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Extended warranty...keep it or get a refund

naomi shambles
naomi shambles Members Posts: 150 ✭✭
I purchased a certified 2010 hyundai elantra.It had 18,000 miles on it. I am not the original owner so I didn't get the 100,000 mile powertrain waranty transferred to me but I did get the 5 year 60,000 mile warranty. The dealer talked me into buying an extended warranty with Mastertech. There most comprehensive one called Ultra. Anyway 2 years later I've never used the extended warranty and have refinanced my loan with my credit union. I get a prorated refund for the gap insurance on the original loan but I have the option of either keeping the extended warranty or canceling it and getting a prorated refund. The original price for the extended warranty was 2200. If I was to cancel it today the prorated refund would be 1500. Should I keep the warranty. It is for 5 years or until I reach 100,000 miles whichever comes first. I am reading that people are having a hard time getting repairs covered by third party extended warranties. It was my first car and I let the dealer talk me into feeling I needed it to protect my investment. Hyundai has their own factory back extended warranty(Hyundai Protection Plan) which he didn't mention and I didn't know about at the time and it is much cheaper than Mastertech. So far the car has been very reliable I take it in for its oil changes and maintenance. I have had no mechanical issues.It has 49000 miles on it now.This was my first car purchase so I am trying to learn from the mistakes I made.

Comments

  • aneed123
    aneed123 Members Posts: 23,763 ✭✭✭✭✭
    I got the extended warranty when I got my car. i pay a 100 deductable and everything is covered for the specified time/milage. I say keep it cuz u never know when a engine or transmission is gonna go out and that about $3000...... its just like insurance and u wont know til u really need it and the benefit ofhaving the warranty outweighs the 1500 u nay save. how many miles do u put on ur car? 🤬 like radiator, waterpump, rotors etc are expensive
  • Cinco
    Cinco Real Nigga Minerals Guests, Members, Writer, Content Producer Posts: 5,097 ✭✭✭✭✭
    How long do you plan on keeping the car? If it's a couple more years,

    I'd just lean on the factory warranty, and get my $ back. Since the car seems to be in good shape as it is now.
    From my experience, the third party warranties always try to squirm out of covering things.
  • DarcSkies
    DarcSkies TRUST IN ALLAH BUT TIE UP YOUR CAMEL Members Posts: 13,791 ✭✭✭✭✭
    This reads like a long ass word problem. Im having Algebra 2 flashbacks in this damn thread.

    Anyway, I think you should get your money back. If something goes wrong then it's a Honda so it wont be THAT expensive to fix. And as @b00kie said if you do need the warranty im sure it will be a way they get out of actually doing anything anyway...

    "Oh this is a manufacture problem you'll have to..blah blah blah 🤬 🤬 🤬 *
  • t_m_a_c_f_a_n73088
    t_m_a_c_f_a_n73088 Members Posts: 8,758 ✭✭✭✭✭
    b00kie wrote: »
    How long do you plan on keeping the car? If it's a couple more years,

    I'd just lean on the factory warranty, and get my $ back. Since the car seems to be in good shape as it is now.
    From my experience, the third party warranties always try to squirm out of covering things.

    True story. If you want to extend it talk them down. They make money off that 🤬 , you can always get them for less then they are offering
  • aneed123
    aneed123 Members Posts: 23,763 ✭✭✭✭✭
    I hear u but my seat broke and it woulda cost me 1200 extended warranty paid for it and I just Paid 100 deductable
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