Extended Warranty, Worth it?

[Fenrir]

Hey everyone,

I just traded in my GV70 and am picking up my GV60 next week. I’m super excited but I’m wondering whether it’s worth it to get the extended warranty. I’m buying it used and there isn’t a lot of time left for the electronics. The battery and motors have plenty of time left but I’m wondering if the warranty is worth it for all the screens and tech or if it’s pretty reliable.

Appreciate any help!

 

[GreyGV60]

Hey everyone,

I just traded in my GV70 and am picking up my GV60 next week. I’m super excited but I’m wondering whether it’s worth it to get the extended warranty. I’m buying it used and there isn’t a lot of time left for the electronics. The battery and motors have plenty of time left but I’m wondering if the warranty is worth it for all the screens and tech or if it’s pretty reliable.

Appreciate any help!

That's a good question. I had purchased my GV60 new and did not buy the extended warranty. I guess you may need to determine the cost of the warranty and exactly what it will and will not cover. If you look through our forum, you will see some folks had to have their head unit displays replaced, though under the original warranty. So far I have been lucky with no major issues, but then again you never know what happens tomorrow. I think it comes down to your own situation and if you think the cost/value of a warranty will help you sleep better at night.

 

[Fenrir]

It's fairly expensive but I was mostly worried about the cluster, navigation etc...Just wondering if there was a trend of issues that might be good to have the warranty for.

 

[noremacnova]

My philosophy for whether to buy insurance for any particular hazard or peril hinges on whether or not I could afford to cover the loss without insurance. On average, insurance will always cost you more than you will get out of it - on average. But I still pay for homeowners fire insurance, because I can’t afford to cover that kind of loss. I pay for auto liability insurance, because I can’t afford to cover a massive injury or tort claim. But I don’t pay for iPhone insurance, because I can afford to buy another $1000 phone (not that I want to!). Automobile warranty insurance falls somewhere in between, but I still would tend to plan on covering the loss myself vs. paying $x,000 for the insurance. These type policies are pretty expensive and quite profitable for all the people in the chain who sell them. YMMV.

 

[EVsquatch]

My philosophy for whether to buy insurance for any particular hazard or peril hinges on whether or not I could afford to cover the loss without insurance. On average, insurance will always cost you more than you will get out of it - on average. But I still pay for homeowners fire insurance, because I can’t afford to cover that kind of loss. I pay for auto liability insurance, because I can’t afford to cover a massive injury or tort claim. But I don’t pay for iPhone insurance, because I can afford to buy another $1000 phone (not that I want to!). Automobile warranty insurance falls somewhere in between, but I still would tend to plan on covering the loss myself vs. paying $x,000 for the insurance. These type policies are pretty expensive and quite profitable for all the people in the chain who sell them. YMMV.

Great response. To the OP, is your GV60 used or certified used? If it is used, then your drivetrain warranty is essentially cut in half because it doesn't transfer. How long do you intend to keep the vehicle for?

I am intending to keep the GV60 for the next 8-10 years since it has so many of the features that I'm interested in now and into the future, especially the 800v architecture which allows for some of the fastest charging times in the industry. I had the ability to negotiate the 3rd party warranty through Fidelity (which is highly rated) so I went that route. EV's out of warranty can be exceedingly expensive to repair because of all the technology in the vehicle - especially luxury vehicles.

If you plan on keeping the GV60 for 2-3 years, it probably won't be worth it. But if you plan on keeping it longer, it might be worth the investment if you can get a reasonable price. I negotiated a "10" year 120K warranty for $3K. Now it really isn't 10 years since it starts at the end of the expiration of the factory warranty, so it is really an extension of 5 yr/60K miles from original 5yr/60K bumper to bumper and 20K for the drivetrain (new) which is originally covered for 10yrs/100K miles.

Good luck.

 

[SoCalG90]

Just having the insurance does not guarantee that Genesis can even fix it. I would say no.

 

[PMCErnie]

Just having the insurance does not guarantee that Genesis can even fix it. I would say no.

Odd reply. Needs some explanation, don’t you agree? Let’s assume that dealers have service shops.

 

[Mcc]

Hey everyone,

I just traded in my GV70 and am picking up my GV60 next week. I’m super excited but I’m wondering whether it’s worth it to get the extended warranty. I’m buying it used and there isn’t a lot of time left for the electronics. The battery and motors have plenty of time left but I’m wondering if the warranty is worth it for all the screens and tech or if it’s pretty reliable.

Appreciate any help!

It may be reliable but nothing is 100% reliable. All these folks saying buy or don’t buy aren’t the ones paying for the warranty or fixing when something breaks. YOU are.
You ask, is it worth it but you have not given any info as to what you would be paying and how risk adverse you are. Is it going to give you peace of mind or you aren’t going to lose any sleep? The electronics are very expensive to repair. If it’s not going to bother you to leave something broken if it’s breaks or can afford to pay to have it fixed out of your pocket, then there is your answer.

