5 yr extended warrenty on new TT

[quickrod66]

I am sure this question has been asked before, but here goes again , will p/u the new TT in a week due to work schedule,and plan on doing a thorough PDI, dealer mentioned getting a 5 yr. extended warranty on the new rig. I have mixed feelings about it , but then again hear the horror stories about stuff going sour after a year.It will be another $1400.00, I know they make good money off them,but if it needs repair I cannot do, these guys at the dealers get $100.00 an hour.

[quickrod66]

Every one has some good points,it is a $22,000.00 outlay of money. We have savings for vehicles and other forseen things. but would like to keep that expendure at a miminum. I tell my wife if it is mechanical
sooner or later it will need repair. The unknow is what's comming first sooner or later. I have read the fine print, made some notes and got all my questions ready for when we go to pick it up and do inspection and sign final papers. The answers I get will determine which way I go.

[Go_Dogs]

ReferDog wrote:
Try getting you money back after a couple of yrs, still waiting 6 weeks. Will be calling on Mon, funny it was just a pen stroke to get it. A waste of money, when need it didn't fit the conditions, remember they don't pay travel time.

That's why it's important to read what you are signing, and note how far from the dealer you are.

[ReferDog]

Try getting you money back after a couple of yrs, still waiting 6 weeks. Will be calling on Mon, funny it was just a pen stroke to get it. A waste of money, when need it didn't fit the conditions, remember they don't pay travel time.

[jmtandem]

5 years? what would the payments be over 10-12 years? what is the average length of a motorhome purchase financing now days? the increase in payment is more like $10-11. like I said, in 28 months he would have diddly squat to pay for that refrigerator. but yes, if you can afford to do it, self insure, if not and if a bad refrigerator, etc. will put you out of commission for a summer, then perhaps a person should go that $10. in fact if they cut down on full body paint which seems to be an obsession here, they can save $6,000.
bumpy

Bumpy,

You make a valid point. Not mentioned so far is the price paid for the coach the OP is looking at purchasing an extended warranty on. $1400 is a lot to me for a $25,000 coach. It is almost nothing for a $100,000 Airstream trailer. One good leak and the floor gets ruined and the Airstream goes back to the factory for repairs and the $1400 is not even a down payment on the fix. But, again, it is a gamble and I guess it depends on how lucky the OP thinks he/she is. The more expensive the coach, the less I would be willing to take a gamble. The less expensive the coach, the more willing I would be to take that gamble.

[Bumpyroad]

" If the OP does not have $500 for a new AC, I would argue that they have no business having any kind of recreational vehicle, be it a boat, rv, atv or what have you. "

perhaps they of course have the $500 but it would stretch things to come up with it immediately. perhaps feeding the baby comes first?
bumpy

[Go_Dogs]

If you read this forum, lot's of people have leaks, slide problems, and mystery electrical problems-to name a few. Now, it would be nice, if everyone could pay cash for their RV, and had a big bank account for repairs. Most of us do not. A few bucks a month for a good extended warranty is not a gamble, to me, it makes sense.
The way they slap these RV's together, using the cheapest components they can get-I think you would be in the minority if you don't have a problem after the 'generous' 1 or 2 year manufacturer's warranty runs out.

[Bumpyroad]

moparmaga2 wrote:

Bumpyroad wrote:
" I would pocket the $1400 and keep it around for repairs should you need something."

that would be true if he was paying cash for the TT and warranty. I assume he is not doing so. now if he puts that extra 10$ or whatever a month into an emergency savings plan at 0.02% interest and something goes horribly wrong at 28 months he will have a grand sum of $290 to buy that $1000 refrigerator or $500 AC.
bumpy

If the OP does not have $500 for a new AC, I would argue that they have no business having any kind of recreational vehicle, be it a boat, rv, atv or what have you.

Also, $1500 financed over 5 years is $25 a month not counting the interest you are paying every month by financing the additional $1500.
So if the OP put the $25 a month into a saving account, he would have $700, and could easily pay for his air conditioner, and almost pay for his new fridge. If nothing goes wrong at month 28, The OP just hit the jackpot for $700!!!

Humans are definitely an interesting breed. When a human goes to a casino, he or she thinks that they will be the lucky one, no matter the odds against them. But in an extended warranty, Humans think they will be the UNLUCKY one, even though the odds are that nothing will go wrong.

In both situations, it is statistically proven that keeping ones money in ones pocket is the choice that has a greater rate of return.

Several sayings come to mind here, but the most encompassing one would be "The rich get richer, and the poor get poorer." America is a great country, and an individual can choose which he or she wants to do with their money.

