Should you buy the extended warranty for washing machine?

[GoodSteward]

So my washer is leaking on the floor...again. This time, I can't find the leak. I have replaced the engine in it already once in the 6 years I've had it, and I also noticed while looking for the leak that it isn't agitating like it should. The wheel that attaches to the drum shaft apparently starts to separate where they come together once it starts going back and forth. I can see the teeth separating on the two parts where they come together. I'm not a repair man, and I'm sick of dealing with this washer. I have had to get into the washer many times over the last couple years. So I went out today and got a new one.

It's a 4.5 Cu Ft Samsung HE top loader. It matches my dryer since I had a 4.1 before this. It's a 700$ washer that was on sale at sears for 479$. They are offering a 3 year in home repair warranty for 169, and a 5 year for 259. Is it worth it? This machine gets great reviews on most sites, but as usual, some folks complain about it breaking outside of warranty. I was just wondering if there was a general consensus about appliance warranties.

[phantom]

I "self insure" for anything I can afford to replace without much trouble. That includes washing machines. Sometimes I lose that bet, and sometimes I win lose it, but I assume I'll have average luck and come out ahead in the end by not buying the warranties.

[Drake3287]

Here's something to think about. If you have a Citi Bank Costco Visa card, it'll add 2 additional years to the already 1 year warranty on a new washer purchased from Costco when using the card. Costco has a ton of them on it's web site.

Like many, I seldom purchase extended warranties.

[97guns]

I "self insure" for anything I can afford to replace without much trouble. That includes washing machines. Sometimes I lose that bet, and sometimes I win lose it, but I assume I'll have average luck and come out ahead in the end by not buying the warranties.

me too, i buy the cheaper model and throw it away when im done, my cousin bought $1200 washing machine and a $1000 dryer, something like that might make it worth while

[GoodSteward]

I usually try my luck at this stuff because I hate the idea of wasting my money if I never need it. I spent 130$ on a warranty on my furniture once. I was told if I never needed it within 3 years they will write me a check for the refund. I have two small dogs and (at the time) 2 kids (now 3 and one on the way). So I did it. 3 years later I'm told the refund is in the form of a discount of that amount on another item. :|

I'm not usually a fan of it, but I also wonder if I'm that 1 guy who happens to have needed it. I read where one person had to have everything replaced, and it cost as much as the washer...Samsung just happened to cover it since it was a month out of warranty. It happened to them again a year later, so they got a different washer.

[Nutria]

We got the extended warranty for the stackable front-load washer/dryer (have had it now for 15 years, but let the warranty lapse). It was worth it, I think, because there were some repairs needed.

Everyone says that extended warranties on new cars are too expensive, but while the current van has been reliable, the previous two needed multiple repairs beyond the $100K drivetrain warranty.

[LuckyRobin]

I've always felt if it costs more than $500 AND has a lot of breakable parts AND you are not handy or the type of person able to figure out how to fix it from watching youtube videos, it is worth the warranty. Especially with a simple service call costing $95 and that's just to come to your house, not for any work done or parts. Less than $500, I'd just keep the money for the warranty in the Household Fund and enough to it for replacements and if it breaks down early and often avoid whatever brand you bought the first time and just get a new one.

[bjl584]

Typically, extended warranties are a rip off.

90% of the time you won't have trouble with said product until the warranty expires anyway.

A lot of the warranties that stores offer you are not from the manufacturer but from the store itself. And, the retailer often doesn't service the warranty. The service is farmed out to third parties. Often, should you need to use the warranty, you will discover that it is near impossible to get a hold of anyone, the thing that is broke isn't even covered, and there are tons of hidden fees, wait times, and exceptions.

[JoeP]

My opinion, having been down this path before.

We got a matching Maytag HE top loading washer and gas dryer, I think we paid something like $1400 for the pair about 8 years ago. We got the extended warranty for I think $110 and it "paid off" with 4 repairs. We had one out of warranty repair, and I fixed it another 4 times with parts and tools I had to order myself. Add that up and it gets close to $2000 out of pocket.

We could have bought a cheap washer and dryer for maybe $700, passed on the warranty, and maybe a service call or three might get us past $1000. I'm a DIY guy and the old school models are usually easier to work on.

