When you buy a washing machine, dryer, or any other large appliance, it’s not uncommon for retailers to try to sell you an extended warranty meant to provide you with coverage beyond the manufacturer’s original warranty.
When you have the warranty, you don’t pay anything if you need to undertake appliance repair or replace the unit.
When homeowners are in this situation, you will hear them asking, should I buy an extended warranty on the washer and dryer?
The answer to this question is no. You shouldn’t buy the extended warranty. This is because, in most cases, you end up not using it, so you lose money. A study done by the Stamford University showed that most modern appliances are reliable and most won’t break down within the warranty period.
The study went further to show that even if the appliance broke down, the repair costs are often much lower than the warranty cost, so you will be losing money if you buy the extended warranty.
Extended warranties are moneymakers for retailers, so you should avoid them as a homeowner. If you feel the warranty is right for you, don’t go for them blindly. Do the following:
Understand the manufacturer’s warranty
Before you commit yourself, first take time to understand what the manufacturer’s warranty contains. Carefully go through the warranty and pay attention to how long it lasts, what it covers, and whether the company will repair or replace the appliance or refund the money when it breaks down.
Some companies will repair the appliance even after the warranty period has extended to provide good customer service, so you don’t even need the extended warranty.
Check whether the credit company has extended the warranty.
When you buy your appliance using a credit card, some credit companies extend appliance warranties for a year or more, saving you money as you don’t have to buy the extended warranty. Before you buy the warranty, contact your card insurer and check whether your credit card provides extended warranties.
Take time to read the extended warranty’s fine print.
Contrary to popular belief, extended warranties aren’t as comprehensive as you think, so with little effort, you can quickly go through the fine print.
When you are reading the warranties, pay attention to exclusions. Studies show that most warranties include lots of exclusions, making them less useful. For example, the extensions might fail to include accidental damage, or the company might be able to deny a claim if you didn’t follow the right routine maintenance instructions.
The warranty might also require you to use a specific service provider, and you might not be in the same area as the service provider.
Carefully go through the fine print and only consider purchasing if the warranty makes sense to you.
Consider how much it would cost you to repair the appliance.
The sole purpose of the extended warranty is to protect you when the appliance breaks down, but do they save you money? Before buying them, do your research and find out how much it will cost you to repair the appliance in the event it breaks down.
A great way to do it is to contact your local repair companies and ask them for their charge sheet.
Invest in a high-quality appliance
High-quality appliances are expensive, but they rarely break down, so you don’t need an extended warranty. Before you make the purchase, take time to learn about the appliance’s reliability by reviewing the product’s consumer report.
When buying, buy from a company that will take returns on defective items. Some stores with generous return policies will even accept broken items years after the original purchase. These are the companies to buy from.
Buy only when it makes sense.
You should avoid buying the extended warranty unless it makes sense. For example, only buy if it costs less than the cost of repairs. You also should ensure the company you are buying the warranty from is reputable.
If you don’t know about the organization’s reputation or feel nervous about giving your information, steer clear and instead settle the washer repair Springfield costs from your pocket.
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