Extended warranties on washer & dryer?

[Tiger926]

Guess you aren't really reading my posts - actually I'm not stuck back 45 years ago, we update our appliances usually about every 10 yrs. or so no matter how good they're performing for the energy savings and updated lines. Our new appliances are performing as good as any. We, too, do our research and just like your hubby hears, and is told, things by repair/salesmen, etc. so do we. Your mind is made up because of what your hubby is told, and so is ours made up by what we are told, also experience. I'll not post anymore to your posts on this thread, it's going nowhere fast. This is beyond what the OP asked for anyway and has been side tracked. Enjoy all your *insider* knowledge, and we'll continue with what has been proven to work for us.

OP, I wish you the best decision on the warranty issue based on your own feelings/needs.

Ummm...ok then...

Good luck OP in your extended warranty research.

Tiger

 

[Lewisc]

Tiger926 keep drinking the kool-aid.

You say extended warranties are prevalent because circuit boards break. Last time I saw statistics less then half of consumers purchase one. The issues is retailers, who make little profit on the item, are making salespeople push the profitable warranties.

You bring up an example of your Bosh dishwasher. The unit comes with a manufacturers warranty, parts and labor, for an entire year. Circuit boards are covered for 5 years (parts). Intelligent consumers listen to publications like Consumers Reports and just say no.

You talked about appliances lasting 25 years. Why don't you price out an extended warranty for years 11-25? See what the warranty company wants to charge you after 5 years, assuming they'll even cover the item.

I'll give you an exception. You decide to buy an item which is know to be less then reliable. You buy it because it best fits the space, has some feature you can't live without or because you want to be the first on block to buy a XXXXX TV set. A new type of TV set, big screen but without a track record.

Mass production doesn't mean lower quality. Using plastic parts instead of metal parts might.

Computer program in a circuit board? If the problem is with the software it will affect every item and will led to a recall.

I'll concede the computerization means your local repairman might not be able to repair the unit. The cost to replace a circuit board isn't cheap. Fortunately the better manufactures extend the warranty for those parts so consumers don't have to purchase an extended warranty.

Some credit cards double the mfg warranty. They can do that because a unit which doesn't break during the warranty period is unlikely to break in the second year.

 

[ssawka]

Tiger926 keep drinking the kool-aid.

You say extended warranties are prevalent because circuit boards break. Last time I saw statistics less then half of consumers purchase one. The issues is retailers, who make little profit on the item, are making salespeople push the profitable warranties.

You bring up an example of your Bosh dishwasher. The unit comes with a manufacturers warranty, parts and labor, for an entire year. Circuit boards are covered for 5 years (parts). Intelligent consumers listen to publications like Consumers Reports and just say no.

You talked about appliances lasting 25 years. Why don't you price out an extended warranty for years 11-25? See what the warranty company wants to charge you after 5 years, assuming they'll even cover the item.

I'll give you an exception. You decide to buy an item which is know to be less then reliable. You buy it because it best fits the space, has some feature you can't live without or because you want to be the first on block to buy a XXXXX TV set. A new type of TV set, big screen but without a track record.

Mass production doesn't mean lower quality. Using plastic parts instead of metal parts might.

Computer program in a circuit board? If the problem is with the software it will affect every item and will led to a recall.

I'll concede the computerization means your local repairman might not be able to repair the unit. The cost to replace a circuit board isn't cheap. Fortunately the better manufactures extend the warranty for those parts so consumers don't have to purchase an extended warranty.

Some credit cards double the mfg warranty. They can do that because a unit which doesn't break during the warranty period is unlikely to break in the second year.

I base whether or not to buy the extended warranty based on the product and the cost of the warranty versus the cost of the product. For example, last year I bought a $1000 3D TV. The 5 year extended warranty was about $100. 10% of the cost of the product seems reasonable to me for peace of mind.

Extended warranties are much like insurance policies. If you buy them and you do not use them, then it was essentially a waste of money. However if something breaks then you are glad you purchased one.

You also have to be careful with manufacturers warranties. Most of the time, they only cover parts and not labor. When fixing anything, it is the Labor that is expensive, not the parts. Often times you are better off buying a brand new item compared to having a broken one fixed, even if the item is under a manufacturer's warranty.

One final advantage is that, in my case, if something breaks, DW knows who to call. She does not have to search through companies to find a reputable repair shop. She just calls the number listed in the warranty. Granted, I could do the research, but I am often too busy to deal with it and we usually play phone tag trying to nail down a convenient time when the repair person can come out to the house.

 

[North of Mouse]

That's a good idea.

