Should You Buy A Warranty

When buying electronics, or other products you’ll most likely be offered the opportunity to buy an extended warranty. Should you?
If the product you are buying is expensive or cumbersome (meaning you want someone to come to your business/house and repair it, you don’t want to mail or drive it somewhere) then consider a warranty.
The NY Times writes One Consumer Reports survey found that three years after purchase just 5 percent to 7 percent of televisions needed repair, and 13 percent of vacuums (not counting belt replacements). But 33 percent of laptops had been sent to the shop or the recycle bin.
The consumer group does recommend extended service policies on three items, Ms. Hackett said: laptops, treadmills (they are too cumbersome to take to the shop, she said, and service calls are expensive) and plasma TV’s, because the technology is new and “if you are spending $5,000 for a TV set, you might want to get a warranty.”
Some consumers skip extra coverage and choose, when possible, products with long-lasting manufacturer’s warranties. Treadmills from Precor USA, where Mr. Zahniser works, include a lifetime warranty on the body, 10 years on moving parts and a year on labor. “Usually if a problem arises, it’s the first year,” he said. If buyers want extra warranties, dealers will usually sell them.
Read the full article here