Warranties????

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vonalj
vonalj Posts: 124 Member
in Fitness and Exercise
Okay, So I bought a new treadmill. Got the Lance Armstrong Livestrong one at ****s Sporting Goods ($800). Picking it up today and I am so excited :bigsmile: Now I was wanting any input I could get on opinions of whether not to buy the warranty. Although the treadmill is new, it has great reviews. The manufacturer covers the motor for life, parts 2yrs, labor 1yr. Is the warranty a waste of $? I'm young so I've never run into this before. The way I'm understanding it, is that the store warranty starts from the day I purchased the treadmill not when the manufacturer's warranty expires. So should I just suck it up and pay the extra $ for a warranty or is this usually just a money making gimic?

3yr $169.99
4yr $199.99

And I can extend my warranty after it runs up from the store. I just don't wanna get stuck with a big fat bill if something goes wrong after the man. warranty is up. Suggestions Please!

Replies

  • SHBoss1673
    SHBoss1673 Posts: 7,161 Member
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    I generally find the warranty to be worth it, but I guess it depends on what problems others have had after a year or two, and what you can afford. If problems are very rare, and that's a big $$ amount for you, then consider delaying buying the extended warranty until you can feel more comfortable doing so.
  • tazlady
    tazlady Posts: 60
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    I read a story in the consumer reports that says warranties on most items are a waste of money as the items produced now a days generally are better quality and outlive the warranty. generally 5 years or more so that gaurentees the warrantee companies constant income. They make a fortune on their extended warranties.. IF the item has a one yr warranty you can almost gaurantee that if something were to go wrong it will be in the first year and so it is covered. Also there are some parts etc that the warranty does not cover and you must read the fine print. I had a washer and dryer that had warranties .. I bought he extended after the frist 3 yrs.. At about 7 yrs my washer needed a belt. The warranty only cover the part not the labor.. which was as much as the warranty.. The part was about $20.. Go on consumer reports .com to find out the life span of your new treadmill. and last but not least enjoy it...:) Ellie
  • Twinmommy13
    Twinmommy13 Posts: 10
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    Buying extended warranties are generally a waste of money! If something is going to happen to it that the warranty will cover it will most likely happen during the time that it is already covered. Just make sure you send in all of the product registration paperwork as soon as you open the box. Also more than likely if and when something happens to that treadmill, there will be something with newer technology and better quality for much much less than you are paying today. For best consumer advice go to clarkhoward.com.
  • rtmama
    rtmama Posts: 403 Member
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    Did you buy it with your credit card? Most will double the warranty up to a year extra....that might help instead of actually purchasing one.

    I very rarely purchase extended warranties, except for my Mac computers.
  • vonalj
    vonalj Posts: 124 Member
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    I didn't buy the Store Warranty. I just have the Manufacturer warranty that was included in the total price of the treadmill. So I am wondering if I should buy the store warranty????
  • mrsbeck
    mrsbeck Posts: 234 Member
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    I've worked in the warranty business.

    DO NOT BUY THE STORE WARRANTY.

    They will find a way to not cover whatever fix you need. It also generally takes longer to get a repair person to see your product, and longer to get parts when the repair is under the extended warranty.

    Extended warranty companies pay repair companies at rates significantly lower than market value...which means that not many companies will sign on with them, and the ones that do sign on tend to put extended warranty repairs at a very low priority. After all, if you can get 100 dollars for a "cash call" (where the customer is paying the bill,) 90 dollars for a manufacturer warranty call, and 75 for an extended warranty call, which one are you gonna schedule first?

    Store warranties are almost always a waste of your money. Also, the store warranty cannot be in effect at the same time as the extended..rather, it can, but it will do you no good. The extended warranty company will simply refuse to pay any bills during that period. So, the three year warranty you bought is really only two years. There may be honest extended warranty companies out there, but I've never dealt with one. Put 169.00 in a high interest savings account...it'll do more for you than using it to buy a warranty.

    edit** As someone mentioned above, using your credit card for a major purchase usually offers you some added warranty protection...read your fine print, or give your CC company a call.
  • vonalj
    vonalj Posts: 124 Member
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    Thanks! You all have been so helpful!

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