Basically, when a person buys an extended warranty, they are betting that the item will break. The company is betting that it won't. But these companies know their products. They also employ people to analyze whether they're making money on their extended warranties, and of course they are or they wouldn't offer them. That's the way all insurance works.

Which doesn't mean that people won't occasionally "beat the house" (haha, I'm watching Vegas right now ) but the average consumer just doesn't. The fact that people on this thread have used their warranties doesn't change that. In the long run, the house always wins.

So I won't play their game, if I can afford not to- meaning I can afford to replace/fix the appliance. I do realize that not everyone can.

I agree! That's what we tell the salesmen - if we thought it would be breaking after the initial company warranty, we wouldn't be buying their product, period. We do research, talk to different salesmen/stores, then purchase. Has worked for 45 years - just lucky, maybe, who knows!!

 

[Lewisc]

I base whether or not to buy the extended warranty based on the product and the cost of the warranty versus the cost of the product. For example, last year I bought a $1000 3D TV. The 5 year extended warranty was about $100. 10% of the cost of the product seems reasonable to me for peace of mind.

I guess it makes sense if it buys you peace of mind BUT...the fact that the warranty is so cheap suggests the chance of the product breaking after the mfg warranty but before the expiration of the extended warranty is small. Price was larger then the need for the warranty might be greater. OR it would suggest buying a different set.

You also have to be careful with manufacturers warranties. Most of the time, they only cover parts and not labor. When fixing anything, it is the Labor that is expensive, not the parts. Often times you are better off buying a brand new item compared to having a broken one fixed, even if the item is under a manufacturer's warranty.

No. No and No. Warranty generally covers parts and labor for a period of time, parts only for a longer time and then major parts (such as computer board or dryer drum) for an even longer period of time. Today's TV sets are basically a screen, power supply and mother board. The cost of parts is what's expensive. Your point used to be true. Back when repairmen were actually fixing the item and not just swapping out major components. An item is covered under the mfg warranty (parts and labor). Of course you're better off having it fixed. That gives you the option of buying a new product and selling (or even giving away) the old one.

One final advantage is that, in my case, if something breaks, DW knows who to call. She does not have to search through companies to find a reputable repair shop. She just calls the number listed in the warranty. Granted, I could do the research, but I am often too busy to deal with it and we usually play phone tag trying to nail down a convenient time when the repair person can come out to the house.

Absolutely no advantage. You can do the exact same thing by going to the mfg website and calling someone on the list.

 

[furb & dez]

I'm just shocked that people are still shopping at Sears. It would be less painful to drop bricks on your feet or to iron your hands, than dealing with that absolute mess of a store.

 

[ssawka]

I'm just shocked that people are still shopping at Sears. It would be less painful to drop bricks on your feet or to iron your hands, than dealing with that absolute mess of a store.

ITA! And their products are not as good as they used to be. We replaced many of our appliances with Kenmore, because that's what my parents used to always buy. Well, we've had nothing with problems with many of them. Maybe it is just due to the "planned obsolescence" that everyone speaks of.

 

[pilesoflaundry]

I don't think they are worth it at those costs and for certain things they are so overpriced (like computers) that it's cheaper to buy new or repair.

I always buy them on microwaves, for some reason I have horrid luck with them. It only cost me $20 for the extended warranty on my most recent micro purchase. I've used the warranty already. Considering the part was $57 if I ordered it myself or a new microwave was over $100 the warranty paid for itself.

I don't buy the plans for cell phones, laptops and I didn't buy it on my washer, freezer etc. they have too many restrictions and most major appliances are either going to fail in the first few months when you are covered or fail past the 3-5 year mark when the extended warranty won't help anyway.

 

[momof2twinboys]

Wow

We bought our appliances from a high end locally owned retailer - they charged us $40 for a 4 year warranty that covered our w/d and dishwasher. That was the best $40 we've ever spent. They fixed the dryer twice - one replacing the lid and the dishwasher at least 5 times to the tune of over $1k in repairs. It was a first generation $2k dishwasher - needless to say there were a lot of problems.

They all came with a 2 year warranty, so we had piece of mind for 6 years.

So glad we weren't face with a high warranty cost or we would've been in trouble - dh usually doesn't buy warranties, but for $40 we couldn't afford not to.

Good luck finding a deal!

 

[ssawka]

I don't think they are worth it at those costs and for certain things they are so overpriced (like computers) that it's cheaper to buy new or repair.

I don't buy the plans for ... laptops ...

