Should I but and extending Warranty for my 2004 slk 320 My 2004 has 91,000 miles 3 years 225,000 miles which comes first.
109.00 a month for 36 months with 100.00 deduction What do members think on this?
Jbanks is correct. Put the money in the bank. You are putting up almost $4,000 on a bet that you will have a repair equal or greater than $4,000. The odds is their favor. You have the short end of the stick. But if you want peace of mind than spend the $4,000 as the odds that is what you are doing. Read the fine print as many items will not be covered and you will still be paying out money and if they do pay is it 100% or is there a deductible? Then what do you do at the end of three years, pay another $4,000 or more for another 3 years?
These "warranty" companies are actually selling an insurance policy with a lot of restrictions on how you are reimbursed for your coverage. And if the company goes bankrupt or out of business you have zero recourse and will lose all your money. Better to put what you would pay in premiums in an account and leave it alone. Otherwise you are just paying some private equity company's CEO's golden parachute >
36 months 109.00 a month no interest.... or 250,000 miles what every come first...100.00 co-pay...and after reading some of the do's and don't and small print.. I think you maybe right....saving the money..and find a interdependent person to work on if any thing come a long...
I had a 3rd party "extended warranty" on my 2004 SL500, purchased in 2012. Because MB is so specialized, they didnt cover 25% of the repairs. MB dealerships wouldnt honor it at all. I would go with the above suggestions.
And yes, I take my cars into an independent shop in No Va. The team is great, saves me at least 25% compared to a MB dealership repair.
I, too, was tempted by the extended warranty hype years ago, as the perceived security/peace of mind is powerful; I'm glad I decided to save up the cash instead. This same (maintenance "free") philosophy is shared by those that endlessly lease their vehicles, to their own financial loss. In short, don't do eeet!
As others have correctly recommended, save the cash in a savings/money market account and pull from it when necessary. The odds are in the favor of those offering the warranty, which should give you some piece of mind.
Maintain regular maintenance with an independent shop (or by yourself), keep good records, and enjoy your vehicle.