Quote:
Originally Posted by retiredguy123
I would never buy an extended warranty for any product. You will almost always lose money.
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I don't disagree and I normally don't take extended warranties either, but I think about it differently.
Things I have lost money on yet keep paying:
- Car insurance - over 40 years
- Health insurance - over 35 years though I may be getting some of that back now
- Home insurance - over 30 years
- AAA membership - a few years now
- golf cart towing/rescue - a few years now
I pay all those because however unlikely it may be that I have a problem, I would rather pay the premium today than pay the cost out of pocket later. I wouldn't pay for an extended warranty on my wireless router, if I have a problem I'll just replace it with a different brand. I *might* pay for the warranty on a $2,000 refrigerator to avoid paying again to replace it in the next few years.
You almost always lose money on extended warranties but when you don't lose money, when there is a problem, you're really glad you have one.