Also just about every snowmobile has a CVT, and generally they are used hard (WOT racing, sudden acceleration). I'm no expert, but I think snow machines have had cvt since at least the early 60's, and some of them run higher horsepower than the Fit.

 

I bought one 7yr/85k miles for my 08 when I bought it new. Never used it once. Waste of $1600.

 

Extended warranties are pure profit for the dealer. As mentioned, it's better to invest the same amount of money in stocks or other financial products with a decent ROI--you'll end up with your rainy day car repair fund and maybe a little extra on top of that. If the car was that unreliable after the manufacturer's warranty, then maybe we need to look at a different car company or some other means of transportation.

 

The first CVTs were on motorcycles in the very early 20th century.

Snowmobile CVTs are rubber-belt units. Automotive CVTs are metal belt units that are considerably different. For one thing, the rubber belt units transmit power by pulling on the rubber belt, while metal belt units transmit power by pushing on a column of metal pieces that comprise the belt. Also, rubber belt units double as clutches and therefore have to have slippage built into them. Metal belt CVTs utilize a torque converter for the clutch function an therefore do not need to slip.

 

I got the 7 year 100,000 mile plan. You can say it is not worth it, but who thinks any insurance companies do it to NOT make a profit?! How many people pay a LOT for health insurance and would have been better off not having it and just paying the doctor's bill instead. Me, for one. It's just what it is, insurance. Odds are you won't need it and then you can call it a loss, but if you do need it, ......

So do you not get home owner's insurance, accident insurance, dental, etc, etc? I can't think of any of those for me that I didn't take a "loss", but damn, I'll still have it.

 

Extended warranties are NOT insurance. Car insurance (and health insurance for that matter) is something else entirely.

If it makes you feel better to spend that extra money for peace of mind in the future, that is certainly your own prerogative. The main thing is if you do opt for the extended coverage, read the fine print carefully. Too often I read about people who pick up the extended warranty and they end up with problems that aren't covered at all by it.

I personally avoid extended warranties at all costs.

 

One definition of insurance is: "a thing providing protection against a possible eventuality." Yes, it is an insurance. One is for your car in the event you have problems after the warranty runs out and the health insurance is if you have health issues beyond the cost of what you pay for the premium. Past the warranty, I'm insured and you're not. No big confusion there, is it?

Did I say ALL should get insurance? Golly jeepers, if you want to personally avoid getting it, go for it, but defend your position without twisting my words. Sure, I've had some items that I never had to take advantage of the extended warranty INSURANCE, but some I have. For ME, I don't want to eat the possible cost of future car repairs. That stuff could get expensive. We all take our chances, that's all.

 

No, in this case, the extended warranty you can purchase at the dealer is not "car insurance". Trust me, I have car insurance already as a minimum level of it is mandatory in my state.

As I said, you are welcome to buy that if you want, but I prefer to use my money in other ways.

 

My credit union has their own extended warranty for 1/3 the price of the dealership. I always get it.

 

If you look at a health or life or auto insurance company you can see that almost all the money they take in goes to pay claims (and sometimes more than 100% because while they're holding the money they make interest on it).


The percentage of an extended warrantee that goes to pay claims is way low. Every finger in the pie makes money and there are a lot of fingers in your food.


And do I have health insurance and house insurance? Sure, because if I don't, my risk is huge. My house is expensive, and medical costs can be tons. My maximum loss on my car is the cost of a new car. I can afford another $16,000 and I certainly won't spend $1000 or more to 'insure' that, especially when the first three years were already covered.

 

Do you actually read my posts or do you just like making things up?

 

In my opinion, Insurance and Warranty are the same excepting that the original warranty is 36 months or 36,000 miles. It ends there. If you purchase (and I did) an extended warranty for intents and purposes it IS insurance. I pay for it like insurance and hope I never need it, but if I do, IT pays just like insurance. Really it is nothing more than a play on words. BUT that is my opinion. I don't always buy extended warranties (insurance) but I have in the past and benefited by negating my out of pocket expenses. Now back to your corners .......DING DING DING ! LOL

 

You can look at it both ways as this article shows: Pros and Cons of Buying an Extended Warranty for a Car | J.D. Power

For me, I once had a van that was great until years down the line it started dying at random whenever you came to a stop. That van was at the shop many times having different things done to it and each time I got it back I didn't know if it was truly fixed because the problem was intermittent. Turns out they never did find the correction but if I had to eat the cost of trying to find that problem, I couldn't have afforded it.

That being said, I also had a motorcycle I used for my weekly long work trips traveling to companies. Later that also had an electrical problem that would make the bike die at random even when it was moving. The dealer replaced one at a time so there were many shop visits, all the possible electrical parts and mechanical parts. It would go fine for weeks then it would do it. You never knew for sure. The problem on that too was never fixed.

The van had an extended warranty that made it well worth it but the bike did not, but at least the bike was still in warranty from the manufacturer.

My point is, when random electrical problems occur it is scary enough, so I don't want to deal with the scary big cost too. Cars are too high tech today. It's all a gamble and my couple of bad hands made me paranoid.

 

I bought the 5yr/100k warranty for $585 from Hyannis Honda. It seemed like the best compromise between price and longevity-- more years wouldn't have done me any good as I drive more than 20k miles a year.

