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Thread: Extended warranties a waste of money.

  1. #1
    Senior Member Yelta's Avatar
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    Extended warranties a waste of money.

    Gene Cafe Coffee Roaster $850 - Free Beans Free Freight
    Interesting read in the Adelaide Advertiser Jan 11th.
    Millions wasted on needless warranties | adelaidenow
    Save your money.
    joe and chron like this.

  2. #2
    Senior Member Rocky's Avatar
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    People must be more gullible than me. I've never taken an extended warranty in my life. I avoid anything that looks like insurance - which I have seen described as someone betting you that everything will be fine and you betting it won't.
    Yelta likes this.

  3. #3
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    Quote Originally Posted by Rocky View Post
    People must be more gullible than me. I've never taken an extended warranty in my life. I avoid anything that looks like insurance - which I have seen described as someone betting you that everything will be fine and you betting it won't.
    +++++ me too!

  4. #4
    Senior Member Yelta's Avatar
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    Quote Originally Posted by Rocky View Post
    People must be more gullible than me. I've never taken an extended warranty in my life. I avoid anything that looks like insurance - which I have seen described as someone betting you that everything will be fine and you betting it won't.
    Understand what you say Rocky however there are some things in life we would be foolhardy not to insure for, i.e. home, car, public risk etc, all things that could wipe the average person out financially.
    Unless of course your in fortunate the position to self insure, I know I'm not.

    Guess it comes down to the amount of risk your prepared to take, I'll take my chances on not buying an extended warranty.

  5. #5
    Senior Member flynnaus's Avatar
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    Home, car, public liability and life insurance are different to extended warranties. For the former, it is more insurance against external factors (except life and health insurance, I guess); for the latter it is insurance about product reliability.
    As the article suggests, extended warranties are no longer required and even verging on illegal, as recent consumer laws can protect users against some defects that occur beyond the manufacturer's stated warranty. It goes into the grey area of 'reasonably expected'.

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    I don't know. I've had replaced with new 1 32inch TV, 1 $500 notebook, and an Xbox 360 all because they failed within the extended warranty period. I've shelled out maybe $600 in warranty's over a dozen different things, and that's easily been covered by the replacement good.

    Interesting line in the article was from Myer '...Staff are trained in our products...' Really? How often have you been told things that you know aren't true about a product in Myers? I need two hands to count them all...

  7. #7
    Senior Member chokkidog's Avatar
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    [QUOTE=Rocky;489496 I avoid anything that looks like insurance - which I have seen described as someone betting you that everything will be fine and you betting it won't.[/QUOTE]


    Facetious comment deleted.

    Speaking from experience, the '09 fires have cost me over $300,000 in uninsured business
    losses and I am on the verge of losing my home as a direct result.

    My fault, I didn't think 'it would happen to me'.....................it took 15 minutes to destroy a lifetime,
    all for the sake of a (relatively) trifling amount of money. I lost 'the bet'.

    Another facetious comment deleted.

    Better to stick to the topic......... extended warranties, as a rule, are aimed at the vulnerable and should be outlawed.

  8. #8
    Senior Member Yelta's Avatar
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    Quote Originally Posted by bmawebb View Post
    I don't know. I've had replaced with new 1 32inch TV, 1 $500 notebook, and an Xbox 360 all because they failed within the extended warranty period. I've shelled out maybe $600 in warranty's over a dozen different things, and that's easily been covered by the replacement good.

    Interesting line in the article was from Myer '...Staff are trained in our products...' Really? How often have you been told things that you know aren't true about a product in Myers? I need two hands to count them all...
    Crikey, you've had a rough run mate, perhaps I've been lucky, have never had a warranty claim, the only things that have died on me are when I bought cheap crap, my own fault, should have known better, write it off to experience and buy a more reliable/better brand next time.

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    I once had a computer mother board replaced under extended warranty. It was done in my house that was out of the way in the bush.

    Barry

  10. #10
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    Extended warranties a waste of money.

    It's simply a numbers game. You need to look at the face value of the item and ask yourself how painful it would be to replace (assuming it can't be repaired which most items can in the EW window).

    I personally don't take the extended warranty for white-goods as a rule. If I look at the warranty cost and the number of times I would have paid I'm essentially running with sufficient 'non EW' credit to replace 2 or 3 big ticket items.

    Also when looking at tv's etc watch the way their new cost depreciates for the particular size/model you have. For example I shelved out $1400 for a 50" screen 2 years ago and now see same size with better features for less than $600. Warranty at the time was in the order of $400. In simple terms its not worth the lock-in.

    All this is totally different to damage/theft insurance which appears to have crept into this thread. Again I work on the principle of affordability. I have most if my items insured against this via my household insurance(s).

  11. #11
    Senior Member flynnaus's Avatar
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    Yes well some have benefited from extended warranties, some have paid for extended warranties needlessly. Be aware that the laws have recently changed.
    Consumer guarantees: Selling goods to consumers

    Also:

    Extended, voluntary and express warranties

    Extended warranties

    Extended warranties are a type of voluntary warranty. Extended warranties generally extend the period of protection given by a voluntary warranty for a cost.
    Businesses should take particular care when describing and selling extended warranties to ensure that consumers are not misled into thinking that they are required to pay for rights that are already provided by the consumer guarantees.
    For example:
    A computer is sold with a free 12-month warranty given by the manufacturer. The seller advises the consumer that they need to purchase a three year extended warranty, otherwise they will have no right to a remedy after the 12-month warranty period expires.
    In this case, the seller is likely to have breached the ACL by advising the consumer that they need to pay for rights provided for under the consumer guarantees.

  12. #12
    Member danzx6r's Avatar
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    I missed out on using my extended warranty in my last fridge. Finally found the paperwork after 6 months of thinking about it and 2 days out of date. I think it was a dodgy seal issue. Not a huge deal but a case of wtf pay for a warranty and not make use of it. So needless to say there was alot of cursing.



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