully until recently. Ha, the fridge is still going strong with absolutely nothing gone wrong. I absolutely believe that modern appliances are inferior for reliability compared to the old stuff.

I'm considering buy the extended warranties this time around. If it was up to my wife, she'd take them on everything she buys. She's a sucker for that pitch.

I think we get one year manufacturer's warranty and one more year on the credit card so I'm really unsure this time around.

[undercoverbrother]

Originally Posted by MoneyGuy

Would you buy them? I've never bought an extended warranty but we're buying top-of-the-line a fridge and stove and I've heard horror stories about things going wrong. Our current appliances are 30 years old and they've held up wonderfully until recently. Ha, the fridge is still going strong with absolutely nothing gone wrong. I absolutely believe that modern appliances are inferior for reliability compared to the old stuff.

I'm considering buy the extended warranties this time around. If it was up to my wife, she'd take them on everything she buys. She's a sucker for that pitch.

I think we get one year manufacturer's warranty and one more year on the credit card so I'm really unsure this time around.

Sorry, just looking for clarification. You have heard horror stories about the fridge and stove you are about to buy?

[CaptainYooh]

100% yes. And extend them when the option is available. ANY single appliance repair service call will cost you more than what you pay for the extended warranty.

[MoneyGuy]

Originally Posted by undercoverbrother

Sorry, just looking for clarification. You have heard horror stories about the fridge and stove you are about to buy?

No, just about modern appliances in general being far less reliable.

[kevman]

Surprised to see you start this post since I figure we've covered similar things multiple times in other topics...

Only insure the things you can't afford to replace.

[undercoverbrother]

Originally Posted by MoneyGuy

No, just about modern appliances in general being far less reliable.

odd, I have never bought one, and have never had an issue with any of our appliances (bet I just jinxed myself).

[MoneyGuy]

Originally Posted by kevman

Only insure the things you can't afford to replace.

That's generally my philosophy also, and I sell personal insurance products as part of my business. I've never bought trip-cancellation insurance, windshield insurance or extended warranties because I know how that stuff works and it's generally a losing game. However, this one makes me think differently.

[undercoverbrother]

Originally Posted by MoneyGuy

That's generally my philosophy also, and I sell personal insurance products as part of my business. I've never bought trip-cancellation insurance, windshield insurance or extended warranties because I know how that stuff works and it's generally a losing game. However, this one makes me think differently.

So why are you thinking differently this time, and why do you think modern appliances are inferior in quality?


Is it a feeling or fact?

[DeluxeMoustache]

I would not buy extended warranty on appliances.

Unless it was a Frigidaire dishwasher. (One came with our house 5 years ago and is a POS. The only appliance I've ever had issues with and it has been multiple issues). But I would probably actually just not buy one of those.

There are resources like Consumer Reports that compile data and I usually do more research ahead of time rather than purchase extended warranty.

[MoneyGuy]

Originally Posted by undercoverbrother

So why are you thinking differently this time, and why do you think modern appliances are inferior in quality?

Is it a feeling or fact?

Anecdotal evidence only but I know people who have bought newer appliances and stuff has failed within a few years. Our stuff is still going after 30 years and I remember one repair on the fridge 20 years ago but other than that both are still going strong. I'm pretty sure the new stuff won't do that. As I said, anecdotal only; I've not checked data on this.

One of our best friends recently outfitted a new house a couple of years ago and they've already had a repair guy in for the fridge. I know that can happen to any appliance but it's not the only failure I've heard about. There repair wasn't major but it does cause me to consider the extended warranty.

By the way, they're Samsungs, good stuff. I've checked them out in the consumer mags and they rate very high.

[undercoverbrother]

Originally Posted by MoneyGuy

Anecdotal evidence only but I know people who have bought newer appliances and stuff has failed within a few years. Our stuff is still going after 30 years and I remember one repair on the fridge 20 years ago but other than that both are still going strong. I'm pretty sure the new stuff won't do that. As I said, anecdotal only; I've not checked data on this.

One of our best friends recently outfitted a new house a couple of years ago and they've already had a repair guy in for the fridge. I know that can happen to any appliance but it's not the only failure I've heard about. There repair wasn't major but it does cause me to consider the extended warranty.

