Hi,

I am picking up my new fit tomorrow and could use a bit of advise. Im not sure if i should purcahse the extended warranty. Im in Canada and the best choices are 1) 3 extra years (for a total of 6 yr or 100,000 KM) for $678 or 2) an extra 4 years (for a total of 7 years or 130,000 KM) for $999. Both are plus tax and include roadside assistance.
I dont drive a ton, probably under 20,000 KM/yr.

I have not owened a honda before, but keep hearing how reliable they are. I have only owned VW's in the past and they have broken down on me every month (even when purcahsed brand new!)
Is the warranty worth it? I like having the peice of mind knowing i wont have to pay for major bills, but with a honda, how likely is it going to be that i need it anyhow?
thank you in advance so much for any advice!

 

Check and see if you don't use the warranty if you get the money back. I thought I had heard that. If thats the case go for the 7yrs deal.

 

The dealership I went to offered a non-refundable warranty for up to 120K miles for around $900 and offered me a fully refundable (if I never use the money) warranty for up to 120K for $1300. I didn't want it and he dropped the fully refundable warranty to $1000. He kept saying I should get it because the Fit is a new car (I guess he didn't realize it has been out since 2001). I've bought many 1st year Honda's (Accord and S2K) and have had zero problems. If you perform regular maintenance such as oil changes, the car should not have problems. *note this is just from my experience and don't guarantee you won't have problems*

 

If you get a refundable warranty, you need to have the self-discipline not to use it unless the repair would cost more than the warranty (which might mean paying an independent mechanic to diagnose a problem). Obviously the dealer's expectations are that people will forfeit $1K to 'save' $200 out-of-pocket.

 

refundable warranty is still prorated...

depending on when you cancel, you get only a portion of the money back.

 

Don't know about Canada, but in the US you have until 6,000 miles to purchase an extended warranty (after that you can still buy one, just not as good of a deal). That way you can wait and price shop (you can buy the warranty from any dealer, not just where you bought your car). My dealer wanted US$1500 for a 7 yr. 120k miles 0 deductable warranty, I got the same warranty from College Hills Honda for US$925. I'm pretty sure that it is 100% refundable (less any claim made) for 60 days, after that it is prorated. http://www.collegehillshonda.com/hondacare/warranty.htm