My wife just bought an Ioniq 5 with 20k miles. It still has 2+ years on the factory warranty and the battery is warrantied until 100k.
I didn’t realize that she had purchased an 8 year/100k bumper to bumper warranty for $3,500. That seems crazy expensive and redundant to me.
I can still get a refund if I hurry.
We have never had an ICE vehicle this would have paid off on. However this is our first EV. Are there any unusual things that might break that I’m not aware of? The sales guy just kept mentioning sensors and electronics, which seemed like a classic scare tactic.
Bought a Bolt EUV a few years ago and also cancelled our extended warranty just before the refund date deadline. Put 50k miles on it since then and the only things it’s needed have been tire rotations and cabin air filter replacements.
My thought was EVs have less moving parts so decided it was worth chancing it if something electronic broke.
$6,000 to fix the steering rack when it goes bad.
Is that unique to EVs? Personally, in OP’s case, I’d take the $3500 guaranteed savings versus the probability weighted savings of needing to use the warranty. But to each their own
Steering racks are expensive. Doesn’t matter if EV or ICE. Don’t buy cars with expensive known issues.
Extended warranties are not a gamble. They are peace of mind for those that want them. Getting the company to honor their warranty is the gamble.
I hate warranties but if I trusted any car company’s bumper to bumper warranty I’d pay for it.