Well yes, it’s called “wear and tear”. It all depends on how responsible you or the prior owner(s) were. If nobody maintained the vehicle then you will be spending large to fix things. If they towed at capacity, frequently, yes you will need to fix motor/Tran sooner. BUT these warranties are a ripoff. If you are responsible enough to spend $100-$150 a month for them, then you should also be smart enough to know putting that money in the bank, or rolling 30-day CD’s, or the stock market is FAR SMARTER and a much wiser choice. I’ve been putting away $100 or more every month for 5 years and haven’t had to touch it. So you are better off funding your OWN extended warranty... as I have that money earning interest and also available for any emergency not just transmission repairs.

 

I do NOT recommend CD's today! "rolling 30day? WTF, earn 4cents per $100 invested at the best rate today of .05? I had my last 2 cd's mature within the last few months. Rollover option was from 2.0-.045 1yr. Not when I get .50 in my savings account now! Stock market has been great last 4 years for me, I'm sitting on the sidelines now.
My point of the extended warranty company, take advantage of it. Get it at 100bucks a month and take it in for repairs! Repairs could be expensive, yet covered under warranty, in turn keeping you in your ride for many more years, saving the cost of new vehicle purchase @ $5k-$10k a year? That's a great ROI..

 

I agree, CD's aren't great at all but they have the benefit of forcing you to wait to withdraw. That's their only benefit. Someone who is just learning how to actually save $$ might need the lockaway until they learn some discipline. It's meant to be a safe savings account that you can't tap immediately when you are out of cigarettes or want a new pair of jeans or an XBOX/PS5. Extended warranties are still ripoffs. You are paying for all of that marketing they do. You have a "cooling off period" when you purchase one, where the first 30/60/90 days, nothing is covered... what kind of "warranty" is that? AND, if you do not follow recommended maintenance schedules PRECISELY (which, btw, are often very expensive and for a casual Hummer driver like myself, not necessary)... they deny your claim. You need to realize that the GOAL of these companies is to MAKE MONEY for themselves, and they can't do that if they are paying out every claim that everyone files... so they DON'T. i.e. there is more money coming IN than going OUT, which indicates that extended warranties are TAKING more money than if you just saved the money and paid for any repairs with your "repair fund". Any person who is wealthy will tell you that. The SMART thing to do is to pay YOURSELF and not give money to others. That's how you gain wealth, and how to afford paying for a vehicle when it needs repairs of any kind.

Case in point... I have 3 vehicles. Each one I pay into a "repair fund" and have been doing it for years. My truck with 250,000 miles on it needed a new transmission... and I had MORE than enough cash on hand to pay for it. And because I offered to pay the mechanic shop (not a dealership) in cash, I was able to shave off another $200 from the repair cost.

Just my life experience here... I've learned NOT to believe anything that any commercial or marketing department tells me. Companies exist to make a PROFIT and the only way they do that is by OVERCHARGING their customers, or getting them to pay as much as they can for their product. Warranty companies survive because they bank on consumers being UNABLE to save for themselves. So do yourself a favor and give your money to yourself instead of some CEO for a change...

 

Cd's were great for me over the past few years, in @ 2.0-2.50, now all back to savings account @.50.
WAIT FOR IT!
Prime rate will go back up under the new administration!

As I have stated before, I have NEVER purchased an extended warranty, NEVER! I will take the risk, and I have never LOST!
I've purchase hundreds new tv's,computers,cell phones and other tech devices,appliances, etc etc, and all still working, when I decided to upgrade.
Back to the extended warranty on vehicles, DO NOT BUY, under>>> 10yrs 100k miles!
10yrs over 100k miles, time to think about it, unless you are a diyer.
I've dealt with many extended warranty companies over the years, and for some there were a lot of q & a to get the claim to go through, however I got the funds for my customers.

 

Not a believer in extended warrentees.

Best to invest in good maintenence.

The Hummers are well built and with good care and proper handling. Should be good to go the distance.

 

Maintenance has been great for me. What about the members that are new Hummer owners without a maintenance history?