Extended Warranties? Good idea / Bad idea?
I plan to replace my current heating / cooling system with the following:
-Lennox 95% afue gas furnace #G61MPV-60C-091 2 stage heat 60,000/88,000 BTU with variable speed air blower
-Lennox 4 ton 16.25 seer heat pump #XP19-048 (2 stage heat pump, 3 ton on low and 4 ton on high)
-Lennox Pure Air filtration system
I have the option to purchase the Lennox Complete Care Plus 10 year parts & labor warranty for a reasonably low cost, but in order for the warranty to be valid, I will have to show that I have had the equipment serviced on a regular basis. Based on the yearly service cost I will exceed the cost of the 10 year warranty within the second year of the new equipment.
What do you all think about the extended warranty option? Do you think I will need one with this system? Is it a waste of money?
One service call and you'll wish you had that warranty. You should have the system maintained regularly anyways. This way you know your costs up front...see if you can lock in the service rate for the 10 yrs.....just a thought.
Ah.......10 yrs piece of mind.
If everything was always done "by the book"....the book would never change.
I would check and see what parts on the equipment you are purchasing have what warranty from the manufacturer without purchasing anything extra. Chances are that due to the upgraded equipment, a majority of it may have a 10 year warranty. Not having maintenance done will not void a parts warranty, but may void a labor warranty. Due to the equipment you are purchasing, I would highly recommend yearly maintenance, otherwise don't waste your money on it. You wouldn't buy a car and not change the oil or rotate the tires, take care of your HVAC as well.
You will never waste your money on extended warranty!!
Due to the complex make-up of the equipment these days and the rising cost of servive labor. You are almost certain to get your moneys worth.
As far as the must on regular service. Most manufacturers don't require it to keep your warrenty to be valid. If it not serviced and the failure is due to neglect, that repair may not be covered.
I do highly recommend maintenence contract on all equipment.
As a side note Just what constitutes regular service. Is that once a year, twice, every other year?