You are here: Forums Hatchbacks Honda Fit Honda Fit Extended Warranty

Honda Fit Extended Warranty

23 messages,  Last post on Dec 28, 2008 at 9:24 PM

You are in the Honda Fit Forum. Your Host is pf_flyer

What is this discussion about? Honda Fit, Hatchback

Messages Page 3 of 3 1 2 3 Prev Next Last

Go To Msg # Search This Discussion

#21 of 23 Re: Extended Warranty worth it? [protrack] by jacksan1 May 28, 2008 (5:52 pm)
Replying to: protrack (May 28, 2008 5:40 pm) An extended warranty bought when the car is new, especially for a Honda, is in my opinion a total rip-off. Do not forget that you can always purchase an extended warranty later as the manufacturer's warranty runs its course. I would not get one even then, but if you have to have it, that's the time to do it, not when the car is new. Otherwise you will be paying extra for something that is already included in the car's price as a standard warranty (because an extended warranty is concurrent with the standard one until the latter expires).   Frankly, I would rather put away in a money market fund the same amount of money that would otherwise be spent on an extended warranty and let it earn dividends over the years. That way, the money is always yours to use, for a car repair or otherwise.
#22 of 23 Honda Fit Extended Warranties = Money Pit by wisemoney Jun 03, 2008 (7:56 pm)
Honda Care Extended Warranties are the worst products ever created. You will only lose money long term by buying such a financially stupid product. Long-term reliability is the number one factor and decision maker in buying a new car. Therefore when you choose a reliable car like most Hondas are, you're saying that your Honda is going to break down, and repairs will cost more than the overpriced cost of the extended warranty, within the short time frame, and within the short mileage limits, and most importantly within the extremely limited parts that are covered. If a Japanese Honda mechanic read the entire Honda care vehicle service contract, he or she would say that the covered parts are LEAST likely to breakdown, and the parts that are NOT covered are MOST likely to break down. It is so so so sad, that consumers can be so stupid to throw away their money and buy an extended warranty on a Honda Fit for example. A Honda Fit is by far the most reliable car in Japan, and quite possibly the most reliable car ever made. Why would anyone bet on a breakdown in just after 3 years of proper care. I've never heard of that in any well maintained Honda.   Extended Warranties are NOT insurance policies. Insurance is meant to protect against catastrophic events. Of course I have collision coverage at a very low cost because it protects against catastrophic accidents costing over $15,000 or more. Same with homeowner's insurance. It protects against total loss of a home which typically costs more than $200,000. I would suffer a devastating financial set back without insurance. Same goes for health insurance. Health insurance protects against catastrophic operations and costly disease management. We're talking millions of dollars of potential financial destruction. On the other hand, the worst that could happen with a car is the engine totally breaks down as far as warranty coverage goes. That's not more than $5,000 on most cars. The bottom line is if your repair costs more than the value of the car after the factory warranty expires, trash the vehicle and buy a new one because it's not worth keeping a problematic vehicle past its factory warranty. Put that $2000 you would have spent on an extended warranty in a high-yield savings account, and compound interest until the factory warranty expires. Now you have TRUE PEACE OF MIND because you know your money will cover ANY part at ANY time at ANY mileage. Replies to this message: absconfused (Dec 28, 2008 9:24 pm)
#23 of 23 Re: Honda Fit Extended Warranties = Money Pit [wisemoney] by absconfused Dec 28, 2008 (9:24 pm)
Replying to: wisemoney (Jun 03, 2008 7:56 pm) I just got an 09 FIT SPORT and was thinking of picking up an online warranty but now after reading your post, I think you have made some very persuasive points...It is evident that you have looked at the warranty very closely.   Just as a bit of commentary, years ago I got hit with the warranty sales pitch at a Mazda dealership and purchased the warranty.   Since then though, I have purchased two Hondas (the 07 fit was totaled) and both times I told the finance person that I had determined that I was not purchasing a warranty and that I did not need gap insurance due to cash purchase and therefore this simple transaction should take no more than ten minutes...They looked shocked and most recently the fellow said that Honda recommends one hour in the office   But anyway, I have found that being politely assertive has prevented the finance people from starting up their pitch. They still in a quick roundabout way make a fast comment since it is their job but I have been pleased to be back in the drivers seat so to speak because I will never forget that hot room in the Mazda dealership where I felt so unprepared, so confused etc...It was a terrible feeling, I did not really know what hit me but that's what gives us great experience!   Thanks!

Messages Page 3 of 3 1 2 3 Prev Next Last

Go To Msg # Search This Discussion

You are here: Forums Hatchbacks Honda Fit Honda Fit Extended Warranty