I have a 2001 Suby Outback that has 126,000.
I’m thinking about buying an ex/warr, Is it worth it? and what are the best sources for such a warranty.
No, don’t do it. It’s a waste of money.
Take the money you would have spent on the “warranty” and put it in the bank instead.
Leave it alone.
If you need it you’ll have it. If you don’t need it you’ll still have it.
If you give the money to a “warranty” company it goes in THEIR bank. Whose bank would you rather have your money in?
These things aren’t really “warranties” anyway, they’re insurance policies, usually written very carefully to cover only things that are not likely to break.
Save your money.
mcparadise is right. Put the money in the bank and leave it there. It’s never a good idea to buy an extended warranty.
Put the money in a savings account. At least you’ll get interest on it that way.
Well any car can have major expensive repairs.
The profit to the salesman and company is usually over 50%. So for every $1,000 you spend the insurance company has less than $500 to pay for repairs or they will loose money, something insurance companies do not do. Some people will get nothing back and some will get a lot more than they pay. Most will get far less. In addition you need to keep in mind that the insurer has worded it to eliminate as many expensive things as they can.
Remember that the seller is out to make money and they get to write the rules and set the price. They are not going to sell them at a loss so one way or another they are going to have you pay more than they will pay out.
Would you gamble with a car dealer who gets to set all the rules and knows all the odds?
Your decision has to do with the value of the piece of mind it gives you. If that is worth the cost then buy it. Don't expect it to cover everything however, most are written to keep cost down and exempt what they know will cost them money.
Good Luck
While I too don’t believe in extended warranties, reading the OP’s posting raises another red flag.
The type of extended warranty companies that will provide coverage for an 11 year old vehicle with over 125K miles are the kind with the most complaints against them. Their track record for taking your money, then suddenly closing up shop and reopening under a new name is pretty common.
McP said it perfectly. Don’t give away your money. You’ll never see it again.