Hey guys, I know this topic has been discussed many times but I think my situation is a little different so I would like to know you guy's opinion.

So I recently picked up a used 2010 Fit Sport with 74K miles from a Honda Dealer. But it wasn't certified-used due to it being high milage. So when I financed the car, I bought the extend warranty. It will cover 2 years 24000 miles from the date of purchase for around $1700. I got the 4 years term finance with payments of $189 a month (with Honda Care). Without extended care, it will be $166 a month. I have 60 days to cancel the policy if I don't want it. My question is, should I cancel it? Or just bite the bullet and have a peace of mind if anything should break down (For 2 years, anyways). I know Hondas run forever but what expensive parts can become troublesome with this kind of milage? Have anyone had to do any expensive repairs around 100K miles? Any input is appreciated it. Thanks!

 

what did u pay otd for it, risky for it not being certified and i hope u brought ur own mechanic to check it out

 

$1,700 for 2 years 24,000 miles coverage is a rip-off. Cancel this. It is highly unlikely that you will have more than $500 in repairs over this period. It shouldn't need anything but tires, oil changes, brakes and these wouldn't be covered by the extended warranty.

The difference in payment is a bit confusing. $189-$166 = $23/month. for 48 months this is $1104. So this is approximately what you're paying for the maintenance agreement (doesn't consider interest). Still $1,000 for 2 years 24k coverage is a rip-off.

If you cancel the extended warranty does your interest rate remain the same? I think it should.

The cars don't start to get expensive until over 150,000 miles with things like CV joints. Even then we have lots of anecdotes about going over 200K without big repairs.

At 100K you will need maintenance that includes adjusting valves running about $400. This isn't covered by extended warranties.

Cancel the sucker and put the money in savings for a rainy day. (or new tires/mods).

 

Thanks for the replies guys. I plan on going back to the dealer next week and cancel the Extended Warranty. I don't think our rate should change though. I will let you know how it went.

 

Alright. So I tried to call my dealer today to cancel the Extended Warranty. And they tried to tell me the BS about how my credit isn't that great and they reason why I got the rate I did on the car was because I got the warranty. I called Honda Financial Corp directly and got the answer that my rate will, IN FACT, not change because I canceled the extended warranty. I will go speak to them in person one more time to see if they will correct this and let me cancel the policy through them. If not, I will just deal with Honda Care directly. So for anyone thinking about canceling their Honda Care and worry about their Finance Rate changing, DON'T!! They can't change the rate of you because of it.

 

Thank you Steve244, for a great advise!

 

i had a 08 GD i ran for 5 yrs. no problems at all.
09 GE i still run 6th year... a/c blower fixed early on, hatch handle tight from corrosion, which i fixed.
12 GE i still run 3rd year... no issue


the car is very reliable.

 

If the dealer won't let you cancel, you can cancel directly through Honda within the first 60 days. The only thing is, your payment won't go down as the refund goes straight to principal.