Extended Warranties are Scams. Or are they?

[Tenecor Aquariums]

I bought a $35 drill at that Big Orange Box the other day and the clerk offered an extended warranty for an additional $7. Thoughts? Rants?

 

[Reefing102]

I wouldn’t say they are a scam but they are a waste of money (to me). If any consumer is like me, by the time I may need that extended warranty, I have already forgotten about it and don’t end up using it. Therefore for me, they are a waste of money and I don’t buy them.

That being said, it also depends on the cost of the item vs the warranty. In your case a 20% additional cost is definitely not worth it to me. Now if the item was $100, that $7 extended warranty looks a lot better.

 

[FMF0331]

Me personally, I never buy extended protection plan. For $35.00 if that drill craps out I'll buy a new one, not saying I'm rolling in dough or anything but like Reefing102 stated " by the time I may need that extended warranty, I have already forgotten about it and don’t end up using it. "

 

[BroccoliFarmer]

I avoid warranties because the ALWAYS (hyperbole) cover everything but what breaks or how it breaks.

 

[Oldreefer44]

Generally against them except for appliances. Recently was refunded $1100 for an LG oven that went bad past the original warranty date but while still covered by extended warranty insisted upon by my wife. Funny thing is that the warranty covered repairs but LG couldnt find anyone to repair it so Home Depot forced them to refund it.

 

[mdb_talon]

I dont know about scams so much, but I do think generally they are not worthwhile. I would never do it on the $30 drill lol I will take the risk I may have to fork out $30 for a new drill.