A big question that has been floating around the consumer community is whether or not it is worth buying a warranty. This question is even more relevant in today's world due to the many advancements in technology bringing about larger and more crucial technological purchases. Lets look at the facts what are you really getting when you buy a warranty; guaranteed service for a product during a set period of time, a guaranteed replacement of a product during a set period of time or just peace of mind for a set period of time.
Fact of the matter is with just about every product you buy you are already getting a warranty so why should you buy an extended one? Statistics show that a majority of major problems experienced with a product will take place during the default warranty. Second of all with just about every extended warranty, the services they provide need to be examined and they do not always cover the scope of the problem you end up experiencing or just are not worth the price for the problem being fixed. So what do you do? Stop wasting your money and stop buying warranties. Then what do you if something goes wrong? Well there is a few options: 1. Spend more time investigating the quality of the product you are buying and how essential the need is for it (with any good quality product warranties are almost never needed), 2. Take better care of the things you buy and think about what they are worth before you think something is a good idea (i.e. using your television as a coaster) 3. If the product ends up breaking and it actually is not your fault, with all that money you have been saving not buying warranties you can now buy a bigger and better version of your former product. So end all warranties are a waste of a persons money and nothing more than a store's way of making more profit off of the consumer.
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The options you provide if something goes wrong are certainly applicable in this predicament, however there is another option one needs to consider. When purchasing a warranty, the purchase must also be based on the product for which the warranty is for, in addition to the price of the warranty. For example, a consumer may like to to buy a warranty for his or her laptop rather than buy for his or her phone. Phone cost less than laptops and are more easily replaceable. Phones are usually replaced every two years or less based on the owners own preferential options and the phone contract. Additionally, if the price for an extended warranty is relatively cheap on a very expensive item, the warranty may want to have more consideration. For example, if a consumer pays 3,000$ for a gaming laptop, the 50 dollar extended warranty sounds like a good idea (of course, more details are needed...). On the other hand, a 300 dollar extended warranty sounds a lot worse than a 50 dollar dollar extended warranty. Again, this is based on personal inclinations.
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