whomper Posted April 21, 2011 Share Posted April 21, 2011 (edited) I approach it by the purchase price. I always get the extended Warranty whenever the wife and I bought a car over the years but I dont usually do it on the small to mid priced stuff. A buddy of mine did a brief stint as a salesman for Bobs discount furniture. They have this protection plan on purchases called the goof proof protection plan. He said in sales meetings they absolutely hammered the salepeople about always getting the goof.It was almsot to the point where they didnt care about the furniture sale if you didnt get the goof. He told me that if the person said no they were required to call over a manager and the manager would pitch the plan an additional time on Monday I went to the Sports Authority to buy an exercise bike. It cost 349 bucks with tax and a few other things I got my total was about 405 bucks. I had about 450 on me. So the salesman hits me with the 2 year warranty pitch for 65 bucks. I so no. He says you know there are 9 magnets in the wheel well that cause the resistance on the bike. Once they go they cant be replaced. So I say, are you telling me this is a poor quality bike with a short shelf life because I will cancel the sale right now. He panics and backpeddles. He pitches it one last time and I say no. Fast forward to the check out line and I see the set up forming. Salesman has the box with the bike on a dolly. Guy on register and D bag manager. Salesman: Are you sure you dont want the protection plan ? This is basically entree for the manager to start condescendingly telling me how foollish I am for not taking it Me: no, ill pass Manager: for 65 dollars its 2 years all parts. without it if it breaks it costs 120 dollars alone just to get a technician out there me : ill pass Manager : are you sure, why wouldnt you do it for 65 dollars ? Me: because I have had bikes before. I know how long they last and I know how long this one is gonna last. I feel at that time it will have earned its 350 and ill get a new one. I am not getting the protection plan Manager: shrugs as if to say "Your an idiot but ok" I was psyched to get that bike because I was surprising my wife. We both like an exercise bike and ride it while we watch tv etc. I left there pretty pissed off and basically wanted to crack both of these dousch bags. Do you guys get the plans ? I know they make sense sometimes but no means no man !! I felt like coco in fame Edited April 21, 2011 by whomper Quote Link to comment Share on other sites More sharing options...
Jackass Posted April 21, 2011 Share Posted April 21, 2011 (edited) never do it. if something breaks i pay to fix it. can say with certainty i'm way ahead. Edited April 21, 2011 by Jackass Quote Link to comment Share on other sites More sharing options...
tonorator Posted April 21, 2011 Share Posted April 21, 2011 can't remember ever getting one. when i broke the screen on my iphone, the apple store gave me a brand new one and didn't charge me a thing. that's what i'm talkin about ... Quote Link to comment Share on other sites More sharing options...
BeeR Posted April 21, 2011 Share Posted April 21, 2011 Never. Odds favor not getting one cost-wise...and therefore the opposite for them. That's why they keep pimping them. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted April 21, 2011 Share Posted April 21, 2011 I never get it. I was just at Best Buy after work today and got a wireless extender so I can stream movies better. It cost $60 and the girl at the register started the spew about getting protection for $11. I might get a plan when I buy a vehicle but I've had bad experiences with those too. Quote Link to comment Share on other sites More sharing options...
Lucky11 Posted April 21, 2011 Share Posted April 21, 2011 normally never. but we had an incident with a Samsung 42" LCD where after about 20 months, it started taking longer and longer to turn on. at the 23 month mark, it stopped working. the unit was past the factory warranty, and after numerous calls to Samsung to try and get it resolved, they told us, "We are aware of the problem with this unit. We are offering to fix out of warranty units which were purchased in October of 2008 and later. Yours was purchased in September of 2008, so you're out of luck. Sorry." new tv purchased in April 2010, with two year extended warranty plan for an extra $125. i figure with all the time and effort spent trying to get some satisfaction on the first unit, an extra $125 over the life of the tv is well worth it. Quote Link to comment Share on other sites More sharing options...
buddahj Posted April 21, 2011 Share Posted April 21, 2011 I've been on both sides of these conversations. I sold the crap out of extended warranties in my other jobs. It's all about the delivery. I didn't care if you bought the warranty or not. I'd explain the benefits of it and let the you make the decision. Now for the other side. I don't buy them. I got burned by Best Buy about 16 years ago. IMO, most of them are not worth the paper they are printed on. Quote Link to comment Share on other sites More sharing options...
