After 5 years, is it worth it to puchase a service warranty on major appliances?

Question

I have had a service warranty policy on my washer, dryer, stove for the past 5 years. While it gets a little more expensive each year to renewal, this is the first time the renewal fee had dramatically doubled as opposed to just a few dollars increase from the previous year (it will cost about $100 to warranty each appliance for one year). Does anyone know if an appliance is worth paying for the warranty after 5 years, or would it make more sense just to go without one and get a new appliance when and if it does break? I appreciate any suggestions.

Answer 1

you need to buy the extended warranty but not at that price. Call the company complain about the price. Tell them to take that price and shove it. Negotiate the price with the manager. Those company's assume if you never complain they can just charge anything they want. It is no wonder they want so much money because todays appliances are c**p anyway.

Answer 2

It is not worth it unless you know that your appliance has a problem.

Answer 3

if it is a maytag yes. save your money and get something besides a maytag. i never had much luck with them, they only lasted 6mos to a year . i would buy a LG.

Answer 4

It depends on what the appliance is but normally I would say no it does not pay to get the annual warranty ,,,,You'd realize this the first time you needed to have it serviced because more than likely the cost of repair would only amount to a few dollars for the maker to repair it   ,,,, They are pricing themselves right out of business with the cost of the additional warranty ,,,, I think the sensible thing to do where this is concerned is to just let the warranty drop and use that $100 you'd spend on annual warranties towards the purchase of a new appliance and start fresh with the new appliance and a new warranty ,,,,

Besides the initial cost for the appliance they are making allot of money with the high cost of renewal and not having to do much if anything to earn it ,,,, I have a refrigerator (Frigidaire) that's 11 years old now and have never had a problem with it  ,,,,It's more than paid for itself ,,,, If something went wrong with it now it may or may not cost more than it's worth to fix it after 11years but thats the gamble both the purchaser and maker take but the odds are in the makers favor ,,,, I let the warranty expire on it and so far I'm the one ahead ,,,,

Where the refrigerator is concerned at $100 a year I'd be out $600 dollars so far for no reason and they'd be $600 ahead ,,,, That's half or better the cost for a new refrigerator ,,,,They make a good produce that they know is going to out last the 5 year warranty and ask a pretty penny for it initially ,,,, Then they look forward to the money they are going to possibly make with the additional warranties they offer after the first 5 years ,,,,

If you did need to have something repaired after the warranty expires it would only cost the maker a few dollars to repair it but you'd still be out the $100 and by then the appliance would be old enough that it wouldn't be worth the effort and you'd be better off replacing it anyway ,,,,As I said it's a gamble for the consumer and the maker but the odds are in favor of the maker ,,,, Save the money it would take for renewal ,,,, The longer the appliance lasts after the first 5 years the further ahead you are ,,,,   //

Answer 5

If you were in the UK I'd say definitely no to renewing the warranty.

Consumer law here states that the parts (other than consumables) need to be working well for up to 7 years or you are entitled to apply for a partial refund on the appliance (Worked out pro-rata on how many years use you got out of it).

When I buy electrical items if they are large I get reconditioned ones with a 1 year guarantee - half the price usually of a brand new one.

I never, ever buy the warranties - as they are rarely worth the money.

Hope that helps.