Why Should You Never Buy the Extended Warranty?

Nowadays whenever people went for any kind of purchasing, the salespersons often telling about extended warranties, giving promises for the peace of your mind and protections for your investment. But sometimes it might give you a huge loss because these warranties are often overpriced and may not be as beneficial as expected. In this blog we will discuss about, whether you should buy the extended warranties or not.

Why Should You Never Buy the Extended Warranty?

Before entering the discussion there are some point related to the extended warranties which you have to keep it in your mind.

• Most of the time extended warranties doesn’t cover everything that can go wrong with the purchase.
• Sometimes the things which you want to buy will comes with a manufacturer’s warranty.
• The credit card which you used will also give you best offers with purchase protection.

There are some hidden truth which you have to know about extended warranties.

• The extended warranties will increase the purchasing price by 10 – 50%.
• Sometimes there are some terms and conditions which you have to follow for claiming extended warranties.
• Most of the items already comes with the standard warranties.
• Sometimes you can also think or consider about the others alternative offers or other third-party warranties.

Lets discuss why extended warranty doesn’t applicable for all the situations.

Most of the time extended warranties doesn’t applicable for all the situations because if you are consider purchasing for only once then it’s a very good idea for it to knowing the exact price and all also what others it will cover. According to the Federal Trade Commission, the extended warranties might have some terms and conditions for maintaining the items, because if it breaks, then the company will able to blame you for using it improperly and then deny the coverage.

Now lets talk about why your purchase likely comes with the manufacturer’s warranty.

Generally most of the items like home appliances and electronics will comes with the atleast limited manufacturer’s warranty. According to Consumer Report, this manufacturer’s warranty will last upto 90 days or more, you may not be out of luck.

Lets talk about the benefits which will comes the credit card with protections.

Whenever you use your credit card or linked with your payment method for the purchasing in that case you don’t need an extended warranty. Because if you use your credit card for it you might have some amount of an extra warranty through the card issuer. However there are some credit card which are having some great peaks that you definitely have to aware of it, and use it.

Conclusion

Extended warranties may provide a temporary mind set to the peoples, but they can also drain your money. Always aware of all the terms and conditions and make informed decisions, and avoid the extended warranty traps. It makes a costly and unnecessary extra charge with your purchase. Always avoid the sales pitch and read all the guidelines, always compare prices and coverage and don’t forget to consider your financial situation.

Also Read:

• Why Should You Be Aware of Whether You are a Saver Or a Spender?
• Why You Should Never Pay Cash for a Car!
• Why You Should Never Pay A Charge-off