[superdave]

Ordered a 2023 True North edition at end of October. The sales has advised it has arrived today. I have been thinking whether I should purchase the extended warranty from the dealer. What are your thoughts?
When I purchased the 2015 Traverse and Equinox I bought the extended warranty for both but never have to use it. They are not cheap about $2,500 each which translated $5,000 down the drain.

 

[cintocrunch]

I think any financial advisory type of advice you find will tell you it is not worth it. But all it takes is one lemon to make it worth its weight in gold.

Personally I've never purchased one, my dad has bought two and never used either. I might consider one on my next vehicle since my commute is very short now 10 years worth of peace of mind could be worth it.

I will say, people got along just fine without them, and they certainly weren't created to protect consumers and help keep more money in their pockets.

 

[repairman54]

Usually, you can get a warranty later on with a good price before the 3/36 expiration date. I would inquire on that while closing the deal. It's an option if yours is problematic during the 3/36.
My '16 Equinox was a CPO, no issues. No issues with my '20 so far, it will be 3 in June. 27k on it now.

 

[rbarrios]

Put that money in your bank acct.
And dont touch it
Your own little insurance.

 

[superdave]

Good advices. I will check with the dealership to see what kind of deal they can come up with towards the end of the 3/36 if they have any. I know they are really good at taking our money. I think I experienced once that a seal was leaking. The warranty kicks in only for the seal, I had to pay the deductible and labor to get to the seal. This is why I didn't want the high country trim when ordering the new one, it has way too much gadgets that can go wrong. They even have powered rear seatback fold down. I am old but still able to pull the straps to lower the seatback and don't need the BCM to help.

 

[greentraverse]

IMHO:

Usually extended warranties are considered to be not worth it, on average.

An extended warranty is basically "insurance."

Smart insurance is something you buy to protect you from a catastrophic loss, say your house or your entire car, that you would be hard-pressed to cover yourself.

Not so smart insurance is for something that you COULD cover yourself if you needed to, but instead you chose to give $$ to someone else on the off chance you might need it. (Why do you think they push extended warranties so hard? Because they're money makers.)


OTH, there are others who swear by it. Perhaps it helps them sleep at night.

You have to decide yourself.

 

[superdave]

IMHO:

Usually extended warranties are considered to be not worth it, on average.

An extended warranty is basically "insurance."

Smart insurance is something you buy to protect you from a catastrophic loss, say your house or your entire car, that you would be hard-pressed to cover yourself.

Not so smart insurance is for something that you COULD cover yourself if you needed to, but instead you chose to give $$ to someone else on the off chance you might need it. (Why do you think they push extended warranties so hard? Because they're money makers.)


OTH, there are others who swear by it. Perhaps it helps them sleep at night.

You have to decide yourself.

If the vehicle unfortunately needs a major repair job then I will pat myself on the back for a good decision made on an extended warranty. Again, they are not necessary cover 100% of the repair, I still have to cough out some dough to feed their greed. The reason I purchased the extended warranty for the Traverse and Equinox in 2015 because they came with many electronic gadgets. The most luxury vehicles I had before them only had power seats and CD player. Both 2015 vehicles still running 'good' with no major issues (yet), this is why I am hesitant on getting the extended warranty. My experience tells me that if something going to break it should be in the first year of ownership. If I put the premium in a fixed deposit and earn 4.5%. It will grow to over $3,000 in seven years. I think I need to persuade my wife to forgo the extended warranty. Hope the new vehicle won't suffer catastrophe failure otherwise someone going to say "I told you so..." 🥴

 

[repairman54]

I did not do an extended on mine as it has gone through a few model years. First and second years of a new model then yes get it if owning for a few years IMO.

 

[Plymouthcranbrook]

I only ever bought one in 2002 and only used about half of it. I was surprised when I bough my used 2016 Traverse in 2020 how many different entities tried to sell me one. The dealer, the lender, and the insurance co. High pressure from the lender especially. A credit union!

 

[superdave]

I only ever bought one in 2002 and only used about half of it. I was surprised when I bough my used 2016 Traverse in 2020 how many different entities tried to sell me one. The dealer, the lender, and the insurance co. High pressure from the lender especially. A credit union!

That means you are hot 😊 At least you have a lot of options to choose from.

Got an invoice from dealership's finance today. My order clearly noted that subject to viewing and he sent the invoice already. Also added $399 for keyfob. Don't understand why! When I bought the vehicles in 2015 they wanted me to etch serial numbers on fenders and doors, their insurance for keyfob replacement in case of lost. I was ready to walk out the door, and the salesman smoothed out the situation. They are trying to pull that stunt again. The situation is different because of the shortage... I am hoping for the best when I confront them in the next couple of days.

 

[ipb]

Extended warranty is how much coverage?

 

[Plymouthcranbrook]

That means you are hot 😊 At least you have a lot of options to choose from.

