You've probably heard it from your parents and peers: extended warranties are a waste of money.
Do you believe it, though? Do you shell out for an extended warranty when buying a car?
We wanted to find out, so we asked some of our Twitter followers. Here's how they responded:
Do you purchase extended warranties when buying a new car?— CarConnection (@CarConnection) September 26, 2016
As you can see, 60 percent of respondents heed the popular wisdom and don't bother with extended warranties. Most of them--52 percent--flat-out refuse such offers, while another eight percent might accept, if they didn't already work on their vehicles themselves.
Another seven percent of those polled clearly buy extended warranties out of an abundance of caution. They know that warranties are expensive and largely useless, but they'd rather hedge their bets and pay $1,500 now for something that might cost $3,000 down the road.
And it's entirely possible that some of the remaining 33 percent who say that extended warranties offer "peace of mind" have doubts, too. It probably pains them to shell out for warranties, but the fear that something might go wrong with their ride is a far more ominous burden.
Our rule of thumb? Extended warranties are almost always a bad idea when you're buying a brand new car. They offer little added protection beyond the manufacturer's warranty, and if you're financing your car, the extended warranty will increase your debt.
Used cars may be a different story. If you purchase a certified pre-owned vehicle, though, it may automatically come with its own extended warranty. And no matter where you buy, you should always have your mechanic inspect any used car. He or she may be able to tell you whether something expensive will soon need replacement.
Missed our poll? Want to share your own opinions on extended warranties? Sound off in the comments below.