By the way, they're Samsungs, good stuff. I've checked them out in the consumer mags and they rate very high.

So they get good reviews, then no I wouldn't buy a warranty. But that being said, if the stuff I currently had worked fine i don't know if I would be new stuff.

[GP_Matt]

The reason you think the old stuff lasts is because the stuff you keep is the stuff that lasts.

If one hundred toasters are sold in 1980 it is likely that 90 of them broke within a reasonable time frame and the other ten lasted a really long time. Everyone sees the ones that lasted because no one keeps the ones that don't.

Think about your appliances. Are all of them 30 years old or just a few things hanging on.

[MoneyGuy]

Originally Posted by undercoverbrother

So they get good reviews, then no I wouldn't buy a warranty. But that being said, if the stuff I currently had worked fine i don't know if I would be new stuff.

You've never met my wife. She wanted new stuff years ago. We're redoing the entire kitchen and I don't really want to put the old stuff back in. That would be Oilers-style suck.

Ha, I keep telling the missus that she should be glad that I like to keep old things around. Oops!

[Winsor_Pilates]

I never buy extended warranties on anything.
The $ saved collectively on all appliances, electronics etc has far exceeded any repair costs.

[mrkajz44]

I always look at it this way. They wouldn't sell you the extended warranty if they didn't make money off it. So in the long run, buying them will leave you in a net negative position.

It's really just a risk tollerance equation. I'm in the camp that if the appliance (TV, washing machine, fridge, whatever) outlasts its normal warranty period that comes with simply buying the item, it'll be good for the long haul.

[Flamenspiel]

Years ago I purchased one of the Sony Grand Wega TVs that had the internal LCD projector. They were a flawed technology and never displayed consistent colors. FS could never fix it, they replaced it with a newer model 3 years into its life that turned out to have the same problem. Finally three and a half years into a 5 year warranty the new LCD screens started to appear in the shop and they replaced the second GW3 with one of those.

I have that LCD screen to this day, it was probably one of the last made in Japan models(2007) that had the higher quality components.

So i would suggest an EW if its a newer technology or a newer car model with many changes over the previous years. For instance if i purchased an electric or hybrid vehicle i would get one.

[Bring_Back_Shantz]

I never buy extended warranties, as many have stated, they are typically not worth it.

Usually when sales people try to sell me an extended warranty, I ask them if the product is unreliable, or if they are trying to sell me something that I don't need.

[Jimmy Stang]

How much are extended warranties on appliances anyway? I have bought a new stove, dishwasher, washer, and dryer in the past few years but did so online, so I wasn't even asked about it. I wouldn't have gone for it anyway (for the reasons already covered in this thread), but I am just curious.

[Northendzone]

here is my $0.02.....we bought a front loading washing machine about 5 yrs ago - it needed a repair after 4 yrs - the cost of the repair was about $700 with parts and labour.

a fridge we have that is about 2 yrs old and need a repair to the (ice) ice (baby) tray - about $200.

in these two cases it would ahve likely paid to get the extended warranty; however, by not buying extended warranty on any product i have purchased i figure i am likely in a gain or break even position overall.

i would not get it - but that being said, it is getting mroe and more expensive to fix these units because some parts come as an assembly which can be expensive.

i just relaized that i have no real advice, otehr than to roll the dice and see what happens.......i am assuming that we are talking 'bout a sub-zero type fridge......

[ken0042]

Like has been said, it's an insurance policy. We are building a new house and buying all new appliances. The cost of the appliances is around $7k, with the fridge being the most expensive at $2k. The extended warranties were around $700-800. So even if two appliances needed $400 each in repairs, I am still not ahead. That price would also almost pay to replace any one appliance; aside from the fridge.

It all depends on the cost. When Memory Express was offering 2nd year coverage on stuff for $2, I'd grab it. Same here- if the appliance is worth $4k and the coverage is $200, I might consider it. However with the cost of the warranties being 10-12% more, I wouldn't do it. Especially seeing as you are already getting the 2nd year free from your credit card.