Best Warranty for Your Money
Historically extended warranties have had a bad reputation. Over the last 15 years, legislation has changed plans to the consumer’s benefit. Now, the right product, person and situation may justify buying an extended warranty. If you’re considering buying one, know the details of the plan and the fine print. You can, however, provide yourself the best warranty protection and it may be cheaper than you think
Our Warranty Story
The compressor in our refrigerator died a week before Thanksgiving. Spending several hundred dollars just before the holidays wasn’t in our financial plan. We bought a new though and the salesperson suggested an extended warranty to cover the compressor in our new refrigerator three years beyond the manufacture’s warranty. We’re considering it, but we have 30 days to decide.
We hosted Thanksgiving dinner for six people, including serving a 22 pound brined turkey, and another dinner for three last Friday. The cold weather has helped. Between that and our coolers, we’ve managed. Something we felt needed to be replaced immediately, actually didn’t. Having our emergency savings helped. Sure, we hate that we had to spend several hundred dollars unplanned right now, but at least we can. Having an emergency savings account was our best warranty.
Weigh the Costs
The great thing about having our emergency savings is that it was our best warranty option. Sure a $900 (gently dented, but immaculately clean) fridge was a big purchase for us. The nice thing is that we were able to forgo the pricey extended warranty. How you ask? Well here was our thought process. To have our fridge fixed, we would have had to order the part, wait for it to arrive, schedule an appointment, which meant one of us would be staying home from work and ultimately we would have had more food spoiled than we had hoped. In the end those costs outweighed the new fridge that came with a 10 year warranty on the compressor. We feel we saved time, money and the headache of getting the old one fixed.
Have you had a similar experience?