Do I Need An Additional Warranty Service For Brand New Appliances?

After spending hundreds or thousands worth of cash to buy an appliance, the salesperson might offer you an extended manufacturer's warranty, applicable when the built-in warranty runs out, for an additional cost out of your pocket. Is this extra expense worth it?

Make careful judgment about getting appliance service contracts (a.k.a. extended warranties). Similar to an insurance policy, your investment becomes worth it only if the worst happens. Most appliances are paired with a one-year manufacturer’s warranty—five years for large parts like motors—and it is expected that only a few problems, or none should occur during that period. When something breaks,

you will be able to often fix it yourself with the manual and the manufacturer’s toll-free customer service help line.

A service contract is merits purchase if you get a "lemon," when your family wears appliances out, or if the appliance repairs cost high in the area where


you reside. But premiums will always be in favor of the vendor. Do you really believe you need to spend extra money for peace of mind of two or three years’ worth when most big appliances cost just $50 to be repaired during their 15-year lifespan? If you are certain yours would break down on the day after its warranty expiration, bank that cash instead of buying a service contract. If you require it, it’s there; if you do not use it, it will earn its interest.
 

 

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