Better Ask Barry: Are extended warranties worth it?

If you buy a car, computer, or major appliance, you’ll probably be offered an extended warranty plan. These plans may help cover the cost of certain repairs when the manufacturer’s warranty expires.

Extended warranties and service plans sound good in theory, but before you buy a plan, there are some important things to consider:

First, are you going to use it? Most buyers never do.

According to surveys by Consumer Reports, 55% of respondents who bought an extended warranty for their new car didn’t use it.

Even fewer laptop computer buyers used the warranty (15 percent of PC buyers, and 7 percent of Apple buyers).

Secondly, what does it cover? Typically, extended warranties don’t cover everything. Read the fine print to see what is and isn’t covered.

Then, consider the cost. For some, the cost of repairs can be lower than the cost of a service plan.

In a 2018 Consumer Reports survey of Apple owners, the median out-of-pocket repair cost was $12 less than the price of an AppleCare plan.

In some cases, you may already have extended coverage. Many banks will extend the warranty by a year or more if you buy a product with their credit card.

Perhaps the best advice is to buy reliable products that are less likely to have problems. You can also set aside money to cover any future repair costs.

You may find that extended warranties make sense for you, or you may decide they’re not worth the price.

If you’ve got a question, ‘Better Ask Barry. You can call, email or use the share tab at www.kion546.com/share.