Service contract

mboston_gwOctober 22, 2010

My Bravos is now nearly two years old. The problems I had initially with it have not returned but I did buy a one year service contract for around $50.00 last year. It will expire in late Dec. I have been getting notices for renewal but the price is now $80. I am unsure whether to buy another years worth. Usually we do not go for extended contracts but I'm iffy about this one. Just wondering if a 2+ year old washer should have problems. The service contract covers repair or replace feature if it can't be repaired due to a nechanical or electrical breakdown, will not have to pay for cost of labor and replacement parts.

What to do?

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One service call on these machines will cost more than $80. A bad circuit board will cost more than $300. The machine should be trouble free at this age, but who knows? Often times you can get a discount for multiple years, it could cost far less if you pick up a 4 years service agreement for something like $175. There are third party service agreements available.
At $80, it is about $6 a month. Would you pay $6 a month for peace of mind?
That being said, service contracts are normally not needed on newer appliances, they are an added expense and not normally an added value. Service contracts are a big business because they are not used very much from the consumer. You could set aside $80 a year in a special appliance account to be used for repair and upkeep of all your appliances, in 4 years, you would have $400 dollars, and if it were in a savings account, it would draw interest. You could start by putting $80 aside and then adding $10 a month and create your own peace of mind by saving against future appliance problems. You would have $200 the first year and $560 at the end of 4 years.

    Bookmark   October 23, 2010 at 6:56AM
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Great advice steveomc. I like buying maximum range 1st contract direct from manufacturer. It is usually the least expensive contract and can go 4 or 5 years from first purchase. Many manufacturers only give one year initial warranty now so that gives you 3 years and from a reliable source, not some fly by night aftermarketer who may disappear on you. After that your savings plan is a great idea because aftermarket warranties get very expensive on the subsequent years.
I purchased a 5 year extended warranty on my Neptune washer and never needed it. Fortuanately it was only 95.00 from Maytag back then. Now they are offering 3 more years for almost 400.00! I said no thanks since I can repair it myself for less. That is the other thing to think about. Many repairs can be completed for a lot less if you can do it yourself and only pay for parts.

    Bookmark   October 23, 2010 at 8:06AM
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