It depends, if it is a cheap laptop then I agree, but for my Mac Air I bought it. I used to have a Mac Powerbook and had to use the AppleCare I purchased twice. With Apple, you are also paying for a service, if you have an Apple Store near you. If anything goes wrong, even if it is not strictly hardware related, you can go to the store and they will either fix it or ship it out free of charge.

Also, with electronics my rule of thumb is if the device is expensive and portable, get it. The one exception is Cell Phones. I never get one on a Cell Phone. You can get a new phone every two years and with Verizon the insurance is $7 a month. That's $168 over the life of the phone, plus the insurance has $100 deductible. That's $268. It would be only slightly more to add another phone to your account depending on when it broke. Granted you may have to change your number unless you can swap the SIM card.

 

[Tiger926]

Tiger926 keep drinking the kool-aid.

You say extended warranties are prevalent because circuit boards break. Last time I saw statistics less then half of consumers purchase one. The issues is retailers, who make little profit on the item, are making salespeople push the profitable warranties.

You bring up an example of your Bosh dishwasher. The unit comes with a manufacturers warranty, parts and labor, for an entire year. Circuit boards are covered for 5 years (parts). Intelligent consumers listen to publications like Consumers Reports and just say no.

You talked about appliances lasting 25 years. Why don't you price out an extended warranty for years 11-25? See what the warranty company wants to charge you after 5 years, assuming they'll even cover the item.

I'll give you an exception. You decide to buy an item which is know to be less then reliable. You buy it because it best fits the space, has some feature you can't live without or because you want to be the first on block to buy a XXXXX TV set. A new type of TV set, big screen but without a track record.

Mass production doesn't mean lower quality. Using plastic parts instead of metal parts might.

Computer program in a circuit board? If the problem is with the software it will affect every item and will led to a recall.

I'll concede the computerization means your local repairman might not be able to repair the unit. The cost to replace a circuit board isn't cheap. Fortunately the better manufactures extend the warranty for those parts so consumers don't have to purchase an extended warranty.

Some credit cards double the mfg warranty. They can do that because a unit which doesn't break during the warranty period is unlikely to break in the second year.

Goodness, how rude. I hate drinking the koolaid comment.

You also lost me at Consumer Reports. Don't read it, nor trust much of what it says.

Didn't say I would buy an extended warranty for 25 years. Who the heck would do that? Sears also lets you add extended warranties years after product has been purchased, and they now give you back the warranty cost if not used by the end of the warranty period. This is how it is for us in Canada - not sure if that is how it is there, but that is how it works here.

Already said, we have a spreadsheet and research each item before we determine if the extended warranty is useful. Don't have them on dryer, lawnmower, snowblower or treadmill for example as we paid for them on our Gold VISA (extended warranty coverage), and these items are pretty solid and reliable. Have them on the other items that have circuit boards/digital displays, such as HE washer, over range microwave and dishwasher as these have higher failure rates.

It's all about research to determine if that particular extended warranty price/coverage is worth it for that particular product.

ITA! And their products are not as good as they used to be. We replaced many of our appliances with Kenmore, because that's what my parents used to always buy. Well, we've had nothing with problems with many of them. Maybe it is just due to the "planned obsolescence" that everyone speaks of.

Kemore products are made by the major manufacturers - Samsung, Whirlpool, LG, etc. It is just like Costco's Kirkland line. You can find out with any Kenmore product who the actual manufacturer is.

Tiger

 

[furb & dez]

You also lost me at Consumer Reports. Don't read it, nor trust much of what it says.

"I don't trust those people who back up their findings with facts, impartiality, research, or follow up! HUMBUG!"

 

[Tiger926]

"I don't trust those people who back up their findings with facts, impartiality, research, or follow up! HUMBUG!"

Used to subscribe, but not anymore.

It's great that they aren't paid by the manufacturers and actually go out and buy the products retail, but they also only test for a very short period of time, have made some serious errors in the past (car seat debacle) and seem to be biased toward certain brands and manufacturers. I know some of their testing has resulted in manufacturers making safety improvements to products, but I think there is more room for improvement, so I don't use them as a guide in purchasing products.

OP could possibly check out CR for advice on extended warranties, but not sure if that is something that could actually be tested or validated, so not sure if that info would be available to help the OP?

Tiger

 

[Lewisc]

Goodness, how rude. I hate drinking the koolaid comment.

You also lost me at Consumer Reports. Don't read it, nor trust much of what it says.

Didn't say I would buy an extended warranty for 25 years. Who the heck would do that? Sears also lets you add extended warranties years after product has been purchased, and they now give you back the warranty cost if not used by the end of the warranty period. This is how it is for us in Canada - not sure if that is how it is there, but that is how it works here.

