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Discussion Starter #1 (Edited)
Just bought a new 2019 CR-V EX. Purchased the extended warranty and have 60 days to cancel. Now reading fine print and figuring out whether to keep it.

As a general rule, we are averse to extended warranties.... always decline them....with one exception. We got one when we bought our new 2002 Odyssey (up to 100k miles) and it most definitely paid for itself and then some. Thus our inclination was to get it with the CR-V as well.

I have begun to scan threads on extended warranties and the sense I'm getting is that most people think they're a waste of money. Not yet convinced. So I thought I might push back a little and see what I can learn from other forum members.

Our contract is an Allstate policy. Premier Care option, 10 years, 150k miles, $100 deductible. Cost is $2450, rolled into the 1.9% loan. Pretty much everything is covered. And, unlike some other warranties people have mentioned, there is no requirement to take it to the selling dealer or even a Honda dealer at all.

So, if I'm understanding the terms correctly, for the next 150,000 miles (I think we'll probably do that in 10 years), all that we will pay for are fluids, filters, tires, and brake pads and rotors. That's basically it (yes, there are a few other things excluded, but I won't bore you with those contract details). With labor rates at $130 per hour, OEM parts costing what they cost, and the sorts of things that begin to fail around 100,000 miles (especially suspension components on a car driven in the rust belt), it is very difficult to imagine that this particular warranty will not easily save us money over the course of the long haul. And even if it's close to a wash, there's something to be said for peace of mind and essentially fixing our maintenance costs for ten years.

Of course we're only insuring against losses outside the Honda warranty.....36 months or 60 months depending on the issue...but still.

I will add that one dimension of the peace of mind issue is completely eliminating the frustration that goes along with an expensive repair. Even though we can easily afford whatever may come up, there's something nice about completely eliminating those unpleasant experiences.

What am I missing?

Thanks.
 

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Just bought a new 2019 CR-V EX. Purchased the extended warranty and have 60 days to cancel. Now reading fine print and figuring out whether to keep it.

As a general rule, we are averse to extended warranties.... always decline them....with one exception. We got one when we bought our new 2002 Odyssey (up to 100k miles) and it most definitely paid for itself and then some. Thus our inclination was to get it with the CR-V as well.

I have begun to scan threads on extended warranties and the sense I'm getting is that most people think they're a waste of money. Not yet convinced. So I thought I might push back a little and see what I can learn from other forum members.

Our contract is an Allstate policy. Premier Care option, 10 years, 150k miles, $100 deductible. Cost is $2450, rolled into the 1.9% loan. Pretty much everything is covered. And, unlike some other warranties people have mentioned, there is no requirement to take it to the selling dealer or even a Honda dealer at all.

So, if I'm understanding the terms correctly, for the next 150,000 miles (I think we'll probably do that in 10 years), all that we will pay for are fluids, filters, tires, and brake pads and rotors. That's basically it (yes, there are a few other things excluded, but I won't bore you with those contract details). With labor rates at $130 per hour, OEM parts costing what they cost, and the sorts of things that begin to fail around 100,000 miles (especially suspension components on a car driven in the rust belt), it is very difficult to imagine that this particular warranty will not easily save us money over the course of the long haul. And even if it's close to a wash, there's something to be said for peace of mind and essentially fixing our maintenance costs for ten years.

Of course we're only insuring against losses outside the Honda warranty.....36 months or 60 months depending on the issue...but still.

I will add that one dimension of the peace of mind issue is completely eliminating the frustration that goes along with an expensive repair. Even though we can easily afford whatever may come up, there's something nice about completely eliminating those unpleasant experiences.

What am I missing?

Thanks.
Keep the warranty. If any electronics such as Navi screen fail the warranty will pay for itself. Peace Of Mind
 

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The reason I got the EW is because of all of the computer/electronic/safety features. Too many things can go wrong there and one thing is tied into another.
 

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Discussion Starter #4
Another Honda dealer offers one that may give us more bang for our buck...so may look into that.
 

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As a general rule, we are averse to extended warranties.... always decline them....with one exception. We got one when we bought our new 2002 Odyssey (up to 100k miles) and it most definitely paid for itself and then some. Thus our inclination was to get it with the CR-V as well.
That's my sentiment. I think you just got lucky with the Odyssy. It's just an insurance product.
 

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At the end of the day.. these are effectively like insurance policies. So depending on your view of such matters... you may fall into the "peace of mind" category, or the "take your chances and deal with it" category.

I generally never purchased extended warranties on my Hondas.. but I changed philosophy beginning with the purchase of a 2013 Accord.

Reason: more and more electronic systems... both in the power-train as well as the cabin. If any single system were to fail outside of the bumper to bumper warranty period.. an extended warranty would likely pay for itself with one claim. They are expensive in terms of both parts (FRUs.. not repairable by a dealer) and labor.. so you can easily be facing an out of warranty expense of $2-3K+ from one system failure.

With that said.. the final choice is up to you. :)
 
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