My 4 year lease is for 25K miles per year. ($0 down and my payment is $448/month - non Navi. I think it's a pretty good deal.) No ifs, ands or buts...I'm good for the full 25K miles each year. The warranty will be spent after 2 years.

Is it worth it to buy the extended warranty to get the 100K/7 yr for about $1,400? It adds about $30 per month to the payment.

What do you all think about buying the warranty for the miles, not the years?

Thanks.

By the way...picked up the CG/QZ/6MT tonight (7/28). I'm coming out of a Saab 9-5. It seems like a lot more fun to drive than the Saab, but man....its's a lot smaller. Hope I made the right choice.

 

You can get a couple decent repairs for $1400, not to include the time value of money (OMG - Engineering Economics is coming back to haunt me). IMO, I wouldn't get it. But then again, I've only had one car for 4 years ('89 Prelude) and have never put 100k miles on a single car. It's a gamble and depends on how much faith you have in the car. I've also never leased, so I don't know if that should make any difference.

 

Navigation or no?

 

My feelings exactly..I don't purchase extended warranties. Do you still have 1 year to buy into the extended warranty with the lease? (that is the policy with a purchase). If so, just wait the year out and get a feel for the reliability of the car.

 

Maybe you should lease a car that comes with a longer warranty? Maybe leasing isn't the best option if you have to spend the money on 25k/yr? Unless you are writing it off as a business expense which a friend of mine does. But if that were the case, you wouldn't be worried about the extra expense?

 

Why would you lease a car if you drive so much? I drive about the same (30kmiles a year) and wouldn't dream of leasing. But I guess if you are able to write part of it off like Buff-Daddy said it might make some sense.

By the way. I'm not sure if I would buy the warranty for a leased car. But I certainly would think very very hard about it. I think I would do it but not totally sure about it.

 

My office pays for my auto expense...up to $500 per month.

I can purchase the extended warranty with no penalty up to the end of the first year. Only then, I'll have to pay it in a lump sum. Now, I can just have $30 added to the monthly payment.

Non-Nav

 

no

 

My general view on extended warranties is that if the car needs it, I need to look at a different car. However, if your office will cover it then I couldn't fault you - it's like insurance. You complain and bitch about paying it, hope you don't use it, thankful it's there when you need it.

 

My general view on extended warranties is that if the car needs it, I need to look at a different car. However, if your office will cover it then I couldn't fault you - it's like insurance. You complain and bitch about paying it, hope you don't need it, thankful it's there when you need it.

 

I'm doing the exact same thing - leasing for the same term, same mileage - except I'm getting nav. I'm trying to make the same decision about the extended warranty. I know that Consumer Reports thinks they're a waste of money, but I've bought them before and never regretted it. I'll probably get it this time, although I may wait until the end of the first year.

These are the questions that I think are important:

*What does it not cover and how much is the deductible? For instance, I'm getting nav, and if that's covered (I'd be surprised) I'll definitely get the warranty. Some offer loaner cars as well, and that's worth a lot in hassle reduction. In fact, if loaner cars are part of it, I'll probably buy the warranty up front.

*How do you maintain your cars? I never let anything go, no matter how small, at least until things start to go wrong left and right - I usually keep cars for a long time. I would tend to eat into the warranty just getting things fixed that some people wouldn't bother with. Plus, once I have the warranty, I have an incentive to use it so I feel I didn't throw my money away.

*How worried are you about issues raised on this board about reported problems with Acura? I don't know what a transmission costs these days, but I'm certain it's much more than $1400. In general, a problem with any major system - drive train, climate control - as well as a lot of smaller systems - power steering, windows, locks, engine management computer, oxygen sensors, etc. - can get deep into your wallet in a hurry.


All of this sounds like I clearly come down on the side of getting it, and I don't. I do think Acura/Honda is a very reliable brand, and $1400 would pay for a pretty big repair if you need it.

Not much help, eh? My strongest suggestion is: don't second guess yourself once you make the decision. It's not a dumb decision no matter which way you go.

 

The primary reason I lease is that I'm never sure I'm going to want to keep the car. So long as I maintain the car reasonably well, which I always do, a lease lets me walk away from it without risk.

Also, although leasing through a bank adds cost over buying, many of the manufacturer lease programs actually set residuals higher than they should be (per my life-long friend in the leasing business). The lease is not as much more expensive as it appears, especially if the lessor (or buyer) doesn't want to try to sell the car himself. And where a bank may want $.18 per mile over 12000, Honda only wants $.10. So, overall, leasing an Acura for a lot of miles per year is not a bad deal at all.