When I went into the dealership, my mind was made up that I wouldn't buy any extended coverage (nobody I know does and, so far, they haven't regretted it). I said no to the 6 year or 100k, so they gave me 8 years/100k and absorbed the cost. It ended up being around an extra $2,000. I felt super pressured with all the "I bought this on my own personal vehicle - you can't go wrong"s and I caved in and bought it. Anyway, Buyer's Remorse and I'm thinking about canceling it soon - unless the coverage is actually worth it.

EDIT: It appears I've been ripped off when people online said they got theirs for like $1000. Mine cost $1700+tax and brought it to 2k. If you did get one, what did you pay?

 

NO. Get your money back quick. There is a 3 yr wty plus the 5 yr on power train already. So what are you getting for $2000 other than a sore ass.

I did the same as you and had them refund what I paid for it.

 

If you dont use the extended warranty like if you trade b4 vit takes affect, its refunded. My dealer has lifetime powertrain warranty on all new cars and any used under 50k miles. I bumped mine to bumper2bumper lifetime. It just good security to have.

 

If you weren't buying a Honda, extended coverage would probably be more useful. The only thing extra that I get is GAP insurance, which I think I'm about to actually need.

With extended coverage, for example, $2K would cover a lot of repairs if you just saved that money rather than get the coverage... better than paying interest on it, anyway. But that's just my view on it. Some people prefer to pay $2K plus interest in their monthly payments rather than pay for repairs later... but still, its a Honda

 

I got it because I knew I'd have the car for awhile, and I've had a few cars "expire" very close to after the mfg warranty was up and got completely screwed.

My choice was mainly financial, though. My monthly payment was $15 extra or something negligible like that.... I can justify it with myself.

 

For a honda I'd skip those warranties, solely because if you end up with a problem outside of the factory warranty, Honda will sometimes do a "good will" repair if you complain to corporate. For example, my '99 odyssey got a free reman transmission at 100k miles, even though the warranty had expired at 3/36.

If it were me I'd return the warranty. It's a Honda, not Hyundai.

 

All of this is a good example of the different ways to look at things financially when buying a car + warranties + gap insurance, etc. Its such a stressful time if you haven't already bought a few cars, numbers and deals thrown at ya from all around. For me, my salesman, who is the only one I work with when buying a car - bought 3 from him so far at great deals, knows that its the payment, mostly, that I care about. I won't be satisfied unless I know my monthly payment exactly... You can justify it to yourself as you need to. If you're happy spending $15 monthly on the warranty, and don't really care about the total cost over the life of the loan, then leave it at that and be happy with it.

For me, similarly, the GAP insurance was only $4 more monthly - I almost turned it down when they told me the total cost, but finally learning it was only a few bucks a month to make a wreck worry-free, I'm happy with paying that.

There are much worse decisions to make than buying a warranty, but anytime I add money onto a loan, I try to remind myself that I'm going to pay interest on that amount.

Honda or not, if its a used Honda, maybe its not such a bad idea. Brand new, I don't think I would.

 

I'm on my 4th Honda, bought brand new. My 3 previous Hondas were all bought used, from Honda dealers ranging from 86,000kms-125,000kms when I bought them. Drove them all north of 250,000kms, between 7-10 years after purchasing. Never bought an extended warranty on any of them, and never needed to. Nothing ever went that would be covered anyway, just wear and tear items. A complete waste of money with a Honda IMO.

 

no, absolutely not. Not for any car. Same goes for appliances.

And if you're basing your purchase on a monthly payment and not what the car costs, then you should not be buying a car. Stay far away from the dealer. If you need a car, send someone with common sense. Sorry, but this should be a no-brainer.

 

I bought it and hope it's wasted money. It is a Honda, after all. I got a lifetime one on our Grand Caravan, and never would have bought the thing if a lifetime one weren't available- because that one is going to pay for itself, and probably this one as well.

 

I got one, but I talked them down to $700 for 120k miles, so why not. Really just to cover any sensor failures or trans issues because I wasn't sure how good the trans was on the Fit. I have no doubts the motor will be fine well over 120k. If it was $2k, I would have said no, because chances are I'll never have $2k worth of repairs due to malfunction or defect on this car.

I also got the gap coverage but only because I was a little upside down on my trade in deal and Honda's gap was cheaper than my insurance's coverage.

 

I got it just because I use my car for work constantly. I've put 1200 miles on my car in a month. It depends on your situation. I got it because I knew I would put heavy wear on my car in a little time.

 

I would say no also. You don't need it. This is a well built little car. I racked up 180K miles on a civic before I traded it in. My teenage son got his civic up to 160K before he blew up the clutch. My teenage daughter got past 190k before we sold it. And she was rough on it, backing into things, mysterious dents, never cleaning it. Nothing really went wrong with any of them other than normal wear, tires, break pads, exhaust.

Save the money for future servicing, tires, etc.

 

The reason for the hard sell? HUGE PROFITS for every step of the way. Dealer, insurance company, sales person...


All of which comes from you. The actual cost of providing the insurance is a fraction of what you're paying.

 

Extended warranties do not cover everything that may go wrong in an older car. In fact, they typically cover things that are not a wear/tear item. You have to read the policy very carefully. My experience with extended warranty is they don't worth the money unless you buy a car that has a really bad history of reliability. The Caravan may fit this category. Remember, all wear and tear items are typically not part of the coverage.
The FIT has very good reliability records.