To renew or not renew an extended factory warranty?

[dcarrer0]

My extended warranty is coming to an end next month. What are your thoughts about renewing it?! I plan on keeping my DB11. Quoted $4700 for one yr & $8200 for two yrs.
Feedback please! Thank you.

[LooneyTunes]

Guess it depends what it covers and how risk averse you are.

Overall, the insurer expects to make money as a result of payouts being less than premiums. That should mean that for every “I dodged a $50k bullet” story there will be many who never come close to recouping their premiums. I don’t bother with extended warranties on my cars and, so far, am very much ahead vs if I had bought them but if I couldn’t run the risk of say a $20k bill then my view might well be different!

[bogie]

Never bothered and saved many thousands over the last 15 years. Some of the warranty thing is luck, if you have a "good" car with few issues, and you have sorted the common issues under warranty already. A car thats been driven and used in the first few years is usually a better bet than a low miler which has not shown up any niggles yet.

Most of the running cost is consumables, which are not covered anyway.

Many aftermarket warranties including the factory provided dont cover many things that are covered by the original 3 year warranty so when you do think you can claim for niggly issues they are not covered.

So my vote is no, save the money in the bank in a car maintenance fund instead.

[mrpseudonym]

If you plan on selling the car within 2 years I would take out the extended warranty. It makes a big difference in my experience in being able to sell the car for the right price with little fuss. If you are not planning on selling I’d pass.