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Discussion Starter #1 (Edited)
I'm going to be buying a 2013 Soul from the online dealership, Carvana. It's still under factory warranty for like 3 years, but only 10k miles remaining until it hits 60k. Carvana offers an extended warranty that is 48 months/100k miles (meaing, 50k miles of coverage for my used car with 50k miles) for $1400. You can take the car to a Kia dealership or any ASE-certified mechanic, it's not only "in-network" shops like a lot of third-party warranties I've seen. You just pay a co-pay of $50 per visit. Anyway, I'm not really savvy about cars, I'm trying to figure out if I'm getting my money's worth paying for this warranty. Here's an infographic of what it covers and doesn't cover. http://www.carvana.com/Content/images/CarvanaVehicleProtection.png?v=425368

I figure the remaining factory warranty will last me about a year, but I'm nervous about big breaks after it expires.

Appreciate any insight.
 

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How much for the car? Buying online, sight unseen? I would at least give it a visual inspection and test drive. My $.02, take it or leave it.
Here is a link to the warranty that Kia offers and my be transferable to you as a second owner. Well maintained, Newer Kia's are pretty solid.
The warranty being offered is from your dealer and third party, really read the fine print!
I would do a title search and ask for the vehicle's maint. history, Is it a certified pre-owned?
If it's something you want or feel you need, I would negotiate the cost of the extended warranty into the over priced asking price of the vehicle as dealers make lots more off of used vehicles than new.
If they are pushy about the warranty, then maybe the vehicles history maybe something to question.


Kia Quality and Value with a 10 Year or 100,000 Mile Warranty - Kia Motors America
 

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Discussion Starter #3
The car is 10k. They are a no-haggle organization, including the warranty. Buying sight unseen, but it has a 7 day return policy. I will certainly get it checked by a mechanic when I receive it. It's not certified by Kia, but the dealer selling it certifies it with a 100 day/4000 mile bumper-to-bumper warranty. The seller seems to have a pretty good reputation, most of their complaints seem to be clerical things. The title is clean, with at least a few maintenance visits in there.
 

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I vote no on extended warranties in general . I have heard many many complaints from folks being screwed by extended auto warranties and only one happy guy . The happy guy had a diesel truck that had 30k in repairs done over 3 different engine failures <very rare) . I put 115k on my first Soul , no warranty issues at all . B U T ! If -1400.00 gives you a sense of security you need , GET IT .
 

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I've never heard of the company, but I'm not big on these warranties in general. I've had a little experience with CNA, which isn't horrible (especially if you use the dealership that sold the plan to you; but a lot of these outfits are just plain rip-offs.

I'd research the warranty company on BBB and other review sites first. The company may be great, in which case it's a gamble like any other insurance. If you need it, you'll be glad you have it. If not, then it's money down the crapper. But if the company has horrid reviews, I'd pass. Put the money in a savings account at a credit union instead.
 

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Discussion Starter #6
I've never heard of the company, but I'm not big on these warranties in general. I've had a little experience with CNA, which isn't horrible (especially if you use the dealership that sold the plan to you; but a lot of these outfits are just plain rip-offs.

I'd research the warranty company on BBB and other review sites first. The company may be great, in which case it's a gamble like any other insurance. If you need it, you'll be glad you have it. If not, then it's money down the crapper. But if the company has horrid reviews, I'd pass. Put the money in a savings account at a credit union instead.
The warranty company (Aeverex) definitely has some harsh reviews, however it is for a different warranty sold for a different dealership outfit (DriveTime). Carvana is too new for there to be much about their specific warranty online. Carvana's warranty is a lot more comprehensive, and covers a lot more. I looked into the complaints and the warranty they were complaining about, it had like 1/3 to 1/4 of the coverage. So, the complaints seem to be from people who couldn't get uncovered stuff covered. Still, wish they had less complaints, I'd definitely feel more secure with the warranty. Carvana seems like a solid, trustworthy organization though. I wouldn't consider a warranty from a traditional dealership that wasn't factory backed or one of those like CarChex that is completely independent. You NEED to buy a car from Carvana and be warrantied before taking ownership to get this warranty. Seems very much like Maxcare from Carmax which I've read a lot of good things about, and this one seems to be even better since they let you take the car where ever you want to get fixed. Yeah, I dunno. I kinda feel like I'd be remiss to not pay for the warranty, since I really need the car to last for a couple of years without major repairs.
 

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I bought exactly one extended warranty in my life on my 2001 Chevrolet Astro. Most expensive car I ever bought and the wife was nervous. Got back about half what I paid for the warranty, never anything major, just smaller stuff. So, no I won't ever buy another. Just buy cars like Kai and Hyundai that offer a really good warranty.
 

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In most sales situations, extended warranties are the highest profit margin item sold. They are sold through fear, as in "if that transmission fails, it will cost $5k to replace it"
 

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With past cars, I had the extended warranty on two of them, but.....
every time I needed to call on the warranty it was, "OH, that's not covered". And I wound up paying for the repair. Never again!!!
From now on, I'll either fix it myself or pay a dealership to fix it.

As with warranties in the electronics business....the only person who comes out ahead is the dealer who sold it.
The customer seldom ever does.

It's cheaper to just keep the car till the factory warranty is up, then trade it off for a new one. Works for me!

Happy Holidays!

:cool:
 
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I bought mine new. The salesman told me the car was as reliable and durable as a car could possibly be.
Then I go to do the paperwork and the finance guy tells me how expensive it will be when the car breaks down and tries to sell me an extended warranty. When I tell him I'm not interested he cuts the price in half. I told him he was wasting his time trying to sell me.
Never believe anything anyone tells you in a car dealership. They're the guys who couldn't find real jobs. Protect yourself at all times.
 

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Never buy an extended warranty.

Never say never again!
Extended warranties, like insurance, are there when you need them hoping you never will.
The real question is the quality/coverage of said warranty and the stipulations that go along with them.
Extended warranties backed by the Manufacturer, seems the only way to roll.
Your driving habits (mileage accrued & years owned) will usually dictate your need for an extended warranty.
One that covers everything the factory warranty covers is the most desirable and that's where a "factory backed" extended warranty becomes valuable.
From my experience, extended warranties are 100% marked up so there is great room for negotiations when considering an aftermarket warranty.
One appealing aspect of an extended warranty is its transferability to subsequent owners.
Selling your vehicle with any type of warranty should increase its appeal to perspective buyers!
 
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