Avernus Posted April 21, 2011 Share Posted April 21, 2011 when it comes to mid-range products, I only get it for TV's and appliances......the stuff just isn't made the same way anymore... on a bike?....nope.. Quote Link to comment Share on other sites More sharing options...
Avernus Posted April 21, 2011 Share Posted April 21, 2011 I've been on both sides of these conversations. I sold the crap out of extended warranties in my other jobs. It's all about the delivery. I didn't care if you bought the warranty or not. I'd explain the benefits of it and let the you make the decision. Now for the other side. I don't buy them. I got burned by Best Buy about 16 years ago. IMO, most of them are not worth the paper they are printed on. it depends on where you're getting the warranty from.... Best Buy? no.....Sears and Costco? - yes.....those are the only two places that I find to have a quality protection plan.....the other places have crazy loopholes.... and the way sales is nowadays, the sales people find their jobs on the line if they get about 3 sales in a row without selling the warranty with it....it's crazy right now.. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted April 21, 2011 Share Posted April 21, 2011 It's a simple question of pot odds. Do you think one in every 5 exercise bikes breaks in the first 2 years? If yes, buy the plan. Quote Link to comment Share on other sites More sharing options...
matt770 Posted April 21, 2011 Share Posted April 21, 2011 I normally don't, but I did get a 4-year plan on our 52" Sony Bravia. It wasn't much compared to the purchase price, and LCD TVs are known to encounter expensive issues now and then. If I was getting the real hard sell like you describe Whomp, I'd probably leave. It generally doesn't happen, my wife says because I am absolutely evil toward salespeople and they know they are barking up the wrong tree. Quote Link to comment Share on other sites More sharing options...
whomper Posted April 21, 2011 Author Share Posted April 21, 2011 It's a simple question of pot odds. Do you think one in every 5 exercise bikes breaks in the first 2 years? If yes, buy the plan. Leave Slayer out of this Quote Link to comment Share on other sites More sharing options...
boltnlava Posted April 21, 2011 Share Posted April 21, 2011 Never. Invariably the object of said warranty has a newer better cheaper version of it out when it breaks and I'll want that one anyway. Quote Link to comment Share on other sites More sharing options...
twiley Posted April 21, 2011 Share Posted April 21, 2011 I never do but I bought the accident insurance for my iPad. It covers pretty much anything for the 1st year. There's a few glitches in the early devices such as LCD leak which Im sure they'll fix by this time next year. So, about a month prior, I'll drop it and crack it then get a new one free of charge. Plus, my kid loves the iPad so I'm sure he'll drop it at least once this year. Quote Link to comment Share on other sites More sharing options...
fingfootball Posted April 21, 2011 Share Posted April 21, 2011 when it comes to mid-range products, I only get it for TV's and appliances......the stuff just isn't made the same way anymore... on a bike?....nope.. this I worked for Lowes for a while. From what Ive seen working there I know you dont want to have to deal with a manufacturer. If you buy a washer for expamle the thing craps out in 6 months Lowes gives you a new one. Hell, they had us take back one that was 3 years old one time. Quote Link to comment Share on other sites More sharing options...
slambo Posted April 21, 2011 Share Posted April 21, 2011 I don't buy them for anything, ever. Quote Link to comment Share on other sites More sharing options...
rocknrobn26 Posted April 21, 2011 Share Posted April 21, 2011 Rule of thumb is ONLY insure things/stuff that will break the bank if your w/o it and then never pay more than 10% of pp(lower for cars). Retail sales are so competitive now that profit margins are very small, thus the hard sell on warranties. Consumer Reports said years ago that the extended warranty had an +85% profit for retailers. I'm sure it's higher now. That said I've had my share and rejected many. I've made out once or twice but mostly it was lost $$. Lately I just don't do it. But from what I've read, if you really think you need /want one, try out "Square Trade". They have a very high rating in customer satisfaction and are much cheaper than the retailers. The other tip CR mentions is taking the $$ for the warranty, put it in an account (or sock drawer) and use it for repairs on said item (self-insure). Chances are you'll have that $$ in your pocket eventually. Quote Link to comment Share on other sites More sharing options...