Got an invoice from dealership's finance today. My order clearly noted that subject to viewing and he sent the invoice already. Also added $399 for keyfob. Don't understand why! When I bought the vehicles in 2015 they wanted me to etch serial numbers on fenders and doors, their insurance for keyfob replacement in case of lost. I was ready to walk out the door, and the salesman smoothed out the situation. They are trying to pull that stunt again. The situation is different because of the shortage... I am hoping for the best when I confront them in the next couple of days.

I didn't buy any of them. And nothing has gone wrong yet.

 

[davemcsjr]

I purchased an extended warranty on both my used 2012 Traverse and a used 2014 Ford Escape. Both paid for themselves over the life of their coverage. The policy on the Traverse paid for a replacement steering rack, AC repairs and a reseal of the timing chain cover. The Escape policy paid for a NEW Ford transmission as well as a number of smaller repairs over the three years.
I know you are talking about a new car purchase but I'm just throwing my used car experience out their for consideration.

 

[superdave]

I purchased an extended warranty on both my used 2012 Traverse and a used 2014 Ford Escape. Both paid for themselves over the life of their coverage. The policy on the Traverse paid for a replacement steering rack, AC repairs and a reseal of the timing chain cover. The Escape policy paid for a NEW Ford transmission as well as a number of smaller repairs over the three years.
I know you are talking about a new car purchase but I'm just throwing my used car experience out their for consideration.

Thanks @davemcsjr , points taken. It is a gamble when buying extended warranty. My experience with that on a new vehicle is a mixed feeling. I purchased ten new vehicles in 36 years and they all bought with extended warranty. I only use the extended warranty once to replace a camshaft in a Chev Astro van in 1985. It is an insurance not an investment. If the vehicle turns out against my luck, then I smack myself for not buying the insurance on the other hand I will pat myself on the back for saving the money. A 50/50... so far my wife and I are against buying the extended warranty. Same for the undercoating, they didn't help at all. We got undercoating for free when buying new vehicle from the dealership, but not this time. I had to write off my 09 Torrent because the frame rusted and I am forced to buy this 2023 Traverse before I am ready for a new vehicle in my family!

 

[dougtenney1000]

Put that money in your bank acct.
And dont touch it
Your own little insurance.

I'll second that motion.

 

[steadyroller24]

Ordered a 2023 True North edition at end of October. The sales has advised it has arrived today. I have been thinking whether I should purchase the extended warranty from the dealer. What are your thoughts? When I purchased the 2015 Traverse and Equinox I bought the extended warranty for both but never have to use it. They are not cheap about $2,500 each which translated $5,000 down the drain.

It’s always a crap shoot when buying an extended warranty. $2,500 when new beats around $5,000 just before the factory one is set to expire. I have a 2016 2LT Traverse and had the dreaded rear AC coil go bad. GM knows it’s an issue but as the dealership says it’s convenience not safety so GM will not do anything to help you, Cost me $3,500 to repair

 

[superdave]

I'll second that motion.

Picked up the 2023 Traverse today and didn't get the extended warranty. I just hope it is as good as the other GM vehicles I have.

 

[greentraverse]

It’s always a crap shoot when buying an extended warranty. $2,500 when new beats around $5,000 just before the factory one is set to expire. I have a 2016 2LT Traverse and had the dreaded rear AC coil go bad. GM knows it’s an issue but as the dealership says it’s convenience not safety so GM will not do anything to help you, Cost me $3,500 to repair

WOW! They saw you coming. Mine only cost me about half that 6 months ago.

 

[g8a550]

Thanks @davemcsjr , points taken. It is a gamble when buying extended warranty. My experience with that on a new vehicle is a mixed feeling. I purchased ten new vehicles in 36 years and they all bought with extended warranty. I only use the extended warranty once to replace a camshaft in a Chev Astro van in 1985. It is an insurance not an investment. If the vehicle turns out against my luck, then I smack myself for not buying the insurance on the other hand I will pat myself on the back for saving the money. A 50/50... so far my wife and I are against buying the extended warranty. Same for the undercoating, they didn't help at all. We got undercoating for free when buying new vehicle from the dealership, but not this time. I had to write off my 09 Torrent because the frame rusted and I am forced to buy this 2023 Traverse before I am ready for a new vehicle in my family!

If I understand you correctly, you have bought ten new vehicles all with extended warranties. You used the extended warranty on only one of those vehicles. That's 10% usage. I believe you answered your own question right there.

FWIW, extended warranties (not just for cars) are all money makers for those selling the coverage. Like someone stated earlier, why do you think they push them so hard?

 

[Kaguirre]

Ordered a 2023 True North edition at end of October. The sales has advised it has arrived today. I have been thinking whether I should purchase the extended warranty from the dealer. What are your thoughts? When I purchased the 2015 Traverse and Equinox I bought the extended warranty for both but never have to use it. They are not cheap about $2,500 each which translated $5,000 down the drain.

I have an 18 traverse and lucky i did buy the extended cause its always in the shop. From oil Consumption to electronic issues From transmission shuttering the list can go on.