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When you buy a new appliance, you're usually offered an extended warranty. But do you really need it? Here we discuss whether the extra expense is worth the money.
Are you in the market for a new appliance? You'll likely be offered an extended warranty by the salesperson, which may sound like a good way to cover any mishaps, but it's not worth the extra money. Here's why.
It's totally not worth it. The manufactures warranty is all you really need. Those "extended" warranties are a HUGE profit maker for the stores, if they were really nessessary, there wouldn't be such a big profit margins for selling them.
Normally I completely agree that they aren't worth it, but I've bought one for a $2,000 refrigerator -- it was 4 extra years of coverage for $100. The odd thing was that the 4 extra years for a $400 dishwasher ALSO cost $100. Needless to say I didn't take that one.
The refrigerator has been fine so I guess I wasted the $100, but for me, $25 a year for an appliance that was that expensive was worth it.
I bought it on the $1,200 dishwasher we got about 5 years ago, as it was like $150 or so. Way more than paid for itself in my circumstance. Had the techs out to fix the soap dispenser several times after the original warranty and they finally fixed it and the pump was not draining it completely so that was fixed. Also the main control panel cracked; it is the type on the top edge of the door, and the tech ordered a new panel for us under the warranty. That alone was over $150. He told us to keep using the old one if the cracks did not bother us too much, but at least we would have a new one when it finally quit working or broke too much. So far, the original is still working and I have the replacement ready just in case.
I also bought it on the $3300 retail price double oven we just bought at Sears Outlet. The sales guy offered us the 3 yr warranty for free (he discounted the sales price by the warranty cost) and offered the 5 yr one for the difference which was $120. Since we got the oven brand new with only a couple of minor surface scratches, for a 50% discount, we went with the 5 yr warranty. I figured why not for that price since there are so many electronic things in the new appliances, it was worth $2 a month to cover it.
But generally, no I don't get the warranties. It just so happened that the times I've bought the warranties on things, I've used them. Lucky I guess!
I was talking with some sales people one night at a get together and they were talking about their sales numbers. One of them said I sold three fridges today "with cheese" and then they all high-fived.
I'm sure you can guess what "with cheese" meant...
Our extended warranty (covering all our newly purchased appliances) proved to be a very wise choice. Our top of the line side-by-side fridge died when it was just under 5 years old - Best Buy gave us a new LG counter-depth French door fridge (the top rated French door fridge) - so that was over $3000 right there. Our circuit board for both our GE profile slide-in range and LG dishwasher were also replaced. So happy we had extended warranty.
Normally I completely agree that they aren't worth it, but I've bought one for a $2,000 refrigerator -- it was 4 extra years of coverage for $100. The odd thing was that the 4 extra years for a $400 dishwasher ALSO cost $100. Needless to say I didn't take that one.
The refrigerator has been fine so I guess I wasted the $100, but for me, $25 a year for an appliance that was that expensive was worth it.
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