I bought a used 2020 Mazda CX-5 Grand Touring w premium package. I also purchased the 10yr/100 mile warranty (VSC Elite Exclusionary Dealer General Warranty) & also the tire & wheel protection. I didn’t really want it but I keep my cars til the wheels fall off so maybe it is worth it. I’ve heard so many bad things about extended warranty’s. The dealer gave me 5 days to come back and gave the warranty removed but in reading the warrant my it looks like I have 60 days to cancel. The dealer said he could only sell it at the time of car purchase.

I really planned on canceling it so I didn’t think about negotiating the price of the warranty down.

I paid $19K for the car
$3,200 for the warranty & $1,800 for the tire & wheel warranty.

Thoughts if I should keep or cancel the warranty?

Please advise. I’m so conflicted

* It has the premium package - ventilated seats, power folding mirrors, back heated seats, HUD … so more that can go wrong with it

 

The devil is in the details; I've known those that were well supported when issues arose and those that had zero help from their extended warranty. Again, what is actually covered and what is not and that is the basis of determining whether this has value for you. Personally I pretty much do all repairs to my vehicles and any trip to a dealer just leaves me feeling ripped off and in a foul mood.
That's a pile of cash, especially if it doesn't give you a great deal of confidence in broad coverage.
Wish I could be more helpful!

 

Extended warranties should be careful read and ask questions about the coverage if you don't understand.

keep in mind I see a lot lately advising not to get them however if you ask qualifying questions, they may be a good idea. The average cost of a transmission replacement is between 3 and 6k dollars. And engine replacement can be from 5-10k. As an extreme example.
You should also ask about the how much the labor will be covered and how they determine that.
The last thing is to start a repour with a local service shop and talk to them about extended warranty program and what they recommend that they will honor.
Unfortunately, vehicle extend warranties are like choosing personal health care insurance they are all different and not one covers everything.
You can also talk with your auto insurance company for advise .

 

I'm completely with Callisto on this one. There is so much variety between contract providers/administrators and tiered plans within their offerings. Read closely and understand what is covered, read the exclusions carefully, and any maintenance you may be required to perform. For years I was against them but in the last 10 being a little older and wiser and considering the complexity of the cars I explore offerings and have purchased. For example on my 2022 CX-5 I purchased a contract through Zurich that is very comprehensive with a small list of exclusions and covers through 125k or 10 years. When I was purchasing a Chevy Blazer with a 3.6L I couldn't find a contract that didn't have an absurd list of exclusions. I was so nervous after research I aborted the sale and bought a 3.5L Highlander. What do they know about that Blazer?!?!