Used car warranties

I just purchased a 2014 Honda CR-V .  The factory warranty is expiring soon.  Does anyone have advice on used care warranty ?

Thanks, Goofoff

I wouldn't buy one for a CRV unless it was approximately free. 

You won't need one for a CRV.

I don't have any advice on a car that new. I always give a warranty when I sell a car. I give the taillights warranty, as long as I can see the taillights from where I delivered the car I will repair it.

I have yet in my career to see one that was worth a E36 M3 including the much praised Carmax warranty. I can't recall wait the last time a CRV was in the shop for an actual repair so I'd pesonally avoid the hassle. 

I've had a couple extended warranties on my Audis that were pretty good.  If you're serious, I have a few suggestions.

First, don't expect to make money on the warranty.  On average, a customer who buys an extended warranty is going to spend more on the warranty than they would on repairs.  That's how the warranty company makes money, and if they didn't make sure that happened then they'd go out of business pretty quickly.  What you're buying is insurance, it's risk mitigation.  You're paying more than the average repair costs in order to limit your exposure to the cost of major repairs.

Second, to avoid warranties that are mostly scams, you want one that's good at any dealer, one that pays based off actual cost rather than "average cost", and one that can be cancelled for a pro-rated refund (important in case the car gets totalled) and can be transferred to a new owner (if you decide to sell it).  It's also good to have one that's branded by the vehicle manufacturer and sold at the dealership, because that gives the you/the dealer more leverage in case of problems.  Finally, look for a warranty where the coverage is presented in terms of things that are *not* covered, rather than in terms of things that are, and expect that if something is on the list then they won't cover it, even if it's required to repair something that is covered.  For example, suspension components may be covered, but the alignment that's required after replacing them may well *not* be covered.

^What company?

My local indie BMW shop told me they have had good luck with a company called Route 66 for aftermarket warranties. 

I keep going back and forth on getting one of these because of the cost of replacement for a DCT in my new-to-me BMW. And also just read the N55 has an electric oil pump along with the electric water pump...........which scares me.

In reply to codrus :

Thanks.  Great Advice

Honda purchase:  put money in HSA for your car. Earn interest. Probably never need the money. Profit in five years.

VW/Audi/Mercedes/Volvo/Jag/BMW/Land Rover or other car from the motherland countries:  Same as above, just double the amount you'd normally pay for the extended warranty.

In reply to mtn :

Thanks

In reply to John Welsh :

Thanks

In reply to pilotbraden :

Thanks

I contemplated buying a VW factory extended warranty for the GTI when the factory new car warranty was coming to an end only due to the fragile nature of this car.  So .... I go to the VW website that prices the extended warranties, where you input your year, model, and VIN.  Result came back with “sorry - no factory extended warranty is currently available for this vehicle”.  Nice, VW, nice ....

In reply to einy :

Best to call a dealership, any vw dealer anywhere and ask to buy a warranty. Mercedes and Porsche guys factory warranty shop this way. 

Having been on the repair shop side, just don't.

First of all, they are not warranties, they are insurance.  The company makes money from the fact that you (typically) pay more into it than you get out.

If you get one, please read ALL the fine print.  Too many times I had customers come in with this "warranty" brochure and get very disappointed.  First, I don't want to deal with it.  It's phone calls, negotiations, waiting for approval, and then I have to call the customer and tell them that their warranty company is only covering $300 of their $1200 repair because they only pay $25/hr labor and I charge $90, and it only covers the parts but not the oil, shop materials, or wear items like brakes and belts; even if they were damaged by a covered failure.

In reply to Curtis :

I had the same experience on the shop side. Just like any shady insurance company, no matter how valid your claim is, they will try to find a way to not pay it. Then if they cant find a way to out right deny the claim, they make getting reimbursed a completely difficult, slow process in the hopes that you will just give up. They will want you to pay for the repairs yourself then try to get your money from them afterwards. If you stick to your guns and want them to pay the shop expect to be out of a car for weeks while they drag their feet on approving payment. They will require all sorts of crap  from the shop doing the work, which the shop doesn' want to deal with. They have other things to do besides make 97 phone calls trying to get paid. My advice is just don't. Use the money you would have spent on the warranty to keep up with the scheduled maintenance.