Strangely enough when the cars had problems the repairs were not covered. We had a drive train warranty, and when the drive train went bad, they claimed that particular section wasn’t covered. Had it for electronics repair—not covered. Was told that the motor was covered when we purchased extended warranty—nope they found a loop hole. These were not cheap warranties either. We never bought one again. Never will. Now that we are “Plan” we just budget for repairs.
We come out way ahead, we aren’t out any more money than the actual repair—which most of the time my guys can do. We no longer finance cars/trucks, but if you do then you are paying interest on that warranty too. Far better to put the same amount of premium payment in a savings account and earn interest on it.
Now that all being said we do put them on computerized things like our wireless printer. Everyone that has been on here for a while knows how I’ve already had my printer completely replaced twice. I do pay the $15 for the extended warranty in cash because the printers tend to wear out around here about every 18 months. We do not purchase cheap printers either. Photo quality, all in one, etc. So for that $15 we get a new, better quality printer about every 18 months, which we pay another $15 for another extended warranty and repeat.
I make the decision on extended warranties for the appliances and such based on how much the item costs to replace vs how much the extended warranty is AND how likely we feel the item is to die before we have gotten x amount of use out of it. Doing this we generally only get them on the computer equipment. Most everything else, washer, dryer etc dh can repair for the cost of a part.