Save Money by Opting Out of Extended Warranties
- 4 Comments
- By GoBankingRates Staff
- October 8, 2009
If you’ve done your research on a big ticket item you’ve been wanting for a long time, you probably know that buying the extended warranty is probably not necessary. However, despite this knowledge – sales representatives will offer you the extended warranty option and you may be encouraged to buy the warranty; which can cost you more money than you expect.
Something consumers should know is that extended warranties are generally not necessary because all new products come with some type of warranty protection. Whether it is for 30 days or for a full year, it depends on the type of product and the company who produced it. And more than likely, the manufacturer’s warranty and the manual is enough to get the full life out of the product.
Additionally, some credit card companies automatically extend the warranty on a product when you use their credit card to purchase. This is not true for all credit card issuers, but a quick phone call to your credit company prior to shopping will quickly answer the question.
So when it comes to extended warranties, it’s not necessary when you have other warranties available to you for free. Especially when you find that most extended warranties never even get used up my consumers who purchase them.