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.
I used to sell those warranties. They are worthless, just extra income for the dealer, extra commission for the salesman. I used to split the full price 50/50 with the dealership. In seven years selling them, we had one claim, which would have been a legitimate claim anyway without the warranty. An apprentice forgot to put an air filter in.
BEV’s worry dealers, because they can’t make much on service costs anymore which is where they make most profit so spurious warranty sales will be a part of clawback for them.
Personally, I would get your money back.
Never buy extended warranties. They’re practically a scam.
EVs have an order of magnitude fewer moving parts to break.As a certified BEV tech, they have a lot more very expensive electronics to fix. And I doubt the regular owner will be working on any HV components.
Fair enough. That’s true.
But I stand by extra warranties being a scam.Depends. I see what people pay for BMW extended warranties, and one simple suspension repair and it pays for itself. Let alone something as complex as any HV component, which can be $5-6000.
It’s a gamble. A literal bet.
The customer is betting they’ll need it. The retailer is betting they won’t. And the retailer sets the price to ensure the odds are on their side.I don’t gamble at casinos for the same reason.
people pay for BMW extended warranties, and one simple suspension repair and it pays for itself
suspension is considered wear and tear and not covered in warranty
It absolutely is on any decent warranty. I replace suspension parts on extended warranties almost every day.
Rule of thumb: if someone is trying to sell you a warranty extension, you don’t need it or the parts that break are not covered.
This was the exact image that went through my mind.
FYI Hyundai also plans to extend the warranty on the infamous ICCU to 15 hears and 400000km.
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.
One detail you may not have considered is who can perform the work. While there’s an independent mechanic on every street that can fix any ICE, there’s only a tiny fraction that can fix an EV. You probably don’t even have an EV mechanic like you did with ICE.
That means you’re taking it to the dealer. Dealers are expensive.
Source: I’m in this exact position. I got the 60k warranty, knowing that I probably won’t use much of it.
Depends what you need worked on. Unless it’s a part of the HV system, it’s just a regular car.
