I'm late to the party here, but here's my take:

1) Only get a Factory Extended Warranty (FEW).
2) Do you feel lucky? If you do, skip the FEW. If you don't, get it. Like the games in casinos, the odds favor the house, yet enough people "win" to make it worthwhile for folks to play. With an FEW, you're buying "peace of mind". How much is that worth to YOU?

I know that on 1 of my motorcycles (a Honda!!), I really wish I'd had the extended warranty, because when the 'lectric gremlins surfaced, they were NASTY. Haven't needed extended warranties on any other vehicles.

In the immortal words of Mr. Idiom, "you pays your money, you takes your chances"

 

wait till you need it. They will offer it again and either at the same price or lower. Stupid to pay for something you might never use. Who keeps vehicles past 7 years anymore

 

I do!

 

ok you do, figured there would be one. But generally speaking thats not the case

 

there are at least 2. I have kept them anywhere from 10 to 18 years. The last three trucks, not that long though.

 

Do you have any published statistics to back that up?

 

I was speaking generally. Most people I know including my self do not have 8-10 year old vehicles. Drive down the road once you see more newer vehicles than old. Didnt mean to hurt anybodys feelings or put somebody into a wrong category.

 

A lotta people post in the 97-03 and pre 97 forums..........

 

You dont have to buy it now. You can buy it later online from whomever gives the best quote. If you do buy it, I suggest the "bumper to bumper " plan. I have been screwed by the mid-level Ford ESP plan that only covered certain items. That way, there is no argument about what's covered and what is not.

 

I also have a 10 year scheduled replacement time frame. Some cars I keep longer, others are out the door at the 10 year mark. None are replaced earlier unless they have a lot of issues.

Nards, I do agree that most people replace their cars within 7 years (although I do not have studies to back this up), but I would expect to see that change in the next few years. With the economy the way it is, and the new government spending that keeps being passed I expect people to involuntarily cut back on their spending. I think people who are used to living a certain lifestyle (who were spending more than they should) will lose their ability to live in that manner. Not wanting to downgrade from a Cadillac/Lincoln/Mercedes/top of the line regular vehicle, they will hold on to their current one longer than normal. After all driving an 8 year old Lincoln in good shape is still driving a Lincoln.

 

lol, me 2. Everything I own is 2003 or older And I plan on running them all through at least 2020. But where I live there are personal property taxes, so there's an additional yearly penalty for having new cars.

 

Most people who buy vehicles new don't keep them 7-10 years. The itch to start restart the car payments typically starts before the current truck is paid for. People buy 7+ yr old vehicles typically pay cash for them. Different type of buyer for each vehicle, some would rather have car payments for life, others would rather put money into repairs instead.

 

True. Personally I drive 7-10k miles a year. Personally I like to get rid of cars before 100k usually right atound 90 or so. For one the car is about 6-7 years old or older. I take care of my stuff but after that long it's inevitable to have some rust, somethings broke, etc. Onve you get past 100k you loose big time on resale or trade value, and after 100k is when all the fun starts on repairs. Personally I can have a newer car and have 2-300 dollar payments a month, or have an old car and have something less reliable and pay couple hundred bucks a month in maint.

 

I do also... since 1986 this is my 4th truck and the first new one I have EVER bought!

 

Technically speaking trucks should be classified different than cars. Cars should only last 10 years 150k before needing a lot of work or otherwise scrapped. Trucks, if built like they should be with 21st century technology should last double to triple that of a passenger car. In my opinion, if a truck is well taken care of and is built correctly, it should easily last 20 years 350k to 400k before even thinking of being scrapped.

Not get off topic... but sometime ago I even heard that some state wanted to require drivers of pickup trucks (I think 1/2 ton or more) to take a test and get an endorsement on their license to operate them, because the newer trucks have bigger engine outputs than some heavy trucks along with insane towing capabilities. I mean take a look at the 6.7l engine... 400 hp/800ft/lbs torque? You can pull anything, and the sad part about it, is if you have the money, you can pull a camper with your F350 dually and have it over 26,000 lbs easily. So it kind of justifies what they are thinking to keep the road a little safer.