Purchasing an extended warranty

[Kitmick]

Good day,

I am new to this Forum and have a 2021 G70 that I’m thinking about purchasing a Genesis extended warranty. The car is still under the factory warranty and has 8,000 miles on it. I wanted to see if there are any dealers who actively market the selling of these warranties at very competitive prices.

 

[19 G70 3.3T]

When you're only averaging 2,600 miles a year, why would you want an extended warranty? At the same rate, you'll never put enough miles on it to have to worry about the factory 10 yr/ 100,000 mi warranty expiring due to anything but time. Extended warranties are usually targeted at drivers that will go past the mileage warranty before the time expires.

 

[Kitmick]

When you're only averaging 2,600 miles a year, why would you want an extended warranty? At the same rate, you'll never put enough miles on it to have to worry about the factory 10 yr/ 100,000 mi warranty expiring due to anything but time. Extended warranties are usually targeted at drivers that will go past the mileage warranty before the time expires.

I will be putting a lot of mileage per year that necessitates an extended warranty

 

[blnewto]

It's like any insurance, it's a gamble, your wagering that your Genesis will need repairs and Genesis is wagering you won't (or at least less than the warranty price). If you have a dealer that's been good and seems to have a solid service dept it may very well be worth it. If your service time has been a hassle and a lot of turnover at that dealership it may not be worth it, only you can decide that one. Just be SURE to avoid any third party warranties, they will try to back out of any large repairs w/ very sketchy fine print BS.

 

[AlfaBetaSoup]

Good day,

I am new to this Forum and have a 2021 G70 that I’m thinking about purchasing a Genesis extended warranty. The car is still under the factory warranty and has 8,000 miles on it. I wanted to see if there are any dealers who actively market the selling of these warranties at very competitive prices.

I am also interested... "if there are any dealers who actively market the selling of these warranties at very competitive prices."

For example, I have a MOPAR product, and several dealers market the MOPAR extended warranty online for a substantial discount.
These MOPAR dealers figure... you didn't purchase the extended warranty when you took delivery of the car, but if we sweeten the deal, maybe you will purchase the extended warranty for us now. Some money is better than none is their attitude.

The internet price is usually 1/3 less than the suggested retail price the dealer offers.
Not that every dealer goes by what the manufacturer suggests to sell the extended warranty for...
That is a whole other discussion.

So, if someone has been able to purchase an extended Genesis warranty for a discount, please post that information or PM me.
( I am not interested in a third-party warranty. I am only interested in a Genesis factory warranty.)

 

[unixpilot]

When I was shopping in early 2024 for a Genesis Protection Plan, I was made aware of Burlington Hyundai in Vermont, through various interwebz forums for Hyundai/Genesis. They seem to have very competitive pricing on genuine GPP VSC plans ( Genesis Protection Plan Vehicle Service Contract)

Contact is:
Crystal Careau
Burlington Hyundai Subaru
Business Manager
crystalc@burlingtoncars.com 802-557-5772

This quote was for a 2019 G70 2.0 w/ 16k miles on it at the time of quote (3/24).

GPP VSC PLATINUM	60 /100000	0	$2,587.00
GPP VSC PLATINUM	72 /75000	0	$2,600.00
GPP VSC PLATINUM	72 /100000	0	$2,785.00
GPP VSC PLATINUM	84 /100000	0	$3,191.00
GPP VSC PLATINUM	120 /100000	0	$3,458.00

 

[Volfy]

It's like any insurance, it's a gamble, your wagering that your Genesis will need repairs and Genesis is wagering you won't (or at least less than the warranty price). If you have a dealer that's been good and seems to have a solid service dept it may very well be worth it. If your service time has been a hassle and a lot of turnover at that dealership it may not be worth it, only you can decide that one. Just be SURE to avoid any third party warranties, they will try to back out of any large repairs w/ very sketchy fine print BS.

Right on. I always think of it this way... if I am betting thousands of $$$ the car will be unreliable enough to have repair costs far exceeding that amount, I really should seriously consider buying something else.

Granted, some folks just prefer to spend the money and sleep better at night. I get it. In that case, READ THE FINEPRINT. There is good reason why the dealer finance manager always tries to push them. Same reason why we all get junk mails and spam calls trying to notify us about the the impending doom of our factory warranty expiring... these extended warranty policies are immensely profitable. That means they typically pay out far far less than what they charge up front. Think about that. READ THE FINEPRINT, and understand in detail what you are getting for your money.

