Are extended warranties worth it – this may change your mind

A question constantly asked is if it’s worthwhile to purchase an extended warranty. Quite simply, the answer is no. The profit margin of warranties should be the first red flag. Secondly, you may be getting duplicate coverage (standard warranty). Thirdly, products are designed to last beyond the warranty period, but not much further. Repairs also have the potential to be cheaper than the service plan. And finally, you may have coverage elsewhere, like with the credit card you purchased the product with. So, yes, in the rare occasion that none of those apply to you, a service plan may help. Otherwise, you’re gambling on something breaking to be of value to you.