 

[Fenrir]

It may be reliable but nothing is 100% reliable. All these folks saying buy or don’t buy aren’t the ones paying for the warranty or fixing when something breaks. YOU are.
You ask, is it worth it but you have not given any info as to what you would be paying and how risk adverse you are. Is it going to give you peace of mind or you aren’t going to lose any sleep? The electronics are very expensive to repair. If it’s not going to bother you to leave something broken if it’s breaks or can afford to pay to have it fixed out of your pocket, then there is your answer.

I fully get it and lots of great commentary that I appreciate. It’s good perspective.

Regarding your question and others, I can afford fixes that are reasonable. Not a $12,000 cluster or something along those lines. What I was trying to sort out was how reliable the parts are. If people have a lot of failures then it guides me into the value proposition of the warranty. If there are no issues, then maybe my risk tolerance changes.

 

[Mcc]

I fully get it and lots of great commentary that I appreciate. It’s good perspective.

Regarding your question and others, I can afford fixes that are reasonable. Not a $12,000 cluster or something along those lines. What I was trying to sort out was how reliable the parts are. If people have a lot of failures then it guides me into the value proposition of the warranty. If there are no issues, then maybe my risk tolerance changes.

The problem with your approach is that you will only hear from people who have had problems. What does that do to your guidance stats? Did you really think there was any possibly that you wouldn’t hear anything on a forum like this? And of those that reply, do they have the same year, model, wear, and mileage as your car?

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[Fenrir]

The problem with your approach is that you will only hear from people who have had problems. What does that do to your guidance stats? Did you really think there was any possibly that you wouldn’t hear anything on a forum like this? And of those that reply, do they have the same year, model, wear, and mileage as your car?

I hear you, I’m not looking for statistical perfection. Of course you are more likely to hear complaints on the internet. The forums have a wide variety of people and so it was just to see what kind of feedback was presented.

I’m not going to purely make a decision based on what’s presented here but many data points from many sources can help guide a decision. Sorry if you feel otherwise.

 

[David-R]

The extended warranty decision can be a tough one. Others have covered the considerations but there is no right or wrong answer. Please let us know what you decide.

 

[steveinarizona]

I hear you, I’m not looking for statistical perfection. Of course you are more likely to hear complaints on the internet. The forums have a wide variety of people and so it was just to see what kind of feedback was presented.

I’m not going to purely make a decision based on what’s presented here but many data points from many sources can help guide a decision. Sorry if you feel otherwise.

For what it is worth Consumer Reports reliability only gave it one negative score (but a number of average scores as well) and that was for brakes which is not generally a high dollar item.

 

[Mcc]

I’m not going to purely make a decision based on what’s presented here but many data points from many sources can help guide a decision. Sorry if you feel otherwise.

I don’t feel otherwise. I support your choice to make your decision based on whatever information you like. I was simply providing information.

 

[Jamas]

I purchased the extended warranty when I bought my 2023 Advanced new. Glad I did given the various electronic/ cluster issues I’ve had. All covered under the original warranty, but good to have peace of mind when that expires.

 

[Fenrir]

I purchased the extended warranty when I bought my 2023 Advanced new. Glad I did given the various electronic/ cluster issues I’ve had. All covered under the original warranty, but good to have peace of mind when that expires.

Thanks for the input. Was this the cluster update issue or something else? Have you had other issues?

 

[Jamas]

Thanks for the input. Was this the cluster update issue or something else? Have you had other issues?

The latest was the cluster display issue. Before that was the “stuck update” issue that also required a cluster replacement. And before that was an issue with a parking assist component that needed to be replaced.

 

[Jeffdawgfan]

Always a concern if you keep car for many years, but every consumer advocate out there just about will tell you that extended warranties are just a money maker for the dealer.

 

[Mcc]

Always a concern if you keep car for many years, but every consumer advocate out there just about will tell you that extended warranties are just a money maker for the dealer.

But would you say that for any insurance (car, life, house)? If it didn’t make money for the company, then they wouldn’t offer it. I think the real question is whether you can afford to self insure without knowing in advance what those costs will be. And if you go by the statistic, can you afford to be an outlier.

 

[EdP]

But would you say that for any insurance (car, life, house)? If it didn’t make money for the company, then they wouldn’t offer it. I think the real question is whether you can afford to self insure without knowing in advance what those costs will be. And if you go by the statistic, can you afford to be an outlier.

They do it to make money? I just thought they wanted to help their neighbors.

Law requires me to have liability car insurance, but I still pay for collision to reduce me risk. I'm not required to have house insurance, but in spite of 58 years of no claims, reduces my risk.

I've never bought an extended warranty though, on cars or appliances. On that stuff, I'm way ahead. For some people, it offers peace of mind. I don't know how to put a value on that.