Should you purchase an extended warranty?

Tools

by WDJT Editor

Even if you didn't sleep out in a tent and forgo Thanksgiving dinner with family and friends to score a deal odds are you still endured crowds to get more than half off on that big screen television, tablet device or maybe even a new or used car!

So the question now is should you get the extended warranty? You know the one the sales persons tells you that you have to have and you've got to buy it right now.

Maybe not according to Randall Hoth President of the Wisconsin BBB, "that original manufacture is the best one to be issuing the exclusive warranty on replacement or repair that's the best place to start."

In fact Mr. Hoth says most people don't really read the manufactures warranty that comes with the product or remember that their credit cards can also offer some protection. "A lot of people don't realize you've got some real protection available through that original warranty and through your credit car issuer."

Mr. Hoth's other concern is, who's issuing the warranty, "when you get an extended warranty you don't necessarily know who you're dealing with it might be a 3rd party company."

So what should you consider before purchasing a warranty? First, is it a warranty or a service agreement? Warranties come from the manufacture and service agreements usually come from a 3rd party Second, check the item's reliability, is it a reliable product? If so do you really need extra coverage. Third, check the manufacturers warranty coverage and read it as well as any extended agreement before you buy it. Fourth, check your credit card, it may provide extended coverage and finally never pay more than 20% of purchase price for a warranty.

But we spoke with some expert shoppers, the kind who know how to get the best Black Friday deals, like half-off on a 40 inch flat screen and they have some different advice when it comes to the extended warranties. "I purchased the door buster deal last year and I had it probably 7 months then I had a problem with the speakers. I did purchase the 2 year extended warranty for 20 dollars and 4 days later they came to my house and fixed it at no cost at all," said Jason Schwartz, who was already camping out at Best Buy in Dealfield to get the jump on this coming Friday's deals.

And one of our expert shoppers, Michael Franke says the one time he didn't purchase the warranty he was sorry, "I didn't renew the warranty because the television was working great. But it just broke last week and it will cost $388 to fix but they have a 50 inch for $398 so I'm just getting a new television."

And that's another reason Randall Hoth from the BBB says use caution when it comes to extended warranties, "with something rapidly changing like technology you may have exhausted the use of that before your service agreement runs out."

Poll

Which of these new Wisconsin State Fair snacks are you going to try?

  • BBQ Chicken Cone
  • Deep Fried Maple Bacon Cookie Dough
  • Reeses Funnel Cake
  • Deep Fried Racine Kringel