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Smart Shopper Honda Extended Warranties Pricing and Info
3111 messages, Last post on Dec 02, 2009 at 12:58 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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The new car price paid forum is extremely helpful but this forum here is a little heated. Buying or denying the EW doesn't make one wiser than the other. Buying a new car is not a wise decision after all. A wiser move would be to buy a 3-4 years old low mileage used car and let the first owner suffer the depreciation. Most people did not study finance, so they just call it a good return if they feel they get their money worth. Of course no one expect to sell the EW and make money out of it so there is no return. People don't come here to learn finance so please skip the fancy finance terms. Just present the facts that are relevant and let the potential buyers decide. I drive about 20k a year and I paid $715 for 120,000 6yr coverage ($100 deductible). New car warranty will die in about a year and half and I intend to keep it longer. I have owned different Honda for abut 15 years and the reliablity has been perfect, and I never bought EW for my previous Honda. Buying a German car without EW is suicidal unless you get rid of it before factory warranty expires. In case of Honda, the importance of EW is somewhat less significant. However, all newer cars come with more and more electronic and electrical gadgets. The more of these gadgets installed, the more things that can go wrong. Many of these gadgets are connected to the central computer so if any of these gadgets malfunctions, the computer chip may give you problems. The more advanced the car, the more complicate to repair and the more costly to repair. Dealer's technicians work on it everyday so it is less likely that they overlook something. I can afford $20/mon to cover the last 3 years and I am 99.9% sure that I won't use it. To some it may be a rip off, but I am being ripped off much more by oil companies, insurance, utilites, etc. daily so I am used to it. For those advise against EW, if my car breaks at 36001 miles and beyond, are you going to eat the bill? I don't think so. It is my money, I decide how to best use it. I have a Rolex. Is that a waste of money? Because I carry a cell phone and it tells time. I thank this forum for informing me about on-line EW dealer and I did purchase from one of them. I hope my message will help any potentail buyer to decide. BTY, those advised putting money into a CD FAILED to mention that there is inflation and uncle Sam. At the end of the day, I am not sure if purchasing power is maintained.
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Replying to: sigp226 (Aug 28, 2008 2:41 pm) If my car breaks at 36,001 miles, I'll gladly pay for the repair, and not a stupid warranty company. That is the risk that I took when I bought the car. If I did have an EW, most likely it won't cover the repair. Even if it does, most likely it won't be more than the EW cost. Therefore, you win no matter what happens by not buying the EW. If your car is so unreliable that the LIMITED COVERED PARTS break down more than the cost of the EW, then I'll suffer the consequences for buying such a horrible car. |
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Replying to: mattgg1 (Aug 28, 2008 8:15 am) Some people will have positive returns and some people will not. Regardless, my original statement was entirely correct that if you get a better price when you buy it you will get a higher return. I have given examples of this as well. If at this point, you do not understand it, by all means, take a business course at your local community college so that they can instruct you on the appropriate calculations. Even at the best price of $460, buyers are still very unlikely to "get their money's worth". You state that because you have a very narrow definition for "money's worth" meaning only the money paid out by Honda Care for repairs. In regards to Honda Care, my definition of the phrase includes the following: 1) Direct payments by Honda Care for repairs to my vehicle. 2) Any roadside assistance paid by Honda Care during the term of my contract. 3) Any car rental paid by Honda Care during the term of my contract. 4) The value of Honda Care assuming the risks for repair costs which I would no longer be responsible for during the term of my contract. I have determined that 1-4 added up, I do get my money's worth, have gotten my money's worth in the past and will continue to get my money's worth in the future. As I have previously stated, this determination of value is dependent on an individual's personal evaluation and is not the same for every person. You are trying to convince everyone that your evaluation is the evaluation that everyone should make. That is not the case. At this point, I see you are just arguing semantics and I have been very clear and will not continue discussing these points with you at this time.
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Replying to: jet10000 (Aug 28, 2008 3:55 pm) This is absolutely correct if you're talking about the most reliable cars. I'm willing to bet that my Honda Fit won't have a single breakdown during the EW period. And 99% of the time I guarantee you that I'm correct. This is the reason why an EW is not worth a single penny to me. The 8 year 120,000 miles 0 deductible HC EW is NOT WORTH a SINGLE PENNY because I don't bet on unlikely breakdowns. I bet on reliability. |
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Come on guys, this forum is supposed to focus on the Honda warranty, take the debate on the merits of EW's in general somewhere else!
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Replying to: poodog13 (Aug 29, 2008 7:29 am) tidester, host SUVs and Smart Shopper
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Replying to: tidester (Aug 29, 2008 9:21 am) I get embarrased for some of you guys who keep prattling on. The internet is a wonderful thing, but it has really taken a toll on decency, humility, and tolerance. Thanks to all those providing information on their HC EW experiences (once), pricing, and the state of internet sales. I'm not sold on the EW, but I appreciate the helpful posts.
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Replying to: mkielm (Aug 29, 2008 12:02 pm) Our Automotive News & Views section would be a good place to raise the issue. tidester, host SUVs and Smart Shopper
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Replying to: tidester (Aug 29, 2008 8:03 pm) Our Automotive News & Views section would be a good place to raise the issue. tidester, host SUVs and Smart Shopper Let me be more specific - sorry about that. Where do things stand with the trial that Honda removed to Federal Court trying to stop the internet sellers of Honda Care Extended Warranty from selling to customers outside their states? This issue and trial have been extremely important and relevant to those of us reviewing this forum who are interested in purchasing an HCEW at the very reduced rates provided by dealerships such as Saccucci Honda. Thanks
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Replying to: mkielm (Aug 30, 2008 7:25 am) I agree. My earlier comment was directed toward the protracted debate on whether one should or should not buy an EW which, of course, isn't the topic here. Thanks for the clarification. tidester, host SUVs and Smart Shopper |
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