Avernus Posted April 21, 2011 Share Posted April 21, 2011 Rule of thumb is ONLY insure things/stuff that will break the bank if your w/o it and then never pay more than 10% of pp(lower for cars). Retail sales are so competitive now that profit margins are very small, thus the hard sell on warranties. Consumer Reports said years ago that the extended warranty had an +85% profit for retailers. I'm sure it's higher now. That said I've had my share and rejected many. I've made out once or twice but mostly it was lost $$. Lately I just don't do it. But from what I've read, if you really think you need /want one, try out "Square Trade". They have a very high rating in customer satisfaction and are much cheaper than the retailers. The other tip CR mentions is taking the $$ for the warranty, put it in an account (or sock drawer) and use it for repairs on said item (self-insure). Chances are you'll have that $$ in your pocket eventually. nowadays with the way stuff is made, the profit is less for businesses on selling warranty's because the replacement rate is higher, thus costing them more....and it is definitely not cost effective to pay for repairs because it is sometimes 3x the price of the warranty.... when I purchased my 54" Panasonic from Sears, I spent almost $1400 on the TV, but I also paid around $460 on the 3 year warranty because I expect this TV not to last more than 5 years......the plan is to let the 3 years take their course and then add a year on the warranty when it expires....and then do the same after that because the warranty rolls over to the new TV when they replace it.... when you're talking about a big TV, it's not usually cost effective for them to fix it, they usually just approve you with $xxxx that is for a comparable size and make in which you just go to the store and pick out your new set... if you're purchasing a TV of around 46" or larger, I think it is almost foolish not to get the warranty... Quote Link to comment Share on other sites More sharing options...
detlef Posted April 21, 2011 Share Posted April 21, 2011 First thing I do is argue with the guy that he's not selling me a warranty. He's selling me insurance. A warranty is something you give me for free because you have faith in your product. Me paying you money so that maybe I'll save more money down the road is called insurance. And, ultimately, I agree with most here that, if enough of these things broke to make it worth it, they wouldn't offer it. Unlike Health Insurance (which I can't afford not to own) and Car Insurance (which I'm not allowed not to own), or Home insurance (which I can neither afford to or am allowed not to own) I can certainly afford not to own TV insurance. And if, for some reason, I'm too broke to replace my TV if it breaks, I guess I'll have to live without it. Hell, could be the best thing that ever happened to me. Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted April 21, 2011 Share Posted April 21, 2011 Never. They exist just to line the pockets of the store selling them. For a $350 bike, I'd buy a new one if it broke out of factory warranty. Quote Link to comment Share on other sites More sharing options...
buddahj Posted April 21, 2011 Share Posted April 21, 2011 Extended warranties are almost pure profit Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted April 21, 2011 Share Posted April 21, 2011 never. the money u would put into a warranty put aside into a bank account. everytime you buy something and want to get warranty just add the money that you would spend on a warranty into this bank account and never touch it. if something breaks take the funds from this account to pay for it or if its time to replace it you already have $ towards that item. Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted April 21, 2011 Share Posted April 21, 2011 Never bought one, never will. They offered one on the Sony Bravia I bought 6 years ago, 5 year protection plan, never had an issue. That is why I bought a Sony, they don't need no stinking protection plan. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted April 21, 2011 Share Posted April 21, 2011 I never do but I bought the accident insurance for my iPad. It covers pretty much anything for the 1st year. There's a few glitches in the early devices such as LCD leak which Im sure they'll fix by this time next year. So, about a month prior, I'll drop it and crack it then get a new one free of charge. Plus, my kid loves the iPad so I'm sure he'll drop it at least once this year. I have had insurance on my cell phones. I've used it several times. I call on Tuesday and I have the new phone on Wednesday. Quote Link to comment Share on other sites More sharing options...
MrTed46 Posted April 21, 2011 Share Posted April 21, 2011 I have had insurance on my cell phones. I've used it several times. I call on Tuesday and I have the new phone on Wednesday. what your deductable? when i dealt with cell phone insurance i got a used phone (or refurb) and had $50 deductable. i was psised and will never do that again. not to mention it costs like $7 a month for it. lets say i break my cell in 1 year, it would cost me $134 to get a used/refurb one. I will take my chances on ebay at that price and hope i dont lose/break it. Quote Link to comment Share on other sites More sharing options...
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