I'm just wondering, how many went for the extended warranty?

I'm considering purchasing the bumper to bumper 5yr, 100k mile warranty when I get my Evo in a few weeks. The dealer is offering it @ $1200.

Here's my situation...
I'd love to mod the car, but realistically, with the new house and such, money wil be a factor (along with the new car payment, insurance increase etc). The car will probably stay stock it's entire life.

Anyone else go for the warranty? If so, why? If not, why? I'd just like to get others opinions before signing on the dotted line.

Give me some advice if ya can.

~Anthony

[edit - damn spelling errors]
Edit again - it's a 5 year warranty - Thanks Vanilla!]

 

i got an extended 5 year warranty. this is a high performance vehicle, and a large investment.... the money for added protection is worth it 100%. i also have the carbon fiber pit pass..

im good to go for many many miles : )

 

Honestly guys, I hate to burst your bubble, but you are wasting money on your warranty. Im head of finance at here in Las Cruces, NM. My personal advice is dont buy it. Go with your standard 36/36 warranty. You have up until the expiration of your 36/36 to purchase an extended warranty. Alot of customers dont know that your extended warranty runs simultaneously with your current warranty. That means if you possibly end up owning your evo for less time or mileage than that of your current 36/36 warranty you lose money. When you purchase your extended warranty it starts the day you drive off the lot. So, say you own the vehicle for 20,000 miles and decide (for whatever reason) to sell your vehicle, you get taxed on the mileage for your refund. Mitsubishi tends to have pretty reliable vehicles in my opinion. I have owned two GST's which is probably the most compareable to the evo (other than the GSX). I bought them both used. Looking over the service records on the vehicles told me a couple things. They didnt really seem to have problems until after 60,000 miles or so. And these problems were minor. Such as a starter, an A-arm. Real minimal costing stuff in comparison to a cost of 1200.00. The pit pass is a joke. (sorry) Dont use the dealers oil, go buy your own Mobil 1 and save money per quart. If you take a look at your service manual for the evo, you will find out its not as bad as it seems. Yes you have to rotate the tires, etc, but not the amount it is worth for the pit pass. Plus, lets just say you all get money to do some mods and have already bought the warranty. Well kiss that baby goodby. I have worked here at for two and a half years. The vehicles are solid. All vehicles will have there hickups, but thats just regular maintainence. To give you an example of how much they are making on your warranty. Here is my cost over here is 1033.00 for a 6/100k.

So, bottom line is this. Save your money until you are about to hit your 36/36 expiration, then go buy your warranty if you feel that you must. Believe me, you will mod this car. I personally dont care about the mods on my car. made this car to kick ***, and so it does

 

With the modding that many of us plan to do, an extended warranty is the last thing on our minds....

 

Great post lancealott. My sentiments exactly. Especially good to hear it coming from someone in the business @

 

my bubble is burst... - but hey at least it was included for very little extra charge

 

Hey, just so you know, dont be too , most warranties have a full 100% refund if you do it less than thirty days from the purchase. If not, you can still cancel it. This will probably involve (after 30 days) a surcharge of $25.00 to $50.00, and a small charge for days in use or mileage on vehicle. They will apply the refund directly towards principle. Payment will stay the same, but you will pay the loan off early.

So cancel away!!!!!!!!!!!!!!!!!!!!!!! And your welcome for the savings.

 

Hey Lancealott, is it possible to get the refund in cash or do they have to apply it to the principal? I have a 6 year warranty and have decided it's not worth it. I was going to ask about cancelling it this week.

 

Good info, that's what I wanted to hear. Mitsu does have good cars. In the 5 years I've had my GSX, only the water pump and lifters had to be replaced.
Still milking original clutch, shocks, etc.

I think I'll save my cash, and try to get the wife to let me spend it elsewhere (buschurracing.com..)

 

I actually decided to get a 7yr/100,000mi, full-coverage warranty through (no, I'm not kidding) my insurance company, being Geico. It cost me $400 and that $400 is actually just factored into my insurance cost over the next 7 years which works out to less than $5/month. I read the limitations (parts not covered) and it excludes less than Mitsu's extended warranty. I plan to mod my car all to hell but there's also no aftermarket clause in Geico's warranty. Pretty good deal

 

NO WAY... the car comes with a 5/60 on the powertrain, which is what i would worry about the most...

i know i certainly will not have this car for 5 years anyhow, so it's just a waste of money...

 

why would you not have your car more than 5 years!!!

*personal attack removed by SC~*

 

erm..whats makes a person not owning a car for more than 5 cars a loser? ?

if i am rich i'll change my car almost every 1-2 yrs .so i'm a loser for being rich ya?

 

If I got enough money, I'll get both Evo and STI........

 

I know im not Lancealott but. this is what i know
option#1.
If u payed cash for the car they will write u a check for the amount they return.

#2.They will write a check to the bank where u got the loan from to pay into your principal. what is nice about it is u can use that check as a monthly payment so u can skip 2 month of wrting out a check from your bank account, and can used that check as your monthly payment.

#3.They will redo your loan, and you payment will be less, becasue the new loan will reflec the 1k or what ever u get in return. Most dealer dont want to do option 3 becasue they are lazy. most will just do option #2. write your bank a check.

lets say they return you 1100$ ,and your car payment is $550 a month. send the check with the next 2 car payment slips from your payment book. so the next 2 month the money you where planing on using to pay for you car payment is saved money.
so its allmost like its really option #1. cash in the bank..