Do You Want An Extended Warranty With That Ideas Repec

Leo Migdal

-Dec 9, 2025, 6:04 PM

do you want an extended warranty with that ideas repec

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Louis (email available below). General contact details of provider: https://edirc.repec.org/data/frbslus.html . You’ve been eyeing that espresso machine for a while, picturing mornings sipping coffee from a tiny cup in your kitchen. You finally decide to go to the store and buy it. But before you can even swipe your debit card, the cashier asks, “Do you want to get the extended warranty?” Extended warranty?

You look at the espresso machine with concern. It would be a shame if something happened to it. So, you say yes and pay the extra cost—even though your new coffee maker already comes with a manufacturer’s warranty (something the cashier conveniently didn’t mention). Hey, we get it. We all want peace of mind when it comes to things we pay big bucks for. But while extended warranties might sound like a great safety net if something breaks, are they actually worth it?

Let’s dive in to what extended warranties are and if you really need one. Before we talk about extended warranties, we need to define what a warranty is. A warranty is a promise from a company that if the product you bought from them breaks, they’ll fix it or replace it for free. Nowadays, lots of things come with warranties—electronics, cars, washing machines, backpacks, you name it. Warranty contracts can last anywhere from 60 days to a lifetime guarantee, and the best part is that they’re automatically included when you buy certain items. Get expert money advice to reach your money goals faster!

Compare plans tailored to your home & budget. Compare plans tailored to your home & budget. Deciding whether to purchase an extended appliance warranty depends on several factors, including brand reliability and if you can afford potential repair expenses. Here are a few considerations for some common household appliances. Consider the terms of the warranty, repair costs and brand reliability before buying an extended warranty. Appliances like refrigerators, washers and dryers are good candidates for extended warranties.

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When you purchase a big-ticket item—say, a phone, laptop, or TV—some kind of warranty is expected. It's typically called an express warranty, because it's supposed to be clearly expressed. Sometimes it's called a "guarantee," because it's supposed to guarantee that your device works. It doesn't even have to be written down: A TV huckster saying, "It'll last 20 years!" is a legal guarantee. Whatever they're called, warranties are usually limited in time and scope. Thus, you'll frequently experience an item's reseller (sometimes even the manufacturer) trying to (up)sell you on extra coverage.

That coverage is called an extended warranty, or sometimes "protection plan," "service plan," or "service contract." The latter terms are more accurate, as no one can really extend a warranty except the original manufacturer. Getting a protection plan means you pay more upfront, depending on the item and the coverage. In theory, you do so to make sure you have even more time with the product, should it break in that pre-set amount of time—a few months, a year, or a few years. Most protection plans won't break the bank. For example, for an LG C2 55-Inch Evo OLED TV purchased via Amazon for $1,296, a three-year protection plan from Asurion is $129.99. Best Buy sells the same TV with a 2-year Geek Squad protection plan for $174.99, so clearly, it pays to shop around even for extended warranties.

This Page One Economics® reading activity dives into the fine print buying an extended warranty. Weigh the costs and benefits when thinking about protecting your home, car or appliance. Print the article. Katrina's Classroom: Teaching Money Skills for Life is a four-part curriculum unit designed for personal finance-related high school classrooms. Discuss factors to consider when buying insurance. This lesson covers basic insurance terms, common types of personal insurance, and factors to consider when buying insurance.

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Do You Want An Extended Warranty With That Ideas Repec

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