Are you planning to buy a large appliance? Well, you’re likely to be advised to buy an extended warranty as well. This requires that you pay to cover your item once the manufacturer’s warranty expires. But is it worth it?
There are differing opinions in the debate over whether paying for an extended appliance warranty is worth it or not. A good number of appliance experts suggest you definitely do need to purchase this extended warranty for the larger and more expensive items, on the other hand, some suggest that regular maintenance is more than enough to keep your appliance running efficiently.
Most manufacturer warranties only last for a period ranging from 3 months up to 12 months, depending on the size and cost of the appliance. After that, you are on your own- the manufacturer will claim no responsibility if part of or the whole unit fails to function properly. However, if you had purchased an extended appliance warranty then you can still get your item fixed even after this period.
Most retailers will ask you to purchase the extended warranty at sales time. A few, though, will give you a chance to buy the warranty at any point before the initial manufacturer’s warranty expires. Extended warranties vary in both time and price- some may run for as little as 1 year, while others may extend up to 10 years. The longer the contract, the cheaper it is. But are they a good investment?
A few decades ago, you may not have needed an extended warranty for your large appliances. However, times have changed and most appliances are not built as they used to be 20 or so years ago. Manufacturers are now mainly focusing on the energy efficiency of appliances and as a result, may slightly compromise on quality. This may lead to some parts breaking down easily- and these parts aren’t cheap at all. Most service calls are quite expensive- just one call and you will likely spend a price similar to that of the warranty, if not more. If an appliance costs $800 or more, then you should definitely consider an extended warranty, says one of the appliance technicians.
On The Other Hand, Are Extended Warranties A Waste Of Your Money?
What if you love barbecue and would like to purchase one of the grills queens ny, Such appliances rarely break down and it would not be worth it purchasing an extended warranty for the item. Also, if the extended warranty costs as much as half the original price of the appliance, the deal is probably not good for you. Customers are also cautioned of salespeople with a “sweet tongue.” Salespeople are given a certain percentage commission for every extended warranty they manage to sell. They will, therefore, do anything to sell as many warranties as they possibly can- including scaring the customers by talking about how the unit could break down immediately the manufacturer warranty expires.
Extended warranties, also known as service plans are normally accompanied by fine-print exceptions that the company could use to deny a claim. Appliances also rarely break down during the period after the manufacturer’s warranty expires and the extended warranty is in effect. However, for appliances whose parts or repair services are quite expensive, a service plan may actually be a good idea.