$585 was reasonable-- I'm pretty sure one repair will bring me to that price and any additional would be gravy.

 

Does Honda have a "exclusion list" by chance, so we, who don't like reading all the fine print can see what is not covered ?

 

Found this on Honda Extended warranty site.....

Not covered. Most are just common sense that are excluded...

Parts other than HONDA Genuine or AMERICAN HONDA authorized parts;

wiper blades;

battery (except for the nickel-metal hydride battery in hybrid VEHICLES);

cables;

steering wheel;

belts;

radiator hoses;

heater hoses and vacuum hoses;

spark plugs;

plug wires;

distributor cap and rotor;

timing belt replacement when performed as routine maintenance;

exhaust system;

head pipes;

tailpipes;

catalytic converter;

mufflers; hangars;

heat shields;

gaskets (except for the manifold block gasket) and related fastening hardware;

fuel tank straps;

fuel hoses;

brake system wear items such as drums/rotors or shoes/pads;

clutch disc;

clutch pressure plate;

throw out bearing;

external shift linkages;

pilot bearing/bushing;

glass;

mirror glass;

body parts;

body structure (except for hood hinges, trunk hinges, door hinges and sliding door rollers);

hood;

fenders;

doors;

rear hatch;

trunk lid;

grille;

panels;

bright metal;

sheet metal; paint (except for covered hinges painted to match the original VEHICLE color only);

bumpers;

moldings;

lenses;

bezels;

bulbs (except for instrument panel illumination bulbs);

High Intensity Discharge (H.I.D.)

headlamps;

sealed beams;

fuses;

body seals;

weather-strips (except for window sash and window run channels);

outside ornamentation;

emblems;

tires;

valve stems;

wheels;

wheel covers/ornaments;

rims;

trim rings;

caps;

wheel studs;

lug nuts;

wheel locks;

fastening/securing hardware for non-covered components;

stripped or cross threaded fasteners (e.g., nuts, bolts, studs, screws, etc.);

body seals;

squeaks;

rattles;

buttons;

carpet;

dash pad;

console;

window handles;

knobs;

boots;

pedals;

pads;

rearview mirror (except for electronic failure of the auto-dimming mirror);

interior trim;

upholstery;

floor mats;

electronic/audio accessories and cellular telephones other than AMERICAN HONDA AUTHORIZED ELECTRONIC/AUDIO ACCESSORIES/NAVIGATIONAL;

DVD ENTERTAINMENT AND SECURITY SYSTEMS;

Safety Restraint System fastening hardware;

seat belts and airbag(s) deployed due to collision. If YOU believe there is a defect in these parts, please contact YOUR DEALER immediately.

 

You're playing with words.

"Car insurance" is insurance against collision damage and liability.
"Extended Warranties" are insurance against mechanical failure.

The rule is that it isn't wise to insure against risks that you can absorb yourself.

Most people can absorb the cost of an engine or transmission. They may have to cut back on frills, but they won't starve or go without their car.

Most people can't afford to rebuild their house if it burns down. Nor can they afford extended medical treatment. Those are the eventualities that require insurance.

 

Very well said, haha! I completely agree. statistically speaking the odds are in the dealerships favor you will NEVER use your so called extended 5 year warranty which really is only a 2 year warranty added to the 3 year Honda new car warranty you presently have. So they are telling you at the time of a new car purchase that your buying a 5 year warranty helluuuu shell game. I was ready for this pitch and asked the financial closure guy if he was offering me 5 additional years of warranty coverage? sheepishly he replied no, really your only getting two more years. We moved on and that was the end of that conversation I signed papers and departed.
These extended warranties are pure cash cow profits for the dealerships.
Salesman love it when you buy into them. Set the $$$ aside in a bank acct if it makes you feel better.
IF you have any issues after the OEM warranty pay to have them fixed. The odds are high you will never need the money.

FWIW....

Cheers!

 

Is Honda Care pricing the same all over the country? I just purchased our new Fit EX-L w/ Navi today and got an extended Honda Care warranty. I paid $955 for the warranty (7 yr/84K miles bumper to bumper $0 deductible) and was told (on camera BTW) that this is "cost pricing". Is this true? Or should I cancel and get through another dealership? I've seen the pricing listed above and it is MUCH better than what I got. Thanks!

 

I got this fom Saccucci honda
Plan Code D34 D46 D56 D50 D58 D68 D60 D62 D72 D70 D78 D80 D82
Plan Length 36/45k 48/60k 60/60k 60/100k 60/80k 72/80k 72/100k 72/120k 84/120k 84/100k 84/80k 96/100k 96/120k
Base Price $380 $510 $520 $755 $660 $670 $820 $930 $970 $860 $705 $950 $1,065

$100 deductible plans

Plan Code C58 C50 C68 C60 C62 C72 C70 C78 C80 C82
Plan Length 60/80k 60/100k 72/80k 72/100k 72/120k 84/120k 84/100k 84/80k 96/100k 96/120k
Base Price $555 $650 $565 $715 $825 $865 $755 $600 $845 $960

Hard to read cause I just copied and pasted their email but count over to the plan you want then count over the prices. 84/80 is $600 for the $100 deductible plan. $705 for the no deductible.