Amazing when you think about it.

5 years? what would the payments be over 10-12 years? what is the average length of a motorhome purchase financing now days? the increase in payment is more like $10-11. like I said, in 28 months he would have diddly squat to pay for that refrigerator. but yes, if you can afford to do it, self insure, if not and if a bad refrigerator, etc. will put you out of commission for a summer, then perhaps a person should go that $10. in fact if they cut down on full body paint which seems to be an obsession here, they can save $6,000.
bumpy

[mayo30]

Buy extended warranties on the appliances and furnace if you think you need it and don't add it to a finance package or your house mortgage.

[moparmaga2]

Bumpyroad wrote:
" I would pocket the $1400 and keep it around for repairs should you need something."

that would be true if he was paying cash for the TT and warranty. I assume he is not doing so. now if he puts that extra 10$ or whatever a month into an emergency savings plan at 0.02% interest and something goes horribly wrong at 28 months he will have a grand sum of $290 to buy that $1000 refrigerator or $500 AC.
bumpy

If the OP does not have $500 for a new AC, I would argue that they have no business having any kind of recreational vehicle, be it a boat, rv, atv or what have you.

Also, $1500 financed over 5 years is $25 a month not counting the interest you are paying every month by financing the additional $1500.
So if the OP put the $25 a month into a saving account, he would have $700, and could easily pay for his air conditioner, and almost pay for his new fridge. If nothing goes wrong at month 28, The OP just hit the jackpot for $700!!!

Humans are definitely an interesting breed. When a human goes to a casino, he or she thinks that they will be the lucky one, no matter the odds against them. But in an extended warranty, Humans think they will be the UNLUCKY one, even though the odds are that nothing will go wrong.

In both situations, it is statistically proven that keeping ones money in ones pocket is the choice that has a greater rate of return.

Several sayings come to mind here, but the most encompassing one would be "The rich get richer, and the poor get poorer." America is a great country, and an individual can choose which he or she wants to do with their money.

Amazing when you think about it.

[B_O__Plenty]

Look at what it doesn't cover vs what it does cover...Many of these companies disappear taking your money with them..Know who they are and how long they've been around. Check them out with your computer don't just take some salesperson's word that they're good..when it's all done put the money back in your wallet. I don't think you will find it's a good deal..

B.O.

[jmtandem]

the OP, as far as I can tell, does not have that $1400 in his pocket and is not paying cash for this purchase. as was stated, it will be a couple of bucks a month for buying peace of mind. how is the OP set financially if an expensive repair pops up?
bumpy

Bumpy,

You are sharing the other side of coin. If something goes wrong in a big way the warranty would have been a good thing. But the gamble is IF and not WHEN something goes wrong. I think the $1400 cash or payments per month would not be in my best interest since the factory warranty covers the first year or so and the five years also covers the first year when the factory warranty is also in force. It sort of is double coverage as it runs concurrently.

To start with a better coach get rid of the OEM tires before taking possession and that should be some good peace of mind and a warranty against damage in itself. Of course, nothing is said about insurance on the coach and tire damage would/should be covered by insurance not warranty but that is a different debate for another day. The extended warranty is about problems, not damage, to the coach and the most likely would be the refer crapping out.

There is absolutly nothing wrong with your assessment; it is all about a gamble and I would be willing to take the gamble and pocket the $1400 either in cash or in slightly less payments.

Some have said to be sure the warranty covers what you want covered, some manufacturers like to think they only make the coach and not the items and applicances in it. That makes it a little hazy if the coach manufacturer asks the customer to contact the applicance manufacturer for relief if the probem is with an appliance. Clearly RV's are not cars where the dealer fixes what is wrong under warranty regardless if is was provided by a supplier.

If the coach manufacturer stipulates that the roof should be re-sealed every year and the customer does not do that and it leaks, then does the warranty apply? Lots of loop holes or potential loop holes to consider.

[Bumpyroad]

" I would pocket the $1400 and keep it around for repairs should you need something."

that would be true if he was paying cash for the TT and warranty. I assume he is not doing so. now if he puts that extra 10$ or whatever a month into an emergency savings plan at 0.02% interest and something goes horribly wrong at 28 months he will have a grand sum of $290 to buy that $1000 refrigerator or $500 AC.
bumpy

[Mvander]

Extended warranty!!!! How can i lose?
-Homer Simpson-

[Dtaylor]

Read carefully so you know EXACTLY what is and is not covered. DO NOT rely on what they tell you is covered. You do not want to have a problem, think it is covered, only to find out its not