Extended warranties
Extended warranties are a product. They help the business more than they help the consumer, as no business offers a product at a loss.
A Consumer Report revealed that 55 percent of owners who purchased an extended warranty hadn't used it for repairs during the lifetime of the policy. Those who did use it spent far more on the coverage than they saved on repair costs.
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We lose money
For most, extended warranties are bad investments, because we never use the coverage they pay for.
For a warranty to be worth it,
- Something needs to fail that is covered.
- We need to use the warranty during the repairs.
- The cost of the repairs should exceed ...
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