Extended Warranty

[keyandseal]

Did others on here buy the dealer offered extended warranty at the time of purchase? I'm currently debating whether or not I should. I do plan on keeping my LR4 as long as I can. Thanks for the advice.

 

[vhousad]

Just wanted to bump the posting and see if others had any thoughts on the extended warranty. I purchased a new LR4 yesterday in the Washington DC area but will not take delivery until this Friday. Dealer has presented a warranty option through Continental although the deal seems suspect. $3600 and change for an additional extension of 2yr/25K mile.

I deliberated very much between the LR4 and GL - remain apprehensive about reliability (tough to sort out fact from fiction as first time owner) although my heart brought me back to the LR4 every time. I hope I made the right choice and was thinking an extended warranty might set me more at ease. This deal however seems a bit steep - anyone else have experience with this?
Thanks!

 

[CHT]

Just wanted to bump the posting and see if others had any thoughts on the extended warranty. I purchased a new LR4 yesterday in the Washington DC area but will not take delivery until this Friday. Dealer has presented a warranty option through Continental although the deal seems suspect. $3600 and change for an additional extension of 2yr/25K mile.

I deliberated very much between the LR4 and GL - remain apprehensive about reliability (tough to sort out fact from fiction as first time owner) although my heart brought me back to the LR4 every time. I hope I made the right choice and was thinking an extended warranty might set me more at ease. This deal however seems a bit steep - anyone else have experience with this?
Thanks!

I passed, but my circumstances were a bit unique. I can't recall the price quoted by my dealer but it was probably around that price or a bit more. Part of the reason why I passed was that the "business manager" just added it into the finance amount without asking...just told me I was to receive a discount on the interest rate for the loan. I was ****** enought that I told him to take it out, and would have walked but I was stranded there (long story, but my wife had left to take my son somewhere and we purchased in a nearby state). I was so ******, that I'm paying off the loan after a few payments...personally think the rate is too high.

People will have some strong opinions with regard to extended warranties...really it's boils down to a personal issue. If I had to do it again I would have passed, and did so after receiving quotes from some other providers. We drive most cars around 5 years (give or take), and this car will probably be no different. I can afford the repairs, so I'm willing to take the risk of going without the warranty after the dealer warranty. You may feel differently, as I'm sure others will. My personal experience with owning all sorts of vehicles has led me to stay away from extended warranties when the price is a not an insignificant amount....others I'm sure will chime in to say it was money well spent.

 

[05lr3se]

I know there are a lot of differing opinions on extended warranties, but I am 100% against them. They aren't doing you a favor because you are a nice guy and they like you. They are doing it because they make a lot of money selling them. They know that the odds are far greater that you will pay more for the warranty than you will ever claim against it. Its like gambling in Vegas....every so often someone does beat the house, but those guys are few and far between and it happens so irregularly that they can afford to take a loss with one guy because the next 15 or 20 make up for it. You're better taking the money you would give them and putting into a savings account. If you have a major repair, use that money to pay for it. But when you don't, you have a little chunk of money sitting there once your car has been traded, sold, stolen, whatever. Those warranties are full of deductibles, disclaimers, exceptions, limitations and every other way they can think of to get out of paying for your claim.

 

[keyandseal]

I agree that they are probably not a good idea at the time of purchase unless you're absolutely sure you'll keep the vehicle longer than the base warranty. And there are so many things that could happen in that time from purchase to base warranty expiration. I decided not to get the one I was offered. In 4 years, I'll probably be looking for one.

 

[tjp74]

Those extended waranties are useless when you really need it. I am sure few people have benifited from it but mostly, the company will come up with every excuse to deny the claim. Most of them require you to have the car regularly serviced per fectory recommended schedule. When it's time to claim for any repair and say you lost one oil change recipt from 4 years ago, you are screwed.

Right now, I would put the $3-4000 in a stock market. It will likely double or tripple in 5 years.

 

[jattea]

the company will come up with every excuse to deny the claim. Most of them require you to have the car regularly serviced per fectory recommended schedule. When it's time to claim for any repair and say you lost one oil change receipt from 4 years ago, you are screwed.

Actually I haven't found this to be true, at least with the Land Rover extended warranty. I bought an extended warranty from Land Rover on my '05 LR3 back in 2005 which extended it to 85,000 miles/7 years. It cost $3,500 at the time, and I used it probably 5 or 6 times between 50,000 and 85,000. They never once argued the charges, even when the repair coverage was questionable. The dealership will go to bat for you since they want the repair income...

That extended warranty was worth it, as it definitely fixed $3,500 in repairs (it adds up quickly). I bought it primarily because the '05 LR3 was a first generation vehicle. I don't plan to buy one on my 2010 LR4 because I have more confidence in the vehicle after five years of improvements.

 

[Kdunc]

Those extended waranties are useless when you really need it. I am sure few people have benifited from it but mostly, the company will come up with every excuse to deny the claim. Most of them require you to have the car regularly serviced per fectory recommended schedule. When it's time to claim for any repair and say you lost one oil change recipt from 4 years ago, you are screwed.

Right now, I would put the $3-4000 in a stock market. It will likely double or tripple in 5 years.

Oh wow I would put all the cash I spent on the LR if it trippled in the market in 5 years WTH? I would also wait on the extedned warantee until your other one comes close to the end- then you might have other options- or might be ready to exchange models by then....just my opinion- also depreciation on my LR3 in 5 years only lost me about 50% same as the market... save the $, and save it as cash

 

[crewcabrob]

Hi,

I didn't buy one at the time of sale. Here are my reasons which may not be aligned with everyone elses.

At the time of the deal we didn't have a lot of extra cash due to other life related issues. The thought of another $3k might have tipped our deal to the point I would have walked away.

I'm not sure we will have the truck that long and I didn't want the money I spent to be wasted. Yes, I know there are ways to get it back and if transferable it would have made the vehicle more appealing to a new buyer. We really weren't sure we needed a truck this big in the first place and we will be empty nesters before the warranty runs up on the truck, I might only need a convertible and not a truck by then.

I was worried that what ever company we got the warranty from might not be around in 5 years. I didn't see who was the administering body for the warranty offered to us.

Now fast forward 3 years and 9 months from now when my truck will be getting close to 4 years old. At that time I will be looking at my needs again. If I plan on keeping the truck for even 1 more year until it is paid off, I will most likely purchase an extended warranty. I will of course base this on my past history with the truck and what I feel the condition is in. I generally don't have an extra $3k sitting around my bank account for very long, (three teenagers will drain money from an account faster than I could have ever imagined). I don't like paying for repair expenses any more than the next guy, but I'm sure 1 or two trips to the dealer will easily make up for the cost of the warranty.

Rob