If I had to do it all over again, I'd get a cheap top loading model and a basic dryer.

[Nutria]

Typically, extended warranties are a rip off.

90% of the time you won't have trouble with said product until the warranty expires anyway.

A lot of the warranties that stores offer you are not from the manufacturer but from the store itself. And, the retailer often doesn't service the warranty. The service is farmed out to third parties. Often, should you need to use the warranty, you will discover that it is near impossible to get a hold of anyone, the thing that is broke isn't even covered, and there are tons of hidden fees, wait times, and exceptions.

That's why we buy from Sears.

[disneysteve]

Extended warranties are pretty much always a rip off. Sure you will find stories of times that they paid off, but overall, the companies wouldn't keep selling them if they weren't a source of huge profits. In many cases, they make more money selling the warranties than they do selling the actual products. That should tell you something.

My favorite extended warranty story: Years ago, I went to Radio Shack to buy a new printing calculator. It was $24.99. At the register, the cashier asked if I wanted to buy the extended warranty. I thought he was joking but he was totally serious. He actually wanted to sell me a warranty on a $25 item.

JoeP makes a good point about high end appliances. I've heard so many times over the years that the more expensive items are just as prone to failure as the low end items. It's better to just buy the basics and when they die, replace them. We've done that with our washer and dryer, our freezer, our dishwasher, etc. We've spent less on 2 or 3 than many people spend on one even though the lifespan is about the same.

[Nutria]

Extended warranties are pretty much always a rip off. Sure you will find stories of times that they paid off, but overall, the companies wouldn't keep selling them if they weren't a source of huge profits. In many cases, they make more money selling the warranties than they do selling the actual products. That should tell you something.

My favorite extended warranty story: Years ago, I went to Radio Shack to buy a new printing calculator. It was $24.99. At the register, the cashier asked if I wanted to buy the extended warranty. I thought he was joking but he was totally serious. He actually wanted to sell me a warranty on a $25 item.

There's a qualitative difference between extended warranties on consumer goods vs. durable goods.

[TexasHusker]

We bought a $4000 sofa and the sales guy was very persuasive in selling us a 3 year "comprehensive" warranty for $325. "This takes care of EVERYTHING...stains, rips, tears - even stuff your pet might cause."

Sounded good.

Two months ago we filed a claim to repair some stitching. Denied.

Then a claim to repair dye that was lifting. Denied.

Then to repair a scratch on the back of the sofa. Denied.


I called the Havertys manager and told him I'd spent over $10,000 there over the last 5 years, and if he didn't refund that useless warranty, I would never buy there again and tell all my friends. A week later, I had a check in the mail.

[Outdoorsygal]

Here is an excellent video to watch before buying an applicance, or I guess afterwards to see if you want a warranty. I think everyone should watch this undercover video

https://www.youtube.com/watch?v=hk2TfF1M4r8

When electronics are involved, surely they can plan the destruction is expected to occur after the warranty ends. So after seeing this video, I wouldn't buy a warranty.

They sell these appliances deliberately with the "flaw" purposely. Sounds like to make you buy a new appliance.

I would likely buy a vintage appliance instead. At least you can buy the part still. They are mechanical, not electrical. Who puts a computer on top of a hot plate?

https://www.youtube.com/watch?v=hk2TfF1M4r8

[disneysteve]

The other day, the heating element failed on our oven. I'm guessing that would be something covered by an extended warranty. We don't have a warranty, of course, because I would never buy one and we've lived here for over 22 years. In fact, according to the information plate, the oven was manufactured in 1987. So I got home from work at 3:30 and called a local appliance parts store. They had a replacement element for $39. I hopped in the car, picked up the part, came home and had it installed in time enough to bake a couple of pizzas for dinner.

Instead of wasting money on extended warranties, just put those dollars into your EF. If something breaks, pay for the parts to fix it yourself if you can. If not, use the money to pay a repairman or to replace the item entirely. You'll absolutely come out ahead over the long run.

I used to work with a woman who was lousy with money. Several times she talked about how she had coverage on pretty much everything in her house. A couple of times she raved about how something broke and it cost her "nothing" to get it fixed because she had a warranty on it. Of course, she never thought about how much she had spent for all of those warranties over the years vs. what the couple of repairs that actually got done would have cost out of pocket.