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  #61  
Old 01-22-2011, 05:17 PM
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Re: "Lifetime" Extended Warranty"???

My last 7/100 warranty paid for itself 5 times over+. Most of that was in the 80-100000 mile range.

Obviously, if you don't keep vehicles beyond 7 years/100k the lifetime makes no sense.

Another factor is just how "picky" you are. Most owners would never notice or complain about a seeping rear main seal.

I change my own oil and had every tiny leak I noticed repaired at great expense to Chrysler, so they won't be making any money on guys like me, or many of the forum members here.
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  #62  
Old 01-22-2011, 05:18 PM
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Re: "Lifetime" Extended Warranty"???

That's another factor.....if your car is totaled, no more lifetime warranty....
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  #63  
Old 01-22-2011, 05:28 PM
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Re: "Lifetime" Extended Warranty"???

In my opinion, if you're going to keep you WK2 longer than the factory warranty, you'd be nuts not to get extended coverage for whatever time frame you'll have it.

The online prices for the extended warranty are low enough, and dealer repairs are expensive enough, that it's a gamble likely to work in your favor.

But hey, if you want to roll the dice and have to live with (or pay for) non functioning AC, failed nav, or any of the dozens of other individual failures that can cost the price of the extended warranty, go for it.

I'd say this applies to any vehicle you intend to keep long term, not just Jeeps.
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  #64  
Old 01-22-2011, 05:29 PM
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Re: "Lifetime" Extended Warranty"???

My current 2005 Jeep Grand Cherokee has never had anything....I've been amazed esp since it is loaded. Only scheduled maintenance. I hadn't planned on keeping it beyond 3 years but couldn't find anything else that I really liked and was waiting for the model to change (didn't know it would take this long for Jeep to change it). I only have 37,500 miles on it in 5 years 8 months and people think it's new.

My 1993 Jeep Grand Cherokee had numerous things in the first three years so I bought the extended warranty on it sometime in the 30-36 month range before the manufacturers warrantee ran out. That one was worth it...and only time I have bought an extended warranty on ANYTHING.

Which brings up a point....you can always buy an extended warranty later...there is no rush per se.
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  #65  
Old 01-22-2011, 05:32 PM
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Re: "Lifetime" Extended Warranty"???

Quote:
Originally Posted by Dan JGC View Post
My current 2005 Jeep Grand Cherokee has never had anything....I've been amazed esp since it is loaded. Only scheduled maintenance. I hadn't planned on keeping it beyond 3 years but couldn't find anything else that I really liked and was waiting for the model to change (didn't know it would take this long for Jeep to change it). I only have 37,500 miles on it in 5 years 8 months and people think it's new.

My 1993 Jeep Grand Cherokee had numerous things in the first three years so I bought the extended warranty on it sometime in the 30-36 month range before the manufacturers warrantee ran out. That one was worth it...and only time I have bought an extended warranty on ANYTHING.

Which brings up a point....you can always buy an extended warranty later...there is no rush per se.
36k in 5 years? You are a seriously low mileage driver. I put that much on in 18 months, and with the lifetime coverage, I don't feel obliged to try and keep the miles down.
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Old 01-22-2011, 05:33 PM
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Re: "Lifetime" Extended Warranty"???

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Originally Posted by GlowingGhoul View Post
that it's a gamble likely to work in your favor.

But hey, if you want to roll the dice...
Actually, no it isn't. Insurance costs more than the probable outlays or the company goes out of business. Many more people "lose" than "win"...that's the nature of the actuarial analysis that determines the prices. The odds are low that you will actually "win"...
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  #67  
Old 01-22-2011, 05:37 PM
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Re: "Lifetime" Extended Warranty"???

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Originally Posted by Dan JGC View Post
Actually, no it isn't. Insurance costs more than the probable outlays or the company goes out of business. Many more people "lose" than "win"...that's the nature of the actuarial analysis that determines the prices. The odds are low that you will actually "win"...

Yes, Chrysler is counting on all the folks who will buy this warranty, then trade/sell the vehicle in at say 50k miles. There will be thousands, they will all lose. Their warranty profits will be used to put a new transmission in my Jeep in the year 2022.
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  #68  
Old 01-22-2011, 06:10 PM
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Re: "Lifetime" Extended Warranty"???

or wait until the 35th month to decide.... LOL

It's a personal decision I suppose sorta like going for the full Saddle in the Summit! LOL
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  #69  
Old 01-22-2011, 06:16 PM
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Re: "Lifetime" Extended Warranty"???

FWIW, I purchased a "Bumper to Bumper" extended (don't think they offered "lifetime" back in 1998) on my current GC. I can't remember exactly what it cost, but I want to say in the neighborhood of $2,300.00. No small sum back in 98. Friends and family said I was nuts. Between Water Pumps, Starters, Two (Count 'em TWO) transmissions, seals, gaskets, shocks (yes it covered a complete set of four heavy duty off-road shocks at 90K) and several things I'm sure I've forgotten, I figured I must have earned that $2,300.00 back three or four times.
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  #70  
Old 01-22-2011, 08:23 PM
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Re: "Lifetime" Extended Warranty"???

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Originally Posted by Dan JGC View Post
Actually, no it isn't. Insurance costs more than the probable outlays or the company goes out of business. Many more people "lose" than "win"...that's the nature of the actuarial analysis that determines the prices. The odds are low that you will actually "win"...
It's not an insurance policy, it's a fixed price service contract. While something like actuarial tables are used in calculating what they need to charge to make it profitable, they don't take very many factors into account in determining the "premium", which allows the careful buyer to almost ensure a "win".

If you, as the owner, know that you'll be keeping the vehicle for, say, 250,000 miles, what are YOUR odds of losing this bet? How many vehicles, let alone a Jeep equipped with many complex systems, will go 250k without requiring $1800 worth of repairs?

Also, since Chrysler is paying a discounted labor rate and only cost for parts, you could get $3000 (retail) worth of repairs, and they will still make money on the contract. In that case, it's actually a win-win.

They are counting on most buyers not making that calculation, impulse buying the policy, and dumping the vehicle long before costly repairs are necessary.

If it was insurance, they'd want to know your prior claim history, how long you keep your vehicles, and surcharge for higher trim levels (which they don't). IF they did that, my service contract would cost $10,000
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Old 01-23-2011, 02:07 AM
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Re: "Lifetime" Extended Warranty"???

Quote:
Originally Posted by Dan JGC View Post
Actually, no it isn't. Insurance costs more than the probable outlays or the company goes out of business. Many more people "lose" than "win"...that's the nature of the actuarial analysis that determines the prices. The odds are low that you will actually "win"...
Um, actually, no. That's a common misconception. Believe or not, assuming a competitive market, you'll find insurance is actually priced somewhat below the average outlay!

You may think that's crazy, but you are overlooking something that insurance companies understand: The concept of present value. To make it simple, let's assume you buy a policy for $1000, and they'll end up paying for $1100 in repairs over 5 years. Guess what - they'll probably make money. That's because they have your $1000 today, but have to pay out the $1100 in future years.

The industry term for this is "float". Insurance companies make their money on the float.
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  #72  
Old 01-23-2011, 02:31 AM
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Re: "Lifetime" Extended Warranty"???

Weigh your options. You have the first model year of a new vehicle. Things generally go bad.

Nothing against you guys but most of the posts I see from 2011 owners is complaining.

You have a 3/36000... see what happens in that timeframe. Granted, it (price) will go up on the "lifetime", however, if you decide by the 22nd month that it'd be worth it, because you are having too many problems, then get it... or trade that bitch in when it hits that 36th month.
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