 

[AlfaBetaSoup]

It depends on what the warranty REALLY costs. There is supposed to be a suggested retail price, however, the dealer can price the extended warranty for anything they feel they can get away with. (except Florida. In Florida, there is a set non-negotiable price.) And of course, the dealer can sell the warranty for LESS than the suggested retail price, as there is quite a bit of markup in the suggested retail price.

As I said in my post #5, I was able to shop for the MOPAR warranty for my Alfa. Several MOPAR dealers will sell the extended warranty for less than the suggested retail price. (Some dealerships figure that making some money on the extended warranty is better than not making anything at all.) I shopped around, and I was able to get 1/3 off of the suggested retail price for the Alfa. (8 years, 75,000 miles for $1,500. That's reasonable.)

I was hoping that someone on this forum had some experience shopping the extended warranty for their Genesis, and came across a dealership willing to sell the extended warranty at a discounted price.

Thanks to @unixpilot for posting what appears to be the suggested retail price of the extended warranty. At least I know, from a bargaining standpoint where I can start. The retail prices of the extended warranty, in my opinion, are high. I'm sure there is more than some wiggle room there.

At those retail prices, the extended warranty doesn't make financial sense... to me.

 

[AlfaBetaSoup]

When you're only averaging 2,600 miles a year, why would you want an extended warranty? At the same rate, you'll never put enough miles on it to have to worry about the factory 10 yr/ 100,000 mi warranty expiring due to anything but time. Extended warranties are usually targeted at drivers that will go past the mileage warranty before the time expires.

Don't forget the 10-year/100,000-mile warranty is only on the "power train."
The 10-year/100,000 warranty is not bumper to bumper like the standard warranty of 5 years 60,000 miles is.

My sister's GV70 needed a new Head Unit. The part alone was $4,562 plus labor.
It of course was covered under the existing 5 yr./60,000 mile warranty.
If she were in her 6th year of ownership, that part wouldn't have been covered under the 10-year/100,000-mile warranty.

 

[EdP]

Don't forget the 10-year/100,000-mile warranty is only on the "power train."
The 10-year/100,000 warranty is not bumper to bumper like the standard warranty of 5 years 60,000 miles is.

My sister's GV70 needed a new Head Unit. The part alone was $4,562 plus labor.
It of course was covered under the existing 5 yr./60,000 mile warranty.
If she were in her 6th year of ownership, that part wouldn't have been covered under the 10-year/100,000-mile warranty.

Some years ago, there was no head unit. You would have replaced the radio with a $79 SparkOmatic with AM/FM. The nifty technology we have is expensive.

My solution is to not own a car past five years. It really sucks for the people that normally buy the 10 or 12 year old cars they can afford as they may be reasonable to buy, not to fix. Remember the cars we bough with a part time job in high school? It would take a long time to replace that head unit.

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[Volfy]

Some years ago, there was no head unit. You would have replaced the radio with a $79 SparkOmatic with AM/FM.

LOL... That's more like half a century ago.

For as long as I remember, cars have always had a head unit. I do miss the days when EVERY car/truck had a standard-size head unit opening, typically 1-DIN, 1-1/2 DIN, or if you got a real fancy one... 2-DIN. You can yank out the OEM head unit and replace it with just about any aftermarket head unit. At most, you might need a $20 dash kit to make the install easier/prettier, but standardized HU sizing was really nice to work with.

Then starting about 20-30yrs ago, car mfrs started to integrate their HVAC and other vehicle controls into the audio head unit. Retrofitting an aftermarket HU got progressively more difficult. Nowadays, with all the humongous tablets, it's basically impossible.

Progress? That depends on one's POV.

 

[mikec]

When buying the factory extended warranty from a dealer, ask the dealer about available discounts. Some have agreements with Costco, AAA, AARP, veterans, etc. that can knock off a few hundred bucks.

mike c.

 

[ominousone]

The "service contract" that we sell at the Hyundai dealership I work at, you get your money back if you don't use it. I've had one on two Gen Coupes, and got all my money back on ne and a prorated amount back on another, cuz I used it on a suspension issue. Try getting your money back on your homeowner's fire insurance...LOL. I now have one on my 2019 G70 3.3T Sport. So, that's something to consider and ax the dealer when they offer it. I also have one on my wife's 2020 Santa Fe LTD 2.0T.