Already said, we have a spreadsheet and research each item before we determine if the extended warranty is useful. Don't have them on dryer, lawnmower, snowblower or treadmill for example as we paid for them on our Gold VISA (extended warranty coverage), and these items are pretty solid and reliable. Have them on the other items that have circuit boards/digital displays, such as HE washer, over range microwave and dishwasher as these have higher failure rates.

It's all about research to determine if that particular extended warranty price/coverage is worth it for that particular product.

Extended warranty companies have done the research and set the prices accordingly. Products that have high failure rates are likely to have higher costs.

Treadmills have circuit boards. Many of us have treadmills which will never need to be repaired. They're unplugged and only used for storage. People I know who actually use their treadmill swear by the extended warranty. Treadmills have circuit boards. They also have parts like belts and motors which tend to wear out with use.

 

[Tiger926]

Extended warranty companies have done the research and set the prices accordingly. Products that have high failure rates are likely to have higher costs.

Treadmills have circuit boards. Many of us have treadmills which will never need to be repaired. They're unplugged and only used for storage. People I know who actually use their treadmill swear by the extended warranty. Treadmills have circuit boards. They also have parts like belts and motors which tend to wear out with use.

Thanks for proving my point!

Your friends, I would assume, did their research in determining whether or not the extended warranty was a benefit to them in the purchase of their treadmill. I'm sure they considered cost of treadmill, original warranty period/coverage, cost of extended warranty, usage, etc.

We did the same thing. We got a blowout deal on our treadmill from $1600 to $700, and it came with a 2 year warranty. Sears wanted $150/year for the extended warranty, so not worth it based on price, our usage and cost of product. Our treadmill does not get heavy usage at all, and is stilll going strong after 12 years. I have family who spent $2500 on a treadmill, and based on the aforementioned factors, and the fact that the extended warranty cost was way cheaper, they opted for the extended warranty, as did your friends.

OP asked a generalized question about whether extended warranties are worth it, and so without knowing all of the factors applicable to her item (she gave us price of warranty), I can't determine whether it's worth it for her on that item or not.

There are many on here who are biased and have determined that all extended warranties are not worth it, and that is their choice to do so. I don't work through my decision making process like that - I take each item into consideration, on a case by case basis, and consider all of the factors I mentioned, as well as the fact that Sears lets us add extended warranties at any time into the product (we always add ours right before the manufacturer's warranty is up), and we determine the length of that term with the help of our spreadsheet. Perhaps this is how the OP can work out her extended warranty? We are smart consumers who use the extended warranties to our advantage.

Good luck OP! Tiger

 

[ilovemk76]

I feel like appliance warranties are a big rip-off (hence the reason they push them so much - a big money maker for them)

We have 45 yrs experience with all appliances and have never purchased, or needed, extended warranties. Don't forget that you do get warranty already that would cover a *lemon*. These things usually show up fairly quickly.

We're on our 2nd FL washer (Samsung) love it, never had any problems, odor, or otherwise.

When salesmen try to push warranties on me, I just tell them I've done my research, and if I didn't think their product wouldn't last beyond a year, I wouldn't have purchased it in the first place. That usually gets their attention, and they agree and shut up.

We never buy the warranty. Our front loaders were $2200 and are 6 years old. Not a single repair.

We have a huge capacitor on our electrical box. It will blow if we get a surge from lightening. Before we put it on we lost and air handler and DW to lightening. Our homeowners insurance took care of them.

We always use a CC with the free extra year warranty when we buy an appliance. After two years we know if we have a lemon or not.

 

[Lewisc]

This is the budget board. Extended warranties rarely make sense. The plans are priced in order to be very profitable to the store. Virtually every publication, including Consumers Union has the same opinion. It's not like insurance. You buy homeowners insurance because you can't afford the cost to replace your home if it's destroyed by fire. We can afford to replace our TV sets and microwaves.

I'll give you some exceptions:

1. You plan on selling your car privately. A transferable extended warranty can improve your resale value.
2. You're buying a specific brand/model with a poor history of reliability or unknown. You're buying a newly designed TV set.
3. You know you'll be using the item far more then is typical and it's an item with moving parts. Something that's likely to wear out break with use. Just check the exclusions first. My treadmill example.
4. Occasionally a retailer will offer an extended warranty at an exceptional price. Still probably not a great deal but debatable. An example. COSTCO doubles the mfg warranty to 2 years on TV sets. The extended warranty they sell starts after the 2 years. You get a total of 5 years for $100 (for sets costing over $1000)

Use a credit card which doubles the warranty. AMEX is considered the best. Buy an item which has good reliability. Chances are a lemon will break during the original mfg warranty period if not the credit card coverage gives you added protection.

Some (most?) credit cards only double the MFG warranty, not an extended warranty. Buy a 3 year service contract and you're only adding one year. The first year is covered by the mfg warranty, the second by both your credit card and extended warranty and the third year is covered by your extended warranty. The salesmen will tell you your 3 year extended warranty starts after your credit card coverage. Read the fine print. Usually not.

I've only had one circuit board break on an appliance. A Vizo TV set. HDMI port stopped working after a few weeks. Mfg sent a technician to my house. People who are having a lot of issues with appliances with circuit boards might want to check their power. May have issues.

 

[Tiger926]

This is the budget board. Extended warranties rarely make sense. The plans are priced in order to be very profitable to the store. Virtually every publication, including Consumers Union has the same opinion. It's not like insurance. You buy homeowners insurance because you can't afford the cost to replace your home if it's destroyed by fire. We can afford to replace our TV sets and microwaves.

I'll give you some exceptions:

1. You plan on selling your car privately. A transferable extended warranty can improve your resale value.
2. You're buying a specific brand/model with a poor history of reliability or unknown. You're buying a newly designed TV set.
3. You know you'll be using the item far more then is typical and it's an item with moving parts. Something that's likely to wear out break with use. Just check the exclusions first. My treadmill example.
4. Occasionally a retailer will offer an extended warranty at an exceptional price. Still probably not a great deal but debatable. An example. COSTCO doubles the mfg warranty to 2 years on TV sets. The extended warranty they sell starts after the 2 years. You get a total of 5 years for $100 (for sets costing over $1000)

Use a credit card which doubles the warranty. AMEX is considered the best. Buy an item which has good reliability. Chances are a lemon will break during the original mfg warranty period if not the credit card coverage gives you added protection.

Some (most?) credit cards only double the MFG warranty, not an extended warranty. Buy a 3 year service contract and you're only adding one year. The first year is covered by the mfg warranty, the second by both your credit card and extended warranty and the third year is covered by your extended warranty. The salesmen will tell you your 3 year extended warranty starts after your credit card coverage. Read the fine print. Usually not.

I've only had one circuit board break on an appliance. A Vizo TV set. HDMI port stopped working after a few weeks. Mfg sent a technician to my house. People who are having a lot of issues with appliances with circuit boards might want to check their power. May have issues.

Why do you say AMEX is the best - VISA and Mastercard are great as well.

The thing with credit card warranties is that you must put the entire purchase on the card. If you use a gift card, promo such as scratch and save, or rewards certicates of any kind, that credit card extended warranty is null and void. This is how it is with all three of our platinum/gold VISA, AMEX and Mastercard credit cards.

So again, one has to do the math on whether or not it is worth it. I can show you our spreadsheet and the repairs and yearly maintenance we have had done, and we are ahead with our extended warranties thus far. We have made money on them up to a certain point (haven't reached that point yet on any of the appliances, but several are coming up for renewal and we will not be renewing the extended warranty due to the age of the appliance and the cost). OP would have to do a similar spreadsheet in regards to determining if it is worth it or not, as it's not good decision making to work in absolutes - it's not simple yes or no if an extended warranty is worth it or not.


And we don't buy extended warranties because we can't afford to replace our appliances, on the contrary. We don't see it being environmentally sound to continually have to replace items just because they are broken. That is the disposal way of thinking, which North American society seems to perpetuate on. We would rather get an item repaired then throw it in a landfill. Sure it may cost us more money, but it is better for the environment as well.

Good advice to check power - been there, done that, and it was the over range microwave. Been through 3 of them with very little usage, but they are notorious for problems. If we build another home, we will never put one in again.

Best of luck to OP in this informative thread! Tiger

 

[ssawka]

One comment about extended warranties. Even if you are considering buying one, do not let the sales person talk you into one on the spot. Most retailers will give you up to 30 days to add the extended warranty. This gives you a chance to go home and "run the numbers". When making the purchase, ask the sales person how long you have to add the warranty.

 

[Lewisc]

AMEX is considered the best because it gives you an extra year on top of a mfg warranty up to 5 years and will generally cover mfg refurbished items. MC doesn't extend the warranty if the mfg warranty is more then 12 months.

You can make all the spreadsheets you want. Buy an item which is reliable